Cash Connect launches innovative 3-in-1 Bulk Deposit ATM to SA’s banking industry

For both commercial banks and banking customers, the launch of South Africa’s first automated solution for bulk deposits of notes, coins and cheques is a milestone in enhancing customer service with high-tech, user-friendly, service automation in banking malls.

Retail cash management industry leader, Cash Connect, today launched the first 3-in-1 Bulk Deposit ATM (BDA) for South Africa’s banking industry at the annual ATM International Association (ATMIA) conference and trade show in Cape Town.

This BDA is designed to allow customers to make bulk deposits quickly and easily through self-service automation, while reducing queues and assisting tellers to speedily process banking deposits in banking malls, says Steven Heilbron, joint CEO of Cash Connect Management Solutions.

“Backed up by Cash Connect’s years of experience in cash management solutions and our extensive support network, this innovative solution is affordable, secure and easy to manage - bringing new levels of convenience for both customers and employees in bank branches,” adds Heilbron.

“While South Africa’s cash in circulation reached R119 Billion in 2013 and 84% of global payment transactions are made with cash, it once again proves that consumers continue to favour cash as the primary means of payment. It’s for these reasons that one of our main priorities is to ensure safer and more efficient cash management methods are available for all businesses who deal with large sums of cash,” says Richard Phillips, joint CEO of Cash Connect Management Solutions.

Many South African business owners still prefer traditional cash management methods which include bulk deposits at the bank. This not only increases queuing time, but creates a potential crime risk.

The new Bulk Deposit ATM will not only reduce queues and save customers and tellers time to process deposits, but also has integrated security features that include either password protection or fingerprint identification – thus enhancing customer service with high-tech security.

The BDA is installed in a through-the-wall configuration so it presents a slim line, user-friendly ATM-like kiosk appearance to the customer. While secured in the rear, the cash is safeguarded in sealed, tamper-evident bags behind two independent electro-mechanically operated doors.

Thanks to the BDA’s 17-inch touchscreen and high speed validators, processing bulk deposits of coins, notes and cheques will no longer be a time-consuming process of having to wait for a teller to count, validate and bundle the cash. The introduction of the BDA will further help banks focus on their other core services, streamline operational efficiencies and reduce costs.

Ends

About Cash Connect

Cash Connect Management Solutions offers an end-to-end cash management solution that encompasses cash in transit logistics, security management and cash processing. Established in 2006, Cash Connect’s specialist solutions for retailers remove risk and maximise cash flow through swift settlements. The company services more than 1,200 retailers processing over R2 billion a month and has been endorsed as the approved service provider to blue-chip companies such as Spar Group, Shell, Engen, Pick ‘n Pay and OK to name but a few.

The executive management team - led by joint CEOs Richard Phillips and Steven Heilbron - has an unrivalled pool of specialised cash logistics, security and banking experience. The board of directors is chaired by Ivan Epstein, CEO of the Sage Group AAMEA (Africa, Australia, Middle East and Asia).

Cash Connect is a private company, with Old Mutual’s specialist fund, Futuregrowth Asset Management, as its largest institutional shareholder.

Idea Engineers on behalf of Sumay Dippenaar: Cash Connect
Tel: +27 11 010 4300 / 083 286 2799
Email: sumayd@cashconnect.co.za
Web: www.cashconnect.co.za