Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
10th January 2012
Reawakening ATM standard cassette initiative
The European Payment Council is trying to put some industry urgency behind the attempts to standardise ATM cash cassettes and the Intelligent Banknote Neutralization Systems (IBNs) between manufacturers and models.
It was estimated back in 2010 that the cost of wholesale cash distribution in Europe was around €84bn (£69bn $107bn ¥8.3tr Y678bn). The EPC points to the significant additional costs involved because of the many different ATM cassette sizes in use and that IBNs must be customised to each one. The different sizes add to inventory costs, filling costs, transport costs because of packing space and also situations where one ATM may have run out of money but cannot be refilled quickly because nearby cassettes are of a different size. There are also additional training costs to be considered.
The EPC detailed the arguments for standardisation back in July 2011 and is using the new year to try and encourage progress. It accepts that re-engineering existing machines is unlikely and that it would be a question of phasing in a new standard. The EPC also comments that whilst the larger long term savings will come from increased usage of electronic payment this should not prevent initiatives that save costs related to cash payments which will be in use for a considerable time to come.