NCR, Symstream Technology launch wireless ATM connectivity

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NCR Corporation (NYSE: NCR), the world leader in self-service technologies, announced today an alliance with Symstream Technology Group Ltd.,  an Australian-based wireless-technology company, to introduce wireless connectivity solutions for automated teller machines (ATMs).  By deploying Symstream II™ -wireless modem for Global System for Mobile Communications (GSM) connectivity, banks in India will now be able to deploy ATMs to the most remote sites in India, thereby enabling them to offer banking services to the unbanked rural population.

 

The solution uses voice channel, unlike traditional General Packet Radio Service (GPRS) connectivity using data, making it more reliable and fast.  This technology is designed using proprietary algorithm-based symbols which makes it more secure, unlike traditional communication channels using data packets. This alliance will provide banks in India an opportunity to increase their ATM penetration with reduced overhead costs, better security, improved efficiency and functionality compared to other legacy technology being used.

 

Commenting on the partnership with NCR, Mark Gamon, sales and marketing director for Symstream said, "The integration of Symstream II™ with NCR's ATM will provide the market with a faster 'one-stop shop' approach to what has, historically, been a complex and difficult solution to provide. Leveraging NCR's multi-function ATM technology capabilities and its distribution strength, combined with our world-leading wireless technology, we are confident to overcome the many barriers-to-entry in developing countries."

 

Sharing his views on the partnership with Symstream, Manjunath Rao, country manager of Sales, for NCR's Financial Solution Division , said, "This alliance represents a further strengthening of NCR's strategy to develop complete end-to-end solutions, moving away from selling stand-alone products. With this particular solution, we have found a partner with technology capabilities that seamlessly integrate with our products and allow us to offer mobility to ATMs, which is a key enabler for banks in India to reach the unbanked population in rural areas."

 

Unlike traditional dial-up, wireless ATM transactions are two to three times faster, resulting in higher transaction volumes and easier customer access to cash. As transactions on the ATM channel becomes more convenient to consumers in developing countries, the demand for ATM access at off-premise locations such as shopping malls, restaurants and on the roads (drive-thru) will also increase. NCR believes that the introduction of advanced functions, such as bill payment, automated deposits and cash-recycling at ATMs, are likely to have bigger impact in the next couple of years, especially as off-premise locations become more prevalent in developing countries. 

 

Sourced From: Perfect Relations Limited