Fin24

Capitec unveils ATM cash recycler

2012-07-27 09:36

Cape Town - Capitec Bank Holdings [JSE:CPI]‚ South Africa's youngest retail bank for individuals‚ unveiled its latest innovation‚ the ATM cash recycler, at its new concept branch in Eikestad Mall‚ Stellenbosch on Thursday.

Unlike traditional ATMs‚ the cash recycler recycles notes. It also accepts and dispenses coins and is a fully integrated unit - a first in South Africa.

CEO Riaan Stassen said: "“To us‚ every cent counts‚ so the most exciting feature of the cash recycler is that clients can use their small change to either add to their savings accounts or pay off loans.

"We think this makes money management that little bit easier and puts our clients in better control."

The cash recycler‚ which combines a cash acceptor‚ cash dispenser‚ coin dispenser‚ coin acceptor‚ and cheque acceptor in a single machine‚ is accessible 24/7.

It has improved security as it automates note and coin validation and improves transaction flow and client interface. It also has better cash levels compared to the bank's traditional ATMs.

Very shortly‚ it will be both card and fingerprint biometric-based‚ except for the PIN change function which requires the card.

"Fingerprint biometric identification is a cornerstone to our offering; in fact we were the first bank in South Africa to offer it.

"By giving clients the choice to sign in using fingerprints or card very soon‚ we heighten security as cardless identification reduces the chance of card skimming‚" said Stassen.

Over and above being able to save or settle loans using coins‚ the cash recycler also dispenses coins when a client closes an account and withdraws the remaining funds - providing they are less than R100.

Clients can also make deposits using notes‚ coins and cheques‚ while the recycler can perform third-party deposits into their accounts as well as all standard ATM functions.

In other words‚ anybody can deposit money into a Capitec Bank client's account‚ not just its own clients.

Capitec has plans to pilot eight cash recyclers. Based on the success of the pilot phase‚ further roll-out will be planned accordingly.

Comments
  • herman.olivier.lc - 2012-07-27 11:05

    This is why I am Capitec client, Innovative bank well done and carry on with the good work

      dries.appelgryn - 2012-07-27 13:01

      Great idea! Capitec thanks for a wake up call to the 'Bg Five' your bank is tops.

  • danielzainlegrange - 2012-07-27 11:10

    WOW Very Clever and Innovative!!

  • ndyeboreginaldmazawule - 2012-07-27 11:14

    Great innovation indeed

  • Blackpoison - 2012-07-27 11:19

    Impressive!

  • arthur.vandermerwe - 2012-07-27 11:32

    WOW first with the innovation!!!

  • nrgx.nrg - 2012-07-27 11:33

    WOW, nice one! Could even be a crime deterrent, if they attempt to blow it up up, they coin be killed by coin shrapnel.

  • brian.korobele - 2012-07-27 13:21

    Economical idea

  • candice.matthysechristians - 2012-07-27 13:36

    Very Clever and very good idea....

  • nolo.mokgethi - 2012-07-27 15:26

    Great innovation with practicality to match the South african

  • Hannes Truter - 2012-07-27 18:15

    Wie moet jy bedank.....Boland...Boland Bank!

  • Abie Coetzee - 2012-07-27 19:30

    Great great inovation. If your finger is chopped off the reader wont work. It works on heat

  • savyra - 2012-07-28 00:23

    There's really no end to your innovations! So proud to be one of your customers.

  • Ettienne Van Wyk - 2012-07-29 08:26

    Awesome, but FNB had atm recyclers for more than a year now...

  • grant.ross1 - 2012-08-29 13:28

    Well done Capitec, I am definitely going to move over to you guys in next year......

  • joe.soapie.73 - 2013-01-07 20:34

    //"By giving clients the choice to sign in using fingerprints or card very soon‚ we heighten security as cardless identification reduces the chance of card skimming‚" said Stassen.// But increases the chance some entrepreneurial moego is going to run around chopping off fingers or hands .. unless I'm missing something with biometrics; like, you have to be alive for it to work or something?

  • zionpercival.pay - 2013-01-08 09:56

    I like the term "Small Change"

  • zionpercival.pay - 2013-01-08 09:57

    I would like to be your bank! The Standard, Standard Bank.

  • Louise Lewis - 2013-04-22 11:01

    Wonderful innovation. It is exceptional how such a company can expand the boundaries on banking products. I own a chain of retail stores and have installed Spark ATMs into each of them which provide a full time banking service to my clients in store. Check them out: http://www.sparkatm.co.za/

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