20 August 2017
visit www.avoka.com

VocaLink to manage HSBC ATMs in convenience stores

18 January 2008  |  7347 views  |  0 HSBC sign

UK transaction processing outfit VocaLink has won a three year deal to operate HSBC's new remote estate of free-to-use cash machines which will be located convenience stores across the country.

Under the terms of the deal VocaLink will manage the end-to-end operation of the remote network, including the ATM operating infrastructure. The vendor will also supply chain services.

Vocalink says the fully managed service it will provide to HSBC has a lower total cost of ownership than the traditional model

"Our ATM managed service proposition enables banks to improve their ATM channel performance. HSBC's implementation will allow them to deploy their ATMs cost effectively into convenience locations where demand continues to grow," says Martin Wilson, chief marketing officer at VocaLink.

Tim Hutchins, head of self service and branch counters at HSBC, adds: "We chose to work with VocaLink for this project because of their knowledge of, and leadership in, the ATM market and in particular the convenience sector which has increased our speed to market for this proposition. This is a great fit with the LINK Financial Inclusion Programme and supports HSBC's commitment to deploy free to use ATMs."

HSBC is one of the banks rolling out free-to-use cash machines, specifically in low income areas, under a deal agreed with ATM operators and the government in December 2006, which followed an investigation by the parliamentary Treasury Select Committee into the growing number of fee-charging cash machines in the UK.

A report released in July that year by national charity Citizens Advice found that customers in poorer communities are being hit the hardest by ATM charges as banks close branches and remove units.

In response to the report HSBC said that it would invest £50 million in installing new fee-free units in at least 10% of the country's "free ATM deserts", while Royal Bank of Scotland (RBS) and HBOS said they would install around 400 free-to-use cash machines in some of the UK's poorest areas. RBS has rolled out 100 of the 300 units it pledged across sub-post offices around the UK.

However the move by HSBC to roll out unit to convenience stores puts the bank in direct competition with independent ATM operators such as Cashbox which charge customers a fee for withdrawing cash.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Banks agree to subsidise free ATMs for deprived communities

Banks agree to subsidise free ATMs for deprived communities

13 December 2006  |  4833 views  |  0 comments
RBS to put free ATMs in post offices

RBS to put free ATMs in post offices

23 October 2006  |  5855 views  |  0 comments
RBS and HBOS to roll out 400 free ATMs

RBS and HBOS to roll out 400 free ATMs

28 July 2006  |  6769 views  |  0 comments
ATM charges hitting the poor

ATM charges hitting the poor

19 July 2006  |  6131 views  |  0 comments
Nationwide introduces clearer signs for free ATMs; Cardpoint cashes in

Nationwide introduces clearer signs for free ATMs; Cardpoint cashes in

29 September 2005  |  7179 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.dorsum.euvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9949 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8383 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7982 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
7875 views 0 | 3 tweets | 1 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
7247 views comments | 15 tweets | 13 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job