Micro ATM is an innovative, mobile based ultra-low cost solution, which is operated in agent assisted mode. The solution enables banks to appoint and manage agents, who function as "Human ATMs" to provide basic banking functions, with Card Present and Not Present.
The application supports following services to the bank customers:
- Cash withdrawal - (Cash Out from bank account)
- Cash deposit
- Fund transfer
- Balance enquiry and mini statement.
- Loan collection too is possible under the cash deposit function.
Agent Banking Solution
One of the primary impediments to providing financial services to the poor through branches and other bank-based delivery channels is the high costs inherent in these traditional banking methods. The amount of money expended by financial service providers to serve a poor customer with a small balance and conducting small transactions is simply too great to make such accounts viable. In addition, when financial service providers do not have branches that are close to the customer, the customer is less likely to use and transact with their service. However, we see the emergence of new delivery models as a way to drastically change the economics of banking the poor. By using retail points as cash merchants (defined here as agent banking), banks and other providers can offer saving services in a commercially viable way by reducing fixed costs and encouraging customers to use the service more often, thereby providing access to additional revenue sources.
Agent Banking Offer Details:
- e-KYC application enables a bank to on-board a customer into the CBS by capturing KYC (Know Your Customer) details right at the doorstep of the customer using a portable, field device
- Solution includes the functionality of uploading the customer data from the field through a smart Android tablet with biometric authentication of the customer for transaction purposes.
- Micro-ATM Switch is installed at the data center of the Bank and is connected to the CBS system through a host interface.
- Android tablet can have external Encrypted Pin Pad (EPP)
- Android tablet works with minimal power, connects to central banking servers through GPRS, thereby reducing the operational costs considerably.
- Micro-ATM allows customer to perform financial transactions using Card or Biometric as identify proof with provision for PIN based transactions with standard bank cards.
- Supports contact/contactless smart cards, biometric authentication and GPRS module for communication
- Configurable Smart Card Management System including Card Personalization, Card Issuance, Key Management and Card Life Cycle Management
- Supports biometric enrolment and authentication functions