Banks set to miss fourth deadline to roll out cassette-swap system for ATMs

Banks, cash handling firms, and managed service providers are yet to work out the absorption of costs involved in the trade as well as the logistics of switching to the new system

A proposal for switching from open-trays of cash to a cassette-swap model at automated teller machines (ATMs) has missed its deadline again – the fourth in a row.

 

A cassette-swap is a lockable mechanism where cash is loaded by cash-in-transit (CIT) firms into so-called cassettes; and the task of accounting for cash in it from the previous replenishment at ATMs is made simpler. This is a departure from the practice of personnel at these entities physically loading cash into trays placed inside the ATM.

 

The four-phased cassette swap plan across 30 cities was to cover the network of 260,000-odd ATMs