Interswitch lifts GTBank with cardless ATM deposit option

Leading electronic payment transaction and switching firm on the continent, Interswitch, has powered the Cardless ATM cash deposit solution for GTBank.

Director for Payment Processing and Infrastructure, Interswitch, Mr. Akeem Lawal, described it as a landmark project and first of its kind in Nigeria.

He said, the option avails Nigerians to use this cardless ATM cash deposit would enable cash deposits through GTBank ATMs without inserting or using a debit card.

He explained that the Cardless ATM cash deposit solution could 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.

Lawal also said that the ATM then requests for a confirmation of the account number and account name of the beneficiary.

“Once confirmed, the customer keys-in the amount to be deposited, the ATM counts the cash and credits the beneficiary’s account immediately,” he said.

Lawal further said that the cardless ATM cash deposit solution allows GTBank customers 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,” he said.

According to Lawal, the cardless ATM cash deposit solution has the ability to validate the account of the beneficiary, allowing the depositor to confirm or correct any error, even as the deposited amount reflects in the beneficiary account real-time, and could be withdrawn immediately.

“With the Cardless ATM solution, GTBank 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,” he said, stressing that this option provides customers with the flexibility of depositing cash anytime; hence, they do not need to worry about carrying huge sums of money home.

The GTBank Cardless ATM cash deposit solution, he pointed out, 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.

Banks, he said, could leverage the use of ATMs to provide improved consumer banking experience by taking self service to a whole new level.

“Cardless ATM cash deposit solution has reduced the number of customers who visit the GTBank branches where the ATM solution for cash deposit transactions was first deployed,” he said.

Reacting, General Manager, Communication and External Affairs at GTBank, Mrs. Lola Odedina explained that the solution from Interswitch is 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.

She said that the solution had undergone a successful and extensive test-run at certain GTBank branches and the bank was set to roll out the service to more branches within Nigeria.

Remmy Nweke
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