NOTE: SBINEWS DOES NOT PERMIT CIRCULATION OF ATTACHMENTS. ATTACHMENTS, IF ANY, CIRCULATED WILL BE ONLY BECAUSE OF VIRUSES. PLEASE,THEREFORE, IGNORE ATTACHMENTS IF ANY IN SBINEWS MESSAGES ************************************************************************ ATMs of tomorrow will clear cheques (Business Standard) R Raghavendra / New Delhi May 01,2004 NCR, the leading ATM manufacturing company and a subsidiary of Ohio-based NCR Corporation, is all set to take the ATM experience to the next level. In what can be a confidence building measure for customers, the company is testing its Deposit Automation process on ATMs. This means that a customer could deposit a cheque or cash at an ATM and receive receipts after real-time updating. NCR expects the process to be fully implemented in the next 2-3 years. When deployed these machines will be able to read the currency notes and instantly provide a receipt, thereby assuring the customer that the amount has been deposited. In case of a cheque, an image of the deposited cheque will be given to the customer as a proof of clearance. A well-known bank is already testing the ?image-based clearing mechanism? that has been developed by NCR. This project is in a trial phase and is currently being tested among specific branches of the bank. These branches are using the mechanism for intra-bank cheque clearance. The image based clearing will have special machines at the receiving point and the cheque processing centre. At the front end, there will be special machines and servers to scan both sides of the cheque. These images will be stored, sorted out and sent to a central archive. The image exchange servers will transmit the image to the payee bank/branch and the account status will be updated (the cheque debited) real-time. NCR expects that this mechanism will enable cheques drawn on remote branches to be cleared within two days, as against 10-12 days. Speaking to the Business-Standard, Deepak Chandnani, managing director, NCR Corporation India Pvt Ltd, said, ?RBI is working towards image cheque truncation (being able to do without physical cheques) whereas some banks are already testing it internally. Since we need the RBI to go through the whole process, it will take nearly 2-3 years to bloom. We are yet to test the cheque clearance technology on ATMs.? NCR is already conducting roadshows in order to showcase ATMs as a Teller. Having recently launched the ATM-Asan, which is more suited for Indian conditions, the effort to move towards Deposit Automation is yet another step to ease the process of banking to customers. NCR has a dominant share of the 13,000 installed ATMs in the country. As this is much lesser than the installed base in China (65,000 ATMs), UK (140,000 ATMs) and US (300,000 ATMs), there is tremendous scope for growth. ===== R.S.Pai, Web Address: http://rspai.tripod.com __________________________________ Do you Yahoo!? Win a $20,000 Career Makeover at Yahoo! HotJobs http://hotjobs.sweepstakes.yahoo.com/careermakeover *************************************************************************** Mailing list (sbinews@xxxxxxxxxxxxx) related information: News/articles about SBI and Banking related matters published in the print media, Internet etc will be circulated through this Mailing List. The messages in this list will help in improving awareness of SBI and its activities vis-a-vis the happenings in the Banking industry. This should be of help to all staff members of SBI, particularly those who are preparing for promotional written tests/interviews/group discussions. Subscription to this Mailing List is simple and FREE. Please check the procedure below. Please share this information with other colleagues/branches that could be interested in subscribing to this Mailing List. The messages circulated here should not be deemed to have the official endorsement of the SBI or any of its employees. The correct factual position may be ascertained from official sources. To join this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx with the word 'subscribe' without the quotes in the subject of the email message. To leave this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx with the word 'unsubscribe' without the quotes in the subject of the email message. Archives (old messages) are available for viewing at: //www.freelists.org/archives/sbinews Click on the month-year at the lower left corner to view messages posted during that month. This is an announcements/newsletter type mailing list i.e. only the Moderator/s can post messages to the list. This mailing list is maintained and moderated by Sri. R.S.Pai, currently working as Chief Manager(IT-Internet Banking), SBI, Corporate Centre, Mumbai. Visit http://rspai.tripod.com for some useful Banking, Reference and Utilities Links