BBVA And Wincor Nixdorf Partnership Brings ATM Network Innovation

When people think of cash, bank ATMs, and the financial system we use today, the recycling of paper currency hardly ever comes to mind. BBVA wants to change the way we think about recycling cash, as they will be upgrading their bank teller machine network shortly. This move would allow for deposited banknotes to be re-used to complete ATM withdrawals., which is quite innovative in the banking sector.

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BBVA Wants To Recycle Cash Through ATM Network

The decision made by BBVA to recycle cash through their ATM network will make the entire concept of bank teller machines more secure. So far, every bank ATM has two different slots, one for deposits and one for withdrawals. By using one and the same cash slot, devices will become slightly more secure, reducing the bank teller machine hacking attempts.

But there is another benefit to this approach, as it will lessen the amount of time spent waiting by consumers to have bank teller machines refilled. Making existing bank ATMs more efficient will benefit both consumers and financial institutions alike. For now, this feature is only available to Spanish customers, though.

Implementing this concept will take some time, as upgrading an entire Bitcoin ATM network will take some time. BBVA will be working together with Wincor Nixdorf, as the latter will roll out CINEO 4080 recycling machines throughout the different bank branches. This process will continue through the year 2016 as several software improvements will have to be made as well.

BBVA Spain Head of Digital Banking & Channel Technology Manuel Crespo stated:

“We are moving forward with our omni channel strategy, making them another window to the bank, which our customers can use to work with their products, when, where and how they want.”

Among the coming software changes are the option for ATM users to access almost every service they have signed up for with BBVA, and not just the functionality limited to the card itself. Moreover, all of these services can be accessed through mobile phones and PC banking as well, rather than having to visit the ATM itself.

One of the features a lot of BBVA customers have been asking for is the option to associated aliases with bank account numbers. Memorizing an IBAN is close to impossible for multiple accounts, and BBVA has decided to display accounts using an alias from now on. This will help improve the global bank ATM experience.

But there is even more, as the software updates will introduce NFC capabilities as well. Consumers can identify themselves through this protocol by touching a contactless card to the device, and support for mobile devices will be coming shortly. All of these new features will make the BBVA bank ATMs entirely unique in Spain.

Source: News Tip Via Email

Header image courtesy of BBVA

Originally published at Fintechist.

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