News

Moneybox in ATM outsourcing deal with British FI

March 20, 2003

LONDON -- Moneybox Corporation, an independent ATM provider which owns and manages more than 2,100 machines in the UK, has signed an agreement to manage and maintain the ATM network of Bradford & Bingley plc, a UK financial institution.

According to a news release, Moneybox will replace Bradford & Bingley's existing 62 ATMs, located mostly in Bradford & Bingley branches in Northeastern England, with its own machines.

Moneybox will provide maintenance and cash management services, as well as transaction processing. It will offer processing through its relationship with Atmos, a wholly-owned division of the Link shared ATM network and the UK's largest provider of outsourced transaction management services for financial institutions and independent ATM deployers.

In addition to providing acquirer processing services to Moneybox, Atmos will provide Bradford & Bingley with card processing services for the ATMs, including authorization as well as card issuing and management.

Moneybox, which already provides outsourced ATM services to the Norwich & Peterborough and Chelsea Building Societies, will assume responsibility for Bradford & Bingley's network in June, with full migration to the new Moneybox machines by September.

Customers will not be charged for using the new ATMs. In addition, Bradford & Bingley cardholders will be able to change their PINs free of charge at any of Moneybox's ATMs throughout the UK.

"As the economics of operating ATMs continue to change in Europe, we believe that an increasing number of financial institutions could benefit from partnerships with Moneybox. Our focused expertise and cost base that comes from our economies of scale provide financial institutions with a strategic alternative to operating these machines themselves," said Paul Stanley, Moneybox's chief executive, in the release.