OKI Enhances Features on ATM-Recycler G7, a Cash-Recycling ATM for the Global Market
Offering new services with enhanced currency exchange functions and ability to handle an expanded range of banknote denominations
TOKYO, June 15 2011 -- In response to the globalizing economy and demand for expanded ATM (automatic teller machine) services, OKI today announced it will quadruple the number of banknote denominations that can be handled by "ATM-Recycler G7", enhancing its currency exchange and public utility payment functions and services. The enhanced "ATM-Recycler G7" will be available today. Efforts to expand product sales will primarily target rapidly growing emerging markets. The company targets cumulative sales of 140,000 units by fiscal 2014 (including sales of the earlier model).
According to Shinya Kamagami, Executive Officer and General Manager of Systems Hardware Business Division at OKI, OKI has provided the "ATM-Recycler G7 "cash-recycling ATM since March 2010 for the worldwide market, including China. The "ATM-Recycler G7" handles banknotes in multiple currencies. "The ATM-Recycler G7" announced today offers enhanced functions and handles 128 banknote denominations, expanded from 32," said Kamagami. "Drawing on OKI's sophisticated mechatronics technologies, OKI has created a high-performance, industry-leading ATM that accurately recognizes and precisely transports 128 denominations of varying sizes, thicknesses and materials."
The enhanced version of the "ATM-Recycler G7" adds coin withdrawals, contactless IC card reader/writer, and barcode reading functions. In addition to banknote deposits and withdrawals, it provides services such as exchange between multiple currencies and payments for public utilities invoices, including payment services for users who do not have bank accounts. This versatility allows use of one unit across multiple countries, making it ideal for financial institutions planning wider deployments.
In recent years, financial terminals have transitioned from serving as cash dispensing machines to cash-recycling ATMs, which accept banknote deposits. This holds true not just for Asian markets such as China and Korea, but worldwide. Based on its constant monitoring of market needs, OKI launched the "ATM-Recycler G7", a high-performance, high-capacity, space-saving, and lightweight ATM. Additionally, in response to various needs confronting overseas financial institutions, including demand for cash-recycling ATMs to enhance services and demand for global deployment of cash-recycling ATM services, OKI has developed the following functions:
1. Enhanced currency exchange services
- The number of banknote denominations handled has been expanded from 32 to 128, enhancing withdrawal and deposit functions for multiple currencies, including the Euro, US dollar, and currencies in nearby counties, as well as home currencies.
- The new functions include Euro and USD currency exchange. For overseas travelers, they include currency exchange from the home currency to the local currency.
- The enhanced number of banknote denominations and the new coin withdrawal function make it possible to provide currency exchange services simply by installing the ATM at locations like airports or hotels. Additionally, multiple banknotes can be deposited simultaneously for both currency exchange into (for example) the home currency and for deposit into the user's own bank account.
- The coin withdrawal and contactless IC card reader/writer offer currency exchange services for those without bank accounts. Conventionally, currency exchange requiring coin handling has been limited to bank account holders.
2. Support for public utility payment services
- The "ATM-Recycler G7" offers a barcode reader function that scans invoices for public utility payments.
- The "ATM-Recycler G7" makes it possible to offer public utility payment services alongside the coin withdrawal and contactless IC card reader/writer functions described above, even for users without bank accounts.
These enhanced functions, combined with the advantages offered by the basic conventional "ATM- Recycler G7" functions, provide the following advantages for financial institutions:
- The ATM can handle basic bank operations such as currency exchange and public utility payments, in addition to withdrawal and deposit services. This allows deployment at unattended locations; provides value-added front-office operations; and streamlines overall operations.
- Providing public utility payment services increases deposit transactions(*1), reducing total cost of ownership for cash-recycling ATMs.
- Providing services to those without bank accounts introduces the potential for additional service fees.
- Enhanced ability to simultaneously handle various banknote denominations allows deployment of the "ATM-Recycler G7" to several countries as a single common platform.
- Inter-currency exchange service reduces surplus foreign cash held by users.
- The "ATM-Recycler G7" enhances user satisfaction by offering various services at low cost at any time of day.
- June 2011
- Sales target
- 140,000 units within five years of launch date (including sales of the earlier model)
- *1 :Increase in deposit transactions
ATMs generally fall into one of three categories: 1) cash dispensers, used exclusively for withdrawals; 2) deposits and withdrawal ATMs that dispense cash and accept deposited banknotes via separate units; 3) recycling ATMs that dispense cash and accept deposited banknotes via one unit, re-using the banknotes deposited for cash withdrawals.
The initial cost of installing recycling ATMs is generally higher than for cash dispensers or ATMs that handle deposits and withdrawals via separate units. However, cash-recycling ATMs reduce total operating cost by reducing the need to load banknotes and reducing the frequency of banknote loading and collection.
A key consideration for enhancing the efficiency of recycling ATMs is achieving a balance between withdrawals and deposits. Services that increase deposit transactions (e.g., currency exchange, public utilities payments) play a key role in increasing the efficiency of recycling ATMs.
About OKI Electric Industry (OKI)
Founded in 1881, OKI Electric Industry is Japan's leading telecommunications manufacturer. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its info-telecom systems and printer operations. Its various business divisions function synergistically to bring to market exciting new products and technologies that meet a wide range of customer needs in various sectors . Visit OKI's global website at http://www.oki.com/.
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- * Information in the press releases is current on the date of the press announcement, but is subject to change without prior notice.
- * On August 8, we have corrected "coin-deposit" to "coin-withdrawal" in the paragraph, Enhanced currency exchange services.