News

U.K. Cardtronics division launches cash-in-transit operation

November 19, 2008

HOUSTON — Bank Machine, the U.K. division of Cardtronics, the world's largest ATM company, has announced a new Â£3 million (U.S. $4.5 million) investment with the launch of its own Cash-in-Transit (CiT) operation. This operation will be expanded to cover several thousand ATM sites nationwide over the next three years.

This important business development cements Bank Machine's role as a key supplier at the heart of the financial sector in the U.K. and provides stability in a narrowing CiT market following the mergers of leading CiT operators in the last 12 months, which have reduced choice and service standards whilst increasing costs, according to the APACS quarterly statistical release.

This announcement comes at a time when consumers are increasingly using cash to keep tighter controls on what they are spending, with Â£4.8 billion (U.S. $7.1 billion) more withdrawn from cash machines in the U.K. in September compared to March.

"Cash circulation is obviously vital to our business and to the whole country," said Ron Delnevo, managing director of Bank Machine. "Cash is the very lifeblood of the U.K. economy. 60 percent of purchases made in the U.K. in 2007 were made using cash and cash machines are forecast to supply over 85 percent of cash to U.K. consumers within the next five years. With our new service, we can guarantee a more efficient service for our customers."

The initial roll out to 300 sites in London has already started via a fleet of purpose built security vehicles. The vans — Bank Machine's 'Green Team' — will transport cash each week to Bank Machine's growing network of ATMs. When the service is expanded nationally, it is predicted that Green Team will be responsible for the secure transportation of a significant percentage of the total volume of bank notes delivered to ATMs in the U.K.

By taking the cash-in-transit service in-house, Bank Machine will be making efficiency savings, whilst, even more importantly, offering a more flexible and responsive service to their customers.

"We will continue to work with other CiT operators who can meet our exacting standards," Delnovo said. "Those that can't will be dropped from our roster."