Deposit money in seconds on Bulk Note Acceptors

Bengaluru : A visit to the bank to deposit money usually requires one to stand in queues. While withdrawing money has gotten simple with the prevelance of ATMs, depositing money is still not nearly as simple despite the limited availability of ATMs that allow users to deposit cash via envelopes.

Cash management services firm, CMS Infosystems has been awarded a contract to deploy 800 Bulk Note Acceptors (BNAs) and cash recyclers for SBI which are currently being deployed across India. For this, CMS has entered into a partnership with the fourth largest ATM vendor in the world, a Korean firm called Nautilus Hyosung, to bring these machines to India.

“BNAs were first deployed by private sector banks 4-5 years ago followed by Public Sector Banks since the last 18 months. This was largely done to ease the pressure banks faced with queues at the teller” said Manjunath Rao, Senior VP and head of sales, CMS Infosystems Pvt Ltd. “Most banks are cash neutral with deposits equaling withdrawals every day. With BNAs we help banks focus on their core business by freeing them of vital operating functions” he added.

BNAs are new generation, secure ATMs that have the multi functional ability to offer deposits or dispense transactions of bundles notes up to 200 mixed notes after having counted and authenticated them in 8-10 seconds.The customer is first asked to verify the amount of deposit to ensure that it tallies and then it is credited into his/her account immediately. It completely takes away human intervention required until now and enables users to manage and control the same.

The initial attempt at automating Deposits included certain types ATMs which allowed users to deposit cash via envelopes. The money would then be counted, verified and credited later. This never really gave customers a sense of security regarding their deposit. The potential impact of BNAs on currency circulation and customer service was seen as significant for the RBI to subsidize the cost of BNAs up to 50 per cent for urban areas (and even 75 per cent in semi urban areas).