US bank Chase is to deploy 900 "no-envelope" ATMs that can accept up to 30 cheques per deposit in the first half of 2008 as part of plans to upgrade or replace 5000 deposit-taking units by 2010.
The units - supplied by German vendor Wincor Nixdorf and US ATM manufacturer NCR - let customers insert stacks of up to 30 cheques or 50 US currency notes without an envelope or deposit slip. The ATMs then calculate the deposits and display images of the cheques on the screen and printed receipt.
Chase says the screen and receipt images make consumers more confident in making deposits at ATMs. Deposit volume has increased by more than 50% at some of the 50 no-envelope ATMs that the bank has been piloting.
Furthermore, scanned cheque images enable deposited funds to be processed more quickly, allowing the bank to extend the daily deadline for customers to get credit the same day for an ATM deposit. In addition, the ATMs digitally recognise bad cheques to eliminate the fraud associated with empty-envelope deposits.
Charlie Scharf, CEO, retail financial services, Chase, says: "The continually improving capabilities and reliability of no-envelope ATMs convinced us to accelerate our roll out."
Chase says 600 Wincor Nixdorf multi-cheque ATMs will be deployed during the first phase of the roll out. The German vendor is also providing software for Chase's 9000 ATMs.
The bank will also roll out no-envelope units from NCR. The US vendor is also providing Chase with back office software for cheque image processing.
In addition, Chase and NCR have joined forces to develop a next-generation ATM monitoring platform.