News

Saudi bank first in GCC to offer online deposit

November 1, 2013

Al Rajhi Bank, a Saudi Arabian FI with $59 billion in assets, will be the first bank in the Gulf Cooperation Council to offer online deposit for corporate customers. The GCC is an alliance of Arab states that seeks, among other things, to develop a unified economic policy and financial regulations for member states in the United Arab Emirates. 

Al Rajhi will install 100 GRGBanking Intelligent Cash Deposit machines — high speed, large capacity units that perform banknote validation, sorting and serial number tracking. The P2801 Series machines are an ideal solution for back office deposit for banks, retailers, and CIT companies that want to provide more secure service to retail businesses with a high volume of cash transactions, according to a GRG news release.

Hemaia Group, GRG’s local partner in Saudi Arabia is coordinating the purchase and installation, providing site preparation and hardware and software installation. The company will also provide first- and second-line maintenance. In fact, GRG said, Hemaia will be the first company in the GCC to offer the complete managed service concept.

Read more about installation and deployment.