Banif introducing the first cash recycler ATM in Malta

May 25, 2010
June 20, 2023
Banif introducing the first cash recycler ATM in Malta

Banif Bank is the first bank in Malta to install a cash recycler ATM. This innovative cash machine is able to authenticate all euro notes instantly and make them available for circulation immediately in accordance with the latest European Central Bank (ECB) guidelines.

This system brings to Malta two major innovative contributions. The primary innovation lies in the fact that when a Banif customer effects a cash deposit through a Banif ATM, the notes are validated immediately and the deposit is carried out in real-time, meaning that the funds will be available in the client’s account instantly. This system will also provide an added benefit to the general public since the validated notes will be circulated immediately in the market without the need for further authentication by the Central Bank of Malta. This will allow the Bank to be more efficient and cost effective. Cheque deposits will also be made directly into the client’s account, however, the funds will be available once the cheques have cleared in conformity with the local cheque clearing cycle. Banif Bank is investing in the latest technology in order to better assist its client portfolio by providing more efficient solutions. Whilst facilitating service enhancements, such investment in technology has also lead to the alignment process of the Maltese financial system with the latest requirements and benchmarks of the European Union.  

“During the past two years the Bank has also reached important milestones with the launch of personal credit cards, debit cards and the Banif@st personal and business internet banking portals. We were the first Maltese bank to become fully compliant with the SEPA Credit Transfer requirements and have all the infrastructure in place to lead the shift towards a broader use of electronic payments in Malta. This will now be complemented with the launch of our ATM network which will offer a range of services with a view to providing customers with a comprehensive and differentiated product offer”, said Mr. Nuno Martins, Chief Operating Officer at Banif Bank, when commenting about the Banif ATM service.  

Throughout 2010, Banif Bank will continue to grow further through its commitment in expanding its network infrastructure and human resource complement both at front office and back office levels in order to guarantee a high quality level of service.

Cash recycler ATMs are a new concept in Europe and Banif Bank is pleased to be the first Bank to install the first cash recycler ATM in Malta. This ATM has been installed at Banif’s branch in San Gwann, and is currently being tested prior to the official launch.