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Hyosung, Inlaks offer cash recycling ATMs

By on May 21, 2014

An Information Technology outfit, Nautilus Hyosung, in collaboration with its Nigerian partner, Inlaks Computers, has launched a cash recycling Automated Teller Machine capable of using cash deposit to pay customers.

According to Nautilus Hyosung and Inlaks Computers, the new product will address the non-availability of funds in the ATMs.

They stated that it was designed to ensure that ATMs have cash to dispense from time to time, and noted that deposited cash would be recycled and made available for customers to withdraw.

The new Hyosung ATM was unveiled at a seminar organised by Inlaks Computers, with the theme, ‘’Improving Cash Efficiency with Hyosung Self Service Terminals in a Cashless Economy,” which held in Lagos, last Thursday.

The new ATM, with model number 8600, is capable of dispensing cash, receiving cheque and cash deposits, while using the cash from its received deposit to pay customers who want to withdraw.

The manufacturer said that it would save financial institutions the need to put cash in the machines from time to time.

The Vice President, Hyosung, Jin Ho Moon, said the motive behind the new model was to ensure that the predominantly cash-reliant system in Nigeria is made easier and address situations whereby ATMs do not have cash to dispense, thereby leaving customers stranded.

“Whenever a customer makes deposit, the machine checks the authenticity of the cash, identifies fake notes and separate them. It also separates clean and dirty notes and process the good notes for withdrawal, which would reduce the counterfeit notes in circulation,” Moon said.

The Managing Director, Inlaks Computers, Mr. Femi Adeoti, said its machines were designed to accommodate the challenges that are peculiar to different environments. He identified the features of the new machine to include enhanced security.

He said, “The new ATM comes with two cameras, it is biometric ready, which supports the Know Your Customer policy of the Central Bank of Nigeria by capturing user’s fingerprints, an anti-scheming device which is inbuilt and makes it impossible to clone ATM cards.”

Adeoti said the machine would not allow fake notes to mix with good ones, which other machines may not be able to do.

While reacting to questions by our correspondent on the future of ATM considering the internet and mobile options, Adeoti said the increasing penetration of internet and expansion in the use of mobile and internet banking would not eliminate the use of ATMs in Nigeria, “as people will continue to use the ATMs.”

He said, “Our environment is still, one way or the other, cash-based, so a lot of people would still withdraw from the ATM. Even in the US and other places where technology is advanced, people still use ATMs, so, there is always a market for every type of solution.

“People must spend money in the rural areas where there is lower penetration of internet. I quite agree that as internet penetration goes higher, it might affect the volume of ATM sales, which would make the manufacturers of ATMs to be more innovative with better features.’’

 

 

[Punch]