In an industry first, major banks have collaborated to introduce a multi-bank automated deposit service. The first machine is now operational in Atherstone, Warwickshire. These new deposit machines, initially being trialed, offer services such as withdrawals, balance inquiries, and PIN management. They also provide free cash deposits for customers of Bank of Scotland, Barclays, Halifax, Lloyds, NatWest, Royal Bank of Scotland, and Ulster Bank, with more banks expected to join soon.
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Additional machines will be trialed in 16 more communities. Connected to the LINK network, these machines have been established in partnership with leading ATM providers NCR Atleos and NoteMachine.
These deposit machines are part of Cash Access UK's broader initiative to enhance deposit services for small businesses across the country. Alongside Banking Hubs, which offer basic cash and face-to-face services to personal and business banking customers, LINK, the UK's cash access and ATM network, has recommended 'deposit solutions' for areas lacking business banking services.
Gareth Oakley, CEO at Cash Access UK, emphasized the importance of these services: "Access to deposit-taking ATMs is vital for cash-reliant UK consumers and businesses. This innovative new service has been made possible through exceptional industry-wide collaboration among banks, LINK, and leading ATM service providers."
Martin McTague, National Chair of the Federation of Small Businesses (FSB), highlighted the significance of cash for many small businesses: "Cash remains an important part of the payments mix. The decline of the bank branch network has left many without vital services, particularly the ability to deposit takings safely. The ability to deposit in a multi-bank ATM is an important innovation."
This multi-bank ATM deposit service marks a significant step in improving access to essential banking services across the UK.
