KAL launches cashless ATM

Global ATM software company, KAL, today launched the Retail Teller Machine (RTM): a revolutionary cashless ATM which is set to transform branchless banking forever.

  0 1 comment

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

The Times Square New York launch showcased KAL's RTM - a machine that provides all ATM transactions including cash-out and cash-in - but has no cash inside the machine.

Operating at one tenth of the cost of bank ATMs, RTMs do not dispense cash. Instead they print a unique voucher which is then exchanged for cash inside the same store. The retailer is immediately compensated by the RTM which executes a back-to-back transaction. This remits the dispensed amount into the retailer's bank account. Running the same software as ATMs, the RTM provides a full range of banking services and even includes the ability for the customer to video conference with a bank call center.

This means no more expensive branches, regular maintenance or armored services. With the lightweight RTM, it's simply a case of plug and go.

KAL's CEO, Aravinda Korala commented: "We believe the RTM is one of the most important products ever to be introduced to the self-service banking industry. With significantly decreased running costs, banks can now ensure they have a presence wherever their customers are. Most excitingly, it offers a cost effective way to open up banking services to millions of people around the world who do not have easy access to their banks. The patented process of the RTM also provides an exciting new opportunity for retailers to work closely with their banks in providing convenient and safe access to banking services." 

Sponsored [Webinar] 2025 Fraud Trends: Synthetic Identity, AI and Incoming Mandates

Comments: (1)

Gareth Jones

Gareth Jones Field Operations Director at Ubiquiem

Excuse me for being a bit cynical but this seems so wrong on so many levels.

1. It seems almost entirely focussed on the 'convenience' of the operator rather than the customer - or maybe it is just me that doesn't quite see the appeal of standing outside to start a transaction and then queuing up inside to actually get my cash.

2. Weren't ATM 'invented' to cut out the middle-man - the teller/cashier - in the first place?

3. Err, didn't cashback get there first?  

4. Even payment services providers such as Paypoint (which already has 30,000 terminals in the UK, Romania and RoI) could do this if it was such an amazing idea.

Maybe I'm missing something but the statement that this "is one of the most important products ever to be introduced to the self-service banking industry"  seems to be a candidate for Marketing Hyperbole of the Year!. ' Course, happy to hear where I've missed the plot!

[Webinar] Beyond Open Banking – Exploring the Move to Open FinanceFinextra Promoted[Webinar] Beyond Open Banking – Exploring the Move to Open Finance