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Bank scoops top innovation award thanks to the KAL RTM

KAL’s RTM has secured an innovation award for Malaysia’s Hong Leong Islamic Bank.

The Asset’s Triple A Digital Awards recognise financial institutions and technology firms that have excelled in innovating and developing a unique digital experience for customers across the Asia-Pacific region.

This year’s Most Innovative ATM Project award was given to Hong Leong Islamic Bank for its creative use of KAL’s RTM whereby the bank’s customers use the RTM to make religious charitable payments.

For the first time, Muslims in Malaysia have been able to pay their annual charitable fee - known as Zakat - using a debit card at the RTM, rather than cash. Government organisation Zakat Selangor was previously collecting all of the money in cash, which meant large volumes of cash being held on site. The government’s cashless program has encouraged the organisation to use the RTM to collect these funds via debit cards.

Christopher Martin, of Hong Leong Bank, welcomed the award, saying: “Congratulations to everyone who was involved in the cashless ATM project.”

Online magazine The Asset is Asia’s leading financial publication for issuers and investors.

Cashless ATM to change face of branchless banking

Global ATM software company, KAL, today launched the Retail Teller Machine (RTM): a revolutionary cashless ATM which is set to transform branchless banking forever.

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The Times Square New York launch showcased KAL’s RTM – a machine that provides all ATM transactions including cash-out and cash-in - but has no cash inside the machine.

Operating at one tenth of the cost of bank ATMs, RTMs do not dispense cash. Instead they print a unique secure ticket which is then exchanged for cash inside the same store. The retailer is immediately compensated by the RTM which executes a back-to-back transaction.

This remits the dispensed amount into the retailer’s bank account. Running the same software as ATMs, the RTM provides a full range of banking services and even includes the ability for the customer to video conference with a bank call center. This means no more expensive branches, regular maintenance or armoured services. With the lightweight RTM, it’s simply a case of plug and go.

KAL’s CEO, Aravinda Korala commented: “We believe the RTM is one of the most important products ever to be introduced to the self-service banking industry. With significantly decreased running costs, banks can now ensure they have a presence wherever their customers are. Most excitingly, it offers a cost effective way to open up banking services to millions of people around the world who do not have easy access to their banks. The patented process of the RTM also provides an exciting new opportunity for retailers to work closely with their banks in providing convenient and safe access to banking services.”

Notes: For further information please contact Steve Hensley, KAL Executive Vice President of Global Sales This email address is being protected from spambots. You need JavaScript enabled to view it., +1 (513) 864-8984, rtm.kal.com