A new generation of “super cash machines” that accept deposits for a range of banks as well as paying out notes has been unveiled.
The hope is that these machines will particularly help small businesses, from window cleaners to cafes, to pay in their takings in areas where banks have been shut down.
The launch of the machines comes against the background of the mass closure of banks across the country and a move to online and automated systems.
At the same time, a number of businesses, including national food chains are now refusing cash in a switch to plastic cards and smartphone apps, not least because of the difficulties and expense and difficulty in handling and transporting cash.
Cash Access UK, the organisation set up to protect nationwide access to cash is implementing new, multi-bank deposit ATMs to provide cash withdrawal and deposit services across the country.
In an industry first, major banks have collaborated to provide an innovative multi-bank automated deposit service, with the first machine now operational and serving customers in Atherstone in Warwickshire.
The new deposit machines, which are initially being trialled, will offer easy access to cash services such as withdrawals, balance enquiries, PIN management to customers of all major banks.
Significantly, they also offer free cash deposits to customers of Bank of Scotland, Barclays, Halifax, Lloyds, NatWest, Royal Bank of Scotland and Ulster Bank with more banks to be added soon.
Further deposit machines will soon be trialled in 16 more communities. The machines are connected to the LINK network and have been set up in partnership with leading ATM providers NCR Atleos and NoteMachine.
Deposit machines are one of a number of solutions being trialled by Cash Access UK to improve deposit services for small businesses across the country.
Alongside Banking Hubs, which provide basic cash and face-to-face services to personal and business banking customers, LINK, the UK’s cash access and ATM network, has also recommended ‘deposit solutions’ where there is a lack of cash services for business banking customers only.
Gareth Oakley, the chief executive at Cash Access UK, said: “Access to deposit-taking ATMs is vital for cash-reliant UK consumers struggling to access basic banking services and it’s just as important that businesses who accept cash can bank it too.
“This innovative new service has only been made possible through exceptional industry wide collaboration, of the banks, LINK and leading providers of ATM services.”
National Chair of the Federation of Small Businesses (FSB), Martin McTague: “Cash remains an important part of the payments mix for many consumer-facing small businesses and their customers.
“The decline of the bank branch network has left many without vital services, in particular the ability for small business owners to deposit takings for the day safely without shutting the small business early or travelling for miles.
“The ability to deposit in a super-ATM that works for multiple banks is an important innovation and could make a real difference alongside the accelerated rollout of Banking Hubs and maintenance of Post Office counters.”
