News

Ecuador's largest bank gives cash recycling a try

June 20, 2014

Banco Pichincha, Ecuador's largest financial institution, is testing cash-recycling technology in a pilot effort with GRGBanking. The project represents GRG's first foray into the Ecuadoran market.

A news release from GRG said that the manufacturer's H68N cash recycler series has previously made inroads in Turkey, Vietnam, the company's home market of China, and other parts of the world.

Cash recycling offers FIs the potential to realize cost savings by moving teller counter traffic to the self-service channel and reducing cash replenishment frequency. The H68N series also offers high capacity, serial number tracking, biometric authentication and coin dispensing features, the release said

“We believe that this kind of new technology will help the bank manage its heavy cash transactions at its biggest branch network, and will also bring to the banking industry an alternative solution for their upcoming branch revolution process," said David Zhong, GRG project director for America.