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Hyosung bets big on cash recycling with MX8000 series ATMs

ATM manufacturer Hyosung America launched three new ATM recyclers, completing its MX8000 family and bringing the total number of ATMs in the series to nine.

Hyosung bets big on cash recycling with MX8000 series ATMsiStock photo


| by Amy Castor — Editor, Networld Media Group

ATM manufacturer Hyosung America has launched three new ATM recyclers, completing its MX8000 family and bringing the total number of ATMs in the series to nine — seven for consumers and two that are teller-facing — the company announced on Tuesday. 

The new machines come with 19-inch landscape monitors viewable in the sun. The MX8300T and MX8300D are serviced from the rear while the MX8300I is serviced from the front. The model T is a walk-up machine, while the D and I models are drive-up ATMs.

The entire MX8000 family facilitates cash-handling savings, offers better efficiency at the branch and frees tellers to focus on higher-level transactions and customer engagements, Hyosung said. All of the machines are ready for implementation now. In fact, The Irving,Texas-based company boasts 9,000 recycling ATMs currently in operation throughout the U.S.

Cash recycling

Perhaps the biggest feature of the MX8000 models is cash recycling. Unlike traditional ATMs, recyclers allow financial institutions to deposit and dispense cash from the same cassette. Among the advantages, cash recyclers allows FIs to accept sizable cash deposits from merchants at all hours. It also enables FIs to optimize cash-in-transit cycles, since they don't need to restock the machines as often. 

Cash recycling "minimizes the amount of cash banks and credit unions have to put in their ATMs and lowers operational costs, meaning fewer touches either by branch personnel or armored service companies going out and replenishing," Scott Hackl, executive vice president of North American FI sales at Hyosung, said in speaking with ATM Marketplace by phone. "It's really an efficiency play."

To that end, Hyosung's MX8000 family can handle transactions up to 200-300 notes per deposit, with real-time cash authentication, he said. The new feature is especially convenient for small- to medium-sized businesses who prefer to transact via self-service rather than waiting in line for a teller.

Cash recycling originally took hold in Asia. It's become more widespread in Europe and is now making its way into the U.S. But because not all FIs are ready for the feature — yet — they can operate the MX8000s as traditional ATMs and "turn on" the cash recycling feature when they're ready. 

Platform for bank transformation

Beyond cash recycling, Hyosung is positioning its MX8000 series as a platform for bank transformation — a phrase commonly used to describe how banks are moving their services from the physical realm to a digital realm. Bank transformation often involves a host of self-service functions, such as live chat with tellers and around-the-clock bank access.

As for any one of the MX8000 models, "it can be a traditional ATM, it can be a full-service branch assist or interactive teller machine. It could also incorporate recycling technology. It's really the customer's choice," Hackl said in describing the modular design of the series.

Additionally, the family includes small footprint lobby models and high-volume models for use inside the bank to exterior through-the-wall units, drive ups and island ATMs.

"We even have the world's first recycling drive-up island ATM," Hackl said.

Other features he pointed to included multi-check deposit, larger monitors and a more modern look and feel. On the software side, the new series of recyclers integrates into core banking applications so FIs can bring all aspects of the customer experience to life through self service, he said. 

"We've revolutionized the modular concept and the self-service model in the U.S.," Hackl said. "We've got an existing product line that stays intact, so we're not discontinuing anything; this is additive and really, the platform for the future."


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Amy Castor

Amy Castor has more than 20 years of experience in journalism and mass communications. In the last several years, she has gotten particularly interested cryptocurrencies, blockchain technologies and other evolving forms of payment. Her work has appeared in consumer and trade publications throughout the U.S., including CoinDesk, Forbes, and Bitcoin Magazine. She is now the editor of ATMmarketplace.com and WorldofMoney.com

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