China Bank offers cardless cash-accept machine
Wednesday, July 4, 2012
China Bank’s Makati main branch now has a cash accept machine or CAM that will enable clients to deposit cash fast.
Clients need not queue up to a teller but instead use the self service machine very much like an ATM. CAM accepts P100, P500, and P1,000 bills (both the old and new series Philippine peso bills) for real-time credit to a China Bank savings or checking account.
“CAM is for fast, convenient, card-less, and real-time deposit transaction. Even non-China Bank clients can use CAM to deposit to a China Bank account,” said Marie Carolina Chua, vice president and head of ATM Center.
Unlike other banks’ deposit machines, CAM doesn’t require a China Bank ATM card, so other depositors who need to make a deposit to a China Bank account can use it too. CAM can also process deposits in a combination of P100s, P500s, and P1,000s—other deposit machines only allow deposits in the same denomination at a time. A transaction takes just two to three minutes, which involves punching in the China Bank account number where the deposit will be credited, inserting the bills (up to a maximum of 90 bills per transaction), and waiting for the transaction receipt. Deposits are instantaneously credited.
The Bank is looking at deploying at least five more CAMs at selected branches within the year, and is also looking at expanding CAM’s service to include acceptance of bills payments. According to Chua, bills payment transactions through CAM will also be card-less and payments will likewise be posted real-time.