25 July 2014

Russia's VTB24 rolls out NCR cash recycling tech

28 April 2014  |  659 views  |  0 Source: NCR

NCR, the global leader in consumer transaction technologies, today announced it has begun modernizing the ATM network of VTB24, one of the leading providers of financial services in Russia, with NCR SelfServ cash recycling functionality.

The modular self-service systems help to improve the quality and reliability of service and make everyday financial transactions more convenient for customers.

A cash recycling ATM dispenses cash deposited by one customer to the next customer withdrawing money. The cash recycling feature has been approved by the Russian Central Bank in early 2013. Since then, VTB24 has upgraded 65 of the existing intelligent deposit ATMs within its network to recycling functionality in Moscow and St. Petersburg. Cash recycling allows VTB24 to free up their bank tellers to provide superior customer service and engage new clients. At the same time, the bank reduces the number of monthly visits from CITs by half because the ATM does not have to be replenished as often, thus reducing costs for cash collection.

"The implementation of cash recycling functionality will allow us to reduce operational expenses of our ATM network as the number of replenishments will be decreased. Also, the ATMs don't have to be carried to the plant but are upgraded in the branch. As a result, our customers profit from higher network availability," commented Aleksey Degtyarev, vice president and head of the self-service network of VTB24. "This is the first project in Russia of such kind. Overall, the cooperation with NCR has been so positive we will continue the modernization in several megacities this year."

The plan is to upgrade more than 100 units in other regions of Russia and to buy additional cash recyclers throughout 2014.

"With the Central Bank's approval of the cash recycling module, financial institutions throughout Russia are now evaluating and making plans to upgrade their ATM networks in order to effectively interact with their customers and secure their position as an attractive financial institution," emphasizes Igor Stukanov, Area Industry Leader Finance at NCR Russia. "We are proud to lead this modernization project with one of the leading banks in Russia. As banks begin to upgrade their network, it is important that they turn to a solutions provider with experience. NCR is the leading ATM supplier for over 27 years." 

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