Wednesday, September 16, 2009

Skye Bank Introduces Forex, Cash Deposit ATMs


Lagos — Skye bank has introduced a new dimension into the use of Automated Teller Machines (ATMs) with the launch of foreign exchange (FOREX) conversion ATMs.

The bank also launched cash/cheques deposit ATMs. The foreign currency exchange solution, as described by the bank's deputy general manager, eChannel group, Chuma Ezirim during the formal launch of the product in Lagos yesterday, is designed to exchange five types of currencies-US dollars, British Pounds, Euro, Kuwait Dollars and South African Rand.

More currencies, he said would be added as time goes on.

On how it works, Ezirim said the functionality of the FOREX ATMs is a cardless transaction and switch independent.

"All the customer needs to do is to select a button on the key pad to activate the process. The ATM would display the exchange rates for each currency. If the customer accepts the rate by selecting continue, he will be prompted to insert the notes", he said

Ezirim said the inserted foreign currency is scanned by the machine to eliminate fake currency and to confirm type of currency, denomination and value.

"If the customer chooses to complete the transaction, the equivalent currency will be displayed and a final receipt will be printed for the customer, with the details of the currency deposited, rate, equivalent amount and the commission", he said

Depositing cash on the ATMs, Ezirim said a customer only need to slot in his or her card after which he or she is presented with options on the screen.

"A customer can deposit a bundle of up to 200 notes at a time, without sorting g them into different denominations. The ATM will validate each note to confirm it is genuine, count the notes and hold in escrow. The customer is then notified of the note count", he said

On the problem associated with the use of ATMs, the group managing director, Mr. Akinsola Akinfemiwa who applauded the initiative of the eChannel group said the only time when there could be hitches are when there is communication and power failure.

"And if that happens, your money is automatically return to you. It will not be committed", he said

The GMD Skye bank is committed to providing class and cutting edge services that wouild enable the bank's customers to carry out their banking transactions anytime and any place using any channel of their choice.

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