The development is being spearheaded by an initiative and partnership between Interswitch Nigeria, an electronic payment transaction and switching company, and Guaranty Trust Bank, to offer Nigerians an improved Automatic Teller Machines services in the country.
Under this development, Interswitch will implement an innovative cardless ATM cash deposit solution for GTBank that will enable cash deposits through GTBank ATMs without inserting or using a debit card.
The director for payment processing and infrastructure at Interswitch, Akeem Lawal, said the GTBank Cardless ATM cash deposit solution represents a big step towards full branch automation where entire banking operations are automated and customers are guaranteed an improved and consistent standard of service delivery at all automated bank branches.
The solution can be accessed on certain GTBank cardless ATMs by clicking the enter button on the machine, which prompts the customer to key in the account details of the beneficiary to be credited.
The ATM then requests for a confirmation of the account number and account name of the beneficiary. Once confirmed, the customer insert the amount to be deposited, the ATM counts the cash and credits the beneficiary’s account immediately.
The cardless ATM cash deposit solution allows a GTBank customer to deposit a bundle of different naira denominations and the ATM will sort through the different denominations.
Once sorted, the ATM displays the amount according to the different denominations and also the total amount deposited.
The ATM cash deposit solution has the ability to validate the account of the beneficiary, allowing the depositor to confirm or correct any error.
The deposited amount reflects in the beneficiary account real-time, and can be withdrawn immediately. With the cardless solution, the bank’s customers who wish to make cash deposits no longer need to visit the banking hall.
They can simply deposit their cash via the ATM into a beneficiary’s accounts at any time of the day, including weekends.
This provides customers the flexibility of depositing cash anytime; hence, they do not need to worry about carrying huge sums of money home.
Banks are leveraging the use of ATMs to provide improved consumer banking experience by taking self-service to a whole new level, he added.
“Cardless ATM cash deposit solution has reduced the number of customers who visit the GTBank branches,” said Lawal pointing out that the ATM solution for cash deposit transactions was the first of its kind in Nigeria.
Lola Odedina, head of communication and external affairs at GTBank, explained that the solution from Interswitch was bound to improve the Nigerian banking sector by providing a “secure, quicker and more effective channel for making deposits without visiting a banking hall” or using an ATM card.