RAKBANK launches revolutionary ATM deposit technology

With revolutionizing automated teller technology, this unique machine allows customers to not only withdraw cash, but to deposit directly without the use of envelopes and see their money being counted and registered on-line in their account, thus eliminating the doubt-factor out of electronic banking.

"This technologically advanced ATM is strategically important to RAKBANK in increasing our reach to customers, providing them with an easy and convenient automated banking processes," said RAKBANK Head of Personal Banking, Murray Sims. "The implementation of this technology by RAKBANK, represents yet another move by the bank to underline our commitment to being both customer focused and tech savvy. "The EDM initiative, which will expand to our other branches, is in keeping with our philosophy of offering customers the best products and ultimate quality service," Sims said.

"The RAKBANK EDM service, initially available at RAKBANK Dubai Main Branch and lately at Gold Souk Branch in Deira, accepts UAE currency notes of specific denominations, and up to 400 notes per transaction. This versatile machine means true 24/7 RAKBANK customer service, functioning not only as an ATM, registering instant account deposits but also accepting cash for credit card payments" said RAKBANK - Manager Projects - Ramesh Mani. "The RAKBANK EDM intelligently confirms authenticity of notes, acting in the same manner as a teller's scanner via intelligent software, and giving the same level of confidence to customers. With currency recognition standards based on global industry standards and accepted worldwide, the machine has the capability to identify and reject counterfeit or suspicious notes". The bank has also gone a step further by having trained staff educate customers on the functionality of the machine." Mani mentioned

The EDMs are manufactured by Wincor Nixdorf, German based world leading ATM manufacturer, supplied and supported by Computer Network Systems (CNS), the UAE's leading systems integrator and solutions provider. "In today's high pace everyday life, banks are looking for means to assist their customers save one of their most valuable assets: Time." commented Tony Alam, Managing Director of CNS.

"With Wincor Nixdorf's innovative technology, combined with our dedicated customer-centric approach, CNS managed to enable RAKBANK with a solution that does not only distinguishes the bank's customer service offerings, but also successfully meet on RAKBANK's customer demands and expectations," added Mr. Alam.

The EDM essentially is a multi-purpose mechanism that allows customers the facility of balance enquiry, statement print, cheque book requests, cash withdrawal, cash deposit, credit card payment, PIN change and account transfers all through a single interface. A user-friendly machine, the EDM allows customers the option of canceling all transactions at any stage before final confirmations.

The EDM is yet another first for RAKBANK, which was also the first bank in the UAE to offer "Free for life" credit cards, the first to offer reduced interest rates, the first to launch "document-free" Balance Transfers and the first to launch its innovative Credit Card Cheque facility, available 24-hours, seven-days a week through its toll free phone banking service.