SIOUX FALLS, S.D.–A new survey various industry executives, “Readiness for Universal Cash Deposits for ATMs 2022,” has found an overwhelming majority of respondents support the adoption of Universal Cash Deposit at ATM networks, especially as banks continue to reduce their branch networks.
Universal Cash Deposits is defined as an interoperable system within an ATM network, or across multiple networks, for accepting cash deposits at enabled ATMs on an “interbank” basis, whereby a consumer from one FI may deposit cash at ATMs owned and operated by other FIs or independent ATM deployers (IADs)
“With over 68.5% of the respondents saying they would support Universal Cash Deposits at ATMs,” said Mike Lee, CEO of the ATM Industry Association (ATMIA), which conducted the study. “The signs are good that the ATM industry itself is shifting towards the need to accelerate ATM cash deposits as both a long-term economic necessity and as a consumer or end-user demand.”
While 32% of the respondents were IADs, about 20% were from financial institutions, banks and credit unions. Just under 10% were manufacturers, 20% were from service-providers, 8% from third-party business partners, with the rest of the respondents coming from network processors and CiT.
Response to Bank Branch Closures
“Over 90% of respondents agreed that the trend towards increased bank branch closures strengthens the case for enabling Universal Cash Deposits at ATMs,” added David Tente, ATMIA’s executive director of the USA, Canada & Americas. “The time seems right to encourage the networks to investigate adopting this excellent functionality at an inter-bank.
ATMIA said its new survey concluded that most of the demand for Universal Cash Deposits will come from members of the public and end-users, and secondarily from merchants and small businesses.
Results of the survey can be found on ATMIA's Cash Hub.
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