ATMs take cash deposit to the next level

One common feature for ATMs today is some form of cash deposit functionality to allow customers to deposit, not just withdraw cash. Banks and merchants will also at times combine this with a cash recycler so ATMs can reuse deposited notes for withdrawals.

However, with many branches shuttering across the U.S., customers and businesses may find it more challenging to deposit cash. In 2022, the total number of branches from FDIC-insured commercial banks fell to 71,190, down form 72,220 in 2021 and 75,206 in 2020, according to data from Statista.

In order to address this need, NCR Corp. partnered with Clip Money to combine cardless cash deposit API with Clip's cash deposit solution. With this partnership, businesses can skip the branch and deposit at more than 2,500 ATMs in 30 states, according to a press release.

Through Clip, customers can deposit directly into their bank account without the ATM integrating with the bank itself. When they deposit cash into the ATM, they can send it directly to their bank of choice, without having to visit the actual branch.

To learn more about this partnership and how it will benefit banks, ATM Marketplace spoke with Stuart MacKinnon, COO, NCR Atleos and Brian Bailey, president and COO, Clip Money.

Q. Why did you decide to partner with Clip Money?

MacKinnon: Clip and NCR both have proven, in-market solutions that reflect investment in people, systems and capabilities around managing cash to better serve merchants, financial institutions and small businesses.

Clip has established a system that allows businesses to use an infrastructure beyond what their bank provides today and may provide in the future as retail delivery continues to evolve. The Clip platform has attracted multiple banks and merchants looking for service amidst this changing environment. Clip users are SMBs who need cash deposit endpoints that are secure, reliable and convenient. Banks desire to maintain SMB relationships but optimize their branches shifting from transaction centers to sales engines moving transactional needs to self-service platforms.

NCR has established the largest non-bank ATM depository network in the US with more than 2,000 active cash deposit terminals that are ready to serve the depository needs of the nation's SMBs in support of their relationship with financial institutions. Pairing the leading SMB deposit enabler that removes barriers for SMBs' banks creates a winning solution for all participants in the two-sided network NCR serves with issuers on one side and merchants on the other.

Clip will connect through NCR's API suite which was established to onboard partnerships like Clip and enlarge the addressable market of transactions beyond the card.

Q. How will this service improve ATMs?

MacKinnon: The solution grows the total addressable market of transactions for NCR, foot traffic for our merchant partners, and furthers adoption of self-service shifting what used to go over the counter or into a night drop, into an ATM in the community where the SMB operates.

Q. How will it help banking customers?

MacKinnon: It makes it possible for business banking customers to deposit cash in ATMs easily accessible locations purpose built for their transaction volume, without having to go to a bank branch, and without the need for a card. They can keep their banking relationship regardless of bank size or reach as Clip and NCR can now provide the endpoint equivalent of a top 10 retail bank.

Q. Do you see this as part of a larger trend of ATMs adopting more innovative solutions than just cash dispensing?

MacKinnon: Most certainly yes. This is just the latest example of our broader initiatives to innovate, to make ATMs more accessible for businesses and consumers through our fully integrated platform featuring an API suite that allows services like Clip to layer onto our cash in and cash out network and owner/operator mentality.

Q. Can you tell a little bit about your service and what makes it unique?

Bailey: Clip Money stands out as North America's pioneer and sole multi-bank deposit network tailored for businesses. Our core mission is to empower businesses by simplifying cash deposit processes. How? Through our unique Clip Money network, businesses gain the flexibility to deposit cash directly into their preferred bank account.

What sets us apart are our convenient and cost-effective deposit options, which include our Clip Drop box network strategically positioned at shopping malls and major retailers. In addition, our recent partnership with NCR is a game-changer. By the first quarter of 2024, we will introduce ATM deposit access, further expanding our service offerings and convenience for our valued clients. In summary, Clip Money is the trusted partner for business in streamlining cash deposit operations, offering unmatched convenience and efficiency in the world of cash management.

Q. How will this partnership with NCR benefit you?

Bailey: Our partnership with NCR represents a significant advantage for Clip and our valued customers. NCR is a renowned leader in operating retail-based ATMs across North America, known for its exceptional track record in maintaining the highest levels of device and network availability. Millions of consumers already benefit from NCR's commitment to reliability.

For businesses that rely on regular and routine deposit transactions, this partnership brings immense value. By leveraging NCR's expertise and highly available cash deposit ATM network, we can ensure that the business deposit experience is seamless and efficient. Furthermore, NCR's forward-thinking approach includes innovations like the Pay 360 API system. This technology not only enhances the capabilities of their ATM network but also provides Clip's platform and customers with rapid access to the extensive NCR network of retail based ATMs..

In essence, this partnership is a fusion of technological innovation and operational excellence, resulting in substantial benefits for Clip and, most importantly, for our valued customers.

Q. How will it benefit your customers?

Bailey: Through the extensive reach of the NCR deposit ATM network, Clip's network reach will provide businesses deposit access on par with a Top 10 bank branch network. Business customers today struggle with shrinking branch networks, inconvenient hours of service, or the cost burden of a dedicated armored car relationship. The partnership with NCR transforms Clip's reach in the marketplace to the 70 largest markets across the U.S. by increasing our network size from 400 deposit endpoints to nearly 3,000 by early 2024.