Commercial Bank launches new series of ‘Cash Deposit & Withdrawal’ machines

(PRESS RELEASE) – The Commercial Bank of Ceylon has launched a new generation of machines that offersseveral new advancements on the standard ATMs and deposit machines, including cash deposits that are credited instantly.

Sri Lanka’s largest private bank said it will beinstalling ‘Cash Deposit & Withdrawal’ machinesin stages within its 251 strong branch network.

Card-less cash deposits are possible and the new machinesaccept cash deposits into third party accounts as well, and can be used to settle utility bills and dues on Commercial Bank credit cards, the Bank said. A sophisticated stacker that can accept and count up to 200 notes at a go eliminates the need for envelopes, making the machines more eco-friendly.

Additionally, the new machines offer services such as balance inquiries, transfers of funds between linked accounts and changing of personal identification numbers (PINs) and accept requests for mini statements, the Bank said. Detailed receipts are issued in respect of the transactions processed.

“Our continuing focus on technology is driven by our commitment to make transacting more convenient, more efficient and safer for our customers,” Commercial Bank’s Managing Director/CEO Mr JeganDurairatnam said. “These new machines represent a significant advancement in functionality and versatility and enhance our offering in 24×7 banking services.”

In 2015, Commercial Bank commissioned a new generation of automated cash deposit terminals that completely eliminate the use of paper, launching a new Green Banking channel. These deposit machines may also be used to pay dues on Commercial Bank credit or debit cards. They accept four denominations of currency notes – Rs 5000, Rs 1000, Rs 500 and Rs 100. Soiled or damaged notes, notes of other denominations or foreign currency notes are not accepted and are returned to the depositor via a ‘Reject Tray.’ Coins are also not accepted.

The Bank’s digital banking platform now offers four types of machines for customers to do their banking with ease. The machines are traditional cash withdrawal ATMs,cash deposit machines, cheque deposit machines and the latest Cash Deposit and Withdrawal machines. The Bank owns 638 cash withdrawal ATM terminals, the largest network owned by a single Bank. Collectively, the Bank now owns over 700 terminals for customers to do their banking transactions without entering a branch and filling out forms.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for six years consecutively, Commercial Bank operates a network of 251 branches in Sri Lanka. The Bank has won multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank, Most Respected Bank from a number of local and international institutions and publications over several years and has also been adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce for several years.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 outlets and Myanmar, where it has a Representative Office in Yangon. The Bank will open a fully-fledged Tier I Bank in the Republic of Maldives in 2016. The Bank also recently received a license to operate a fully owned Money Transfer Operation in Italy.