WESTMONT, Ill. - Pendum Inc. (formerly Efmark-Bantek), an independent provider of ATM maintenance and armored service, has expanded its portfolio to include teller cash recyclers and dispensers.
According to a news release, Pendum will be a primary reseller of cash-recycling devices developed and manufactured by ArcaTech Systems; it also will provide installation and maintenance services for the equipment.
Cash-recycling technology allows bank and credit unions to increase teller efficiency and streamline the cash-management process. As financial institutions continue to build new branches and upgrade existing facilities, an increasing number are putting cash recyclers at the center of their plans, said Robert Malik, Pendum's executive vice president of sales and marketing.
"Cash-recycling technology supports banks' evolving initiatives, as they constantly work to improve transaction volumes, customer service, and security," Malik said. "As a company that specializes in servicing banking equipment, cash recyclers are a natural extension of our ATM and desktop-computer expertise."
Using traditional methods, bank tellers spend an average of two hours a day manually counting cash and making transactions with the bank vault. Cash recyclers improve this process by counting and dispensing cash electronically. The machines store all incoming cash in secure modules at the point where cash enters the branch, and the same cash that is accepted in one transaction can be dispensed during the next transaction.
Recyclers also simplify cash management and increase security, according to ArcaTech.
"While many banks are handling cash the same way they did 100 years ago, ArcaTech is pleased to join forces with Pendum to bring proven cash automation technology to the growing number of financial institutions that are seeking new and better ways to serve their customers," said Aubrey Meador, vice president of ArcaTech Systems.
Cash recyclers may provide additional motivation for FIs to re-imagine the design of new retail branches, once the risks associated with exposed cash are no longer concerns, Meador said.
Pendum will demonstrate cash-recycling technology during BAI's TransPay Conference in Orlando, Fla., which ends Feb. 14.
