Wall Street, Jun 3, 2013 - Rototype International unveiled its new ATM, the CJD 8000 Cashless ATM to a gathering of bank executives at its Wall Street showroom in New York today.
The changing economic climate is putting pressure on banks to look for new revenue opportunities in order to meet its return on equity targets. Moreover, the implementation of tough new regulations such as the Dodd-Frank Act is expected to reduce $27b in annual debit card fees for large banks. For reasons such as these, banks are constantly looking for ways to reduce its cost to revenue ratio in order to remain competitive in the industry.
A hotly contested space has now been identified within the small merchant business segment, where vast opportunities remain to be explored. While card schemes provide cashless payments via EFTPOS, the market is also seeing entrants of non-traditional financial services aggressively promoting mobile payment and Point of Sales (POS) machines featuring integration with mobile wallet technology. However, the fact remains that these small businesses still face costs challenges such as high transaction fees and high cost of entry.
Rototype’s innovation will enable banks to tap into the small merchant business segment by enabling a new cashless payment transaction using existing ATM networks.
“With the Rototype cashless ATM, your bank enables these small merchants to process cashless payments with the familiarity of a traditional ATM. Retail customers select the merchant who would receive the transfer of cash electronically” said Harres Tan, CEO of Rototype America.
He continued, “What differentiates Rototype’s solution from other cashless ATMs or scrip terminals is that the shared ATM dispenses a high security voucher that is presented to the merchant for redemption. The merchant authenticates the validity of the voucher using Rototype’s mobile app and the solution could also be integrated into the merchant’s existing POS systems for a seamless transaction.”
This approach benefits all stakeholders in the payment process, especially the merchants and customers using this technology. Banks would be able to eliminate cash replenishment headaches and reduce non-interest generating cash in traditional ATMs.
Furthermore,every merchant’s sales transactions would translate into direct deposits into their operating account – thus reducing the need of handling physical cash. By partnering with these merchants, banks would be able to provide the Rototype cashless ATM facilities surcharge free to the merchants’ customers while managing their business operating accounts. This strategic partnership reduces the barriers to entry for these merchants in order to conduct cashless transactions in their business.
The CJD 8000 Cashless ATM is certified EMV Level 2 and ADA compliant ready for immediate deployment in the US market.
Rototype International is a global self service banking solutions provider facilitating electronic payments of merchandise at shopping malls via its shared Cashless ATM concept. It is the designer of the world’s only Cashier’s Check Dispensing ATM and the Bundled Cash and Cheque Deposit ATM.
The company also provides outsourcing services to financial institutions with schemes such as “pay-per-use” and “all-inclusive” lease/rental of its above solutions. Other services available includes check collection service, back office check processing and 24/7 online status monitoring and control of all self service machines deployed by banks.
Rototype International is dedicated to helping its bank clients stay ahead of competition through banking technological innovations that redefine user experience and transforming business models to withstand the global economic challenges.
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Media Contact:
Vanessa Tan
V.P Branding & Communications
E: vanessa.tan@rototypeintl.com