Being the top bank, ABL has made significant investments in cutting-edge technology. Allied Bank and Rayyanco Business Systems have partnered strategically to deliver Pakistan’s first cash recycling ATMs, which have been duly approved by the State Bank of Pakistan, in order to further improve the banking experience for our loyal customers.
Cash management is rapid and automatic thanks to Cash Recycling ATMs, which collect consumer cash deposits, instantaneously sort it, and authenticate it before disbursing it to other customers.
Senior executives from the partnering parties attended the inauguration ceremony, which was held at the headquarters of Allied Bank in Lahore.
Pakistan’s first cash recycling ATMs
“ABL has a vision to become the digital banking leader in Pakistan by providing superior user experience that would meet the rapidly changing needs of its customers, especially by introducing cutting edge technology solutions which helps in the adoption of self-service banking,” said Sohail Aziz, Chief Digital Banking Group, Allied Bank, in his speech at the event. With the latest addition of Pakistan’s first cash recycling ATMs, customers will enjoy better service since they may now easily deposit up to Rs 1,000,000 from any ABL Cash Recycler at any time.
Rayyanco Business Systems’ Chief Executive Officer, Muhammad Ashraf Ahmed, stated: “Introducing Hitachi Channel Solutions (HCS), a market leader in cash recycling ATMs, is a significant pleasure for Rayyanco Business Systems. We congratulate team ABL on their innovative project. The use of Hitachi Cash Recycling ATMs by ABL will undoubtedly improve customer convenience and lower operating expenses.
What are cash recyclers:
Cash recyclers are cash handling devices that streamline the receipt and distribution of cash. They are more than just straightforward cash-in/cash-out machines, though. As received banknotes are inserted into the cash recycler, a collection of sensors immediately carry out a number of tasks:
- The currency is examined for authenticity and fitness levels; unfit notes are sent to a designated cassette.
- The notes are marked with their denomination.
- The amount that was deposited is registered and counted.
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Advantages of cash recycling:
- One of a cash recycling machine’s main benefits is that it effectively keeps currency flowing and adds value.
- Currency recyclers also considerably lessen the workload associated with managing cash and can save the time required for everyday cash handling tasks by as much as 80%.
- Additionally, automated procedures transmit earnings to your bank much more quickly and lower any associated costs associated with managing cash.
- Additionally, there are advantages such as real-time cash level monitoring, remote maintenance, and complete cash cycle transparency when connected to cash management software.
- This lowers costs and boosts the effectiveness of a bank’s cash management procedures.
- It is safer because there is less chance of someone breaking in to take the machine’s cash or replenish it.