Cashless ATM to change face of branchless banking
New York, June 19, 2012 - Global ATM software company, KAL, today launched the Retail Teller Machine (RTM): a
revolutionary cashless ATM which is set to transform branchless banking forever.
The Times Square New York launch showcased KAL’s RTM – a machine that provides all ATM
transactions including cash-out and cash-in - but has no cash inside the machine.
Operating at one tenth of the cost of bank ATMs, RTMs do not dispense cash. Instead they
print a unique voucher which is then exchanged for cash inside the same store. The retailer is
immediately compensated by the RTM which executes a back-to-back transaction. This remits the
dispensed amount into the retailer’s bank account. Running the same software as ATMs, the RTM
provides a full range of banking services and even includes the ability for the customer to video
conference with a bank call center.
This means no more expensive branches, regular maintenance or armored services. With the
lightweight RTM, it’s simply a case of plug and go.
KAL’s CEO, Aravinda Korala commented: “We believe the RTM is one of the most important
products ever to be introduced to the self-service banking industry. With significantly decreased
running costs, banks can now ensure they have a presence wherever their customers are. Most
excitingly, it offers a cost effective way to open up banking services to millions of people around
the world who do not have easy access to their banks. The patented process of the RTM also
provides an exciting new opportunity for retailers to work closely with their banks in providing
convenient and safe access to banking services.”
Steve Hensley, KAL Executive Vice President of Global Sales
steve.hensley@kal.com, +1 (513) 864-8984
Scot McRae, KAL Marketing,
scot.mcrae@kal.com, +44 7595 597950