Africa’s leading electronic payment transaction and switching firm, Interswitch has implemented a world-class, innovative, cardless ATM cash deposit solution for Guaranty Trust Bank, Nigeria.
The landmark project, which is the first of its kind in Nigeria, will enable cash deposits through GTBank Automated Teller Machines (ATMs) without inserting or using a debit card.
The Cardless ATM cash deposit solution from Interswitch can be accessed on certain GTBank cardless ATM machines by clicking the enter button on the ATM, which prompts the customer to key in the account details of the beneficiary to be credited.
The ATM then requests for a confirmation of the account number and account name of the beneficiary. Once confirmed, the customer insert the amount to be deposited, the ATM counts the cash and credits the beneficiary’s account immediately. The cardless ATM cash deposit solution allows a GTBank customer to deposit a bundle of different Naira denominations and the ATM will sort through the different denominations. Once sorted, the ATM displays the amount according to the different denominations and also the total amount deposited.
The cardless ATM cash deposit solution has the ability to validate the account of the beneficiary, allowing the depositor to confirm or correct any error. The deposited amount reflects in the beneficiary account real-time, and can be withdrawn immediately.
With the cardless ATM solution, GTBank customers who wish to make cash deposits no longer need to visit the banking hall. They can simply deposit their cash via the ATM into a beneficiary’s accounts at any time of the day, including weekends. This provides customers the flexibility of depositing cash anytime; hence, they do not need to worry about carrying huge sums of money home.
According to Director for Payment Processing and Infrastructure at Interswitch, Akeem Lawal, the GTBank cardless ATM cash deposit solution represents a big step towards full branch automation where entire banking operations are automated and customers are guaranteed an improved and consistent standard of service delivery at all automated bank branches.
Lawal added that banks are leveraging the use of ATMs to provide improved consumer banking experience by taking self service to a whole new level.
On the benefits to the bank, he noted that the cardless ATM cash deposit solution has reduced the number of customers who visit the GTBank branches where the ATM solution for cash deposit transactions was first deployed.
Also c ommenting on the project,General Manager and Head, Communication and External Affairs, GTBank, Lola Odedina stated that the cardless ATM solution from Interswitch is bound to improve the Nigerian banking sector by providing a secure, quicker and more effective channel for making deposits without visiting a banking hall or using an ATM card.
She explained that the cardless ATM solution had undergone a successful and extensive test-run at certain GTBank branches and the bank was set to roll out the service to more branches within Nigeria.