News

Russian FI says 'da' to American cash recyclers

April 30, 2014

As U.S. and European sanctions clamp down on other Russian banks, one of the country's larger FIs, VTB24, is proceeding with business as usual, including the overhaul of its ATM network.

VTB24 has begun modernizing its fleet with the addition of NCR SelfServ cash-recycling functionality. It is the first such project in Russia, according to an NCR news release.

The cash-recycling feature was approved by the Russian Central Bank in early 2013. Since then, VTB24 has upgraded 65 existing NCR intelligent deposit ATMs in Moscow and St. Petersburg with recycling functionality.

The FI plans to upgrade more than 100 units in other regions of Russia and to buy additional cash recyclers throughout 2014, the release said

"The implementation of cash recycling functionality will allow us to reduce operational expenses of our ATM network as the number of replenishments will be decreased," said Aleksey Degtyarev, VP and head of the self-service network at VTB24. "Also, the ATMs don't have to be carried to the plant but are upgraded in the branch. As a result, our customers profit from higher network availability."