Welcome!

Mobile IoT Authors: Liz McMillan, Yeshim Deniz, Pat Romanski, Elizabeth White, Kevin Benedict

News Feed Item

OKI Delivers ATM-Recycler G7 Cash Recycling ATM to Alfa-Bank in Russia

OKI (TOKYO:6703) today announced the delivery, through sales partner Europeum, of ATM-Recycler G7 cash-recycling ATMs to Alfa-Bank, Russia's largest private bank. Scheduled to start November 2012, these deliveries will mark the first delivery in Russia of a cash-recycling ATM manufactured by a Japanese vendor. Prior to delivery in Russia, OKI's ATM-Recycler G7 accumulated a strong sales track record in China and other regions. The product, a cash-recycling ATM available since 2010 and capable of handling multiple currencies, successfully met Alfa-Bank's needs in trial deployments before the bank chose to move to full-scale delivery.

Russia's market is the world's sixth largest in terms of number of ATMs installed (including cash dispensers, according to OKI's research as of 2011). This figure is expected to keep pace with the country's economic growth.

"A single ATM-Recycler G7 handles 128 banknote denominations of multiple currencies, meeting one of Alfa-Bank's demands," said Shinya Kamagami, Senior Vice President and General Manager of OKI's Systems Hardware Business Division. "The ATM-Recycler G7 uses deposited banknotes for withdrawals, leveraging its cash-recycling function to reduce banknote management and operational costs compared to cash dispensers and non-cash-recycling ATMs."

Alfa-Bank currently operates 2,700 ATMs and has been considering a dramatic overhaul of its ATM network. The new ATMs making up this network required various functions to handle not just the Ruble, Russia's home currency, but multiple key foreign currencies, including US dollars and Euros. In a pilot project running from June to September 2012, Alfa-Bank undertook a trial run involving four ATM-Recycler G7 units. This effort was positioned as part of a strategic plan to improve the bank's network to maintain Russia's leading customer service levels.

"The pilot project identified various benefits of deploying ATM-Recycler G7, including handling of multiple currencies and operating efficiencies, based on OKI's proven track record gained over 30 years," said Vilen Timiryazev, VP, Director of Processing Center at Alfa-Bank. "Under the pilot project, we also evaluated other features, including a feature allowing deposits and withdrawals of large sums of cash in single transactions, overall reliability as reflected in uptime rates, physical dimensions (width equivalent to current cash dispensers) that would allow installation in places occupied by current devices and flexible cassette composition that can be changed per places to be installed."

Moving forward, OKI will seek to expand sales of the high-performance, high-quality and high-reliability ATM-Recycler G7 to financial institutions in Russia and in other countries, thereby contributing to efficient bank operations and enhanced banking services.

About OKI Electric Industry (OKI)

Founded in 1881, OKI Electric Industry is Japan's leading telecommunications manufacturer in the Info-telecom field. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its info-telecom systems and printer operations. Its various business divisions function synergistically to bring to market exciting new products and technologies that meet a wide range of customer needs in various sectors. Visit OKI's global website at http://www.oki.com/.

About Alfa-Bank

Founded in 1990, Alfa-Bank is a full-service bank operating in most sectors of the financial market, including retail and corporate lending, investment banking, leasing, trade and structured finance. Alfa-Bank is Russia's largest private bank in terms of total assets, total equity, customer accounts and loan portfolio.

According to its auditor reviewed IFRS financial statements for the first half 2012, the Alfa Banking Group, which comprises OJSC Alfa-Bank as well as its subsidiary financial companies, had total assets of $33.9 billion, gross loans of $24.1 billion, and total equity of $3.9 billion. Net profit after tax for 1H 2012 amounted to $544 million.

The Alfa Banking Group's corporate and retail client base has grown considerably over the last several years: as of July 1, 2012 the Alfa Banking Group serves around 60,500 corporate and 7.8 million retail customers, while the branch network consists of 460 offices across Russia and abroad, including a subsidiary bank in the Netherlands and financial subsidiaries in the United States, the United Kingdom and Cyprus.

About Europeum

Founded in 1992, Europeum is the leading company providing solutions, technologies and services for financial institutions in Russia. Having daughter companies in major Russian cities and big network of subsidiaries Europeum is able to provide service and maintenance all over Russia.

Notes:

The names of the companies and products mentioned in this document are the trademarks or registered trademarks of the respective companies and organizations.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of San...