Wincor Nixdorf enjoys international success with cash/check deposit technology
Wincor Nixdorf is enjoying international success with its multifunction automated teller machines equipped with cash/check deposit modules (CCDMs), installing over 2,000 CCDM cash machines since the module received its approvals in January. The company, which regards itself as an innovation leader in this technology, has secured recent wins at banks in Spain, France, Poland, Portugal, the UK and Turkey. Wincor Nixdorf is the only manufacturer to enable checks to be deposited in bundles.
With its check/cash deposit module, Wincor Nixdorf is migrating the check processing and cash deposit activity to the cash machine. This also represents a key move away from over-the-counter check deposits to full electronic check processing. In so doing, Wincor Nixdorf is closing a gap in ATM-based standard transaction processing. The systems can now accept 50 unsorted banknotes (US: bills) or, alternatively, up to 50 checks. The component is designed as an upgrade module for the ProCash models 2100xe, 2150xe and 3100xe and is also available as a system in its own right in the form of the ProCash 3000.
Moving these activities to an automated environment greatly simplifies the entire process of depositing and processing checks and also reduces the administrative effort by a large margin. It also represents pro-active entry into "straight-through processing" - fully electronic processing of checks right through to crediting individual accounts. The time delay in crediting accounts is reduced significantly. Members of the public no longer have to fill in deposit forms, and for banks there is no longer any need for downstream processing of deposited funds.
The amount shown on the check is read by the system and displayed on-screen to the customer for confirmation who is then able to request a printed receipt showing images of the deposited checks plus other relevant transaction data. Even checks which often include sophisticated coloring are recorded in detail. Where physical return of the checks is no longer required, the image data can be archived and sent to the issuing bank at a later date.
Where more than three checks are deposited, their amounts are totaled and collated onto a single receipt. Where cash is deposited, built-in counterfeit checking means the amount is credited to the account right away. In the case of checks, the account crediting time is at the discretion of the bank, depending on the clearing process.
The module is of particular significance to countries without a highly developed giro system. These include, above all, the US as well as France and the UK. In Germany, the module is currently being deployed by banks as a cash-only deposit module.