The agreement with the Diebold will provide services for credit union’s network of 21 automated teller machines (ATMs), including the deposit automation technology to six of the credit union’s ATMs.
Diebold has said that it will provide several integrated services, including Advisor ATM status monitoring, OpteView remote services, endpoint protection monitoring, software subscription management and help desk support.
Diebold upgraded the ATMs with new hardware that supports envelope-free transactions, including enhanced note acceptors (ENAs) and Intelligent Depository Modules (IDMs).
The ENAs allow users to deposit up to 50 mixed-denomination notes, which are then verified and itemized note by note. The IDMs accept and process checks and bill payment documents. ATMs display cash and check deposit details on screen for customer verification and print deposit details, including check images, on receipts.
The automated note and check verification at the deposit automation-enabled ATMs allowed Union Square to evolve from posting transactions the next business day to real-time posting, giving members immediate access to their deposited funds.
In addition, Union Square now collects deposits for those ATMs weekly instead of daily, which reduces the frequency and cost of ATM deposit collections, claims Diebold.
Diebold vice president and chief marketing officer John Deignan said that the deposit automation not only adds convenience to ATM transactions, it also adds an element of trust for users.
"Union Square has reported an increase in the volume and values of check and cash deposits at its image-enabled ATMs. This is consistent with deposit automation implementations across the industry. Real-time account credit and detailed transaction summaries make the enhanced, envelope-free deposit experience attractive to consumers," Deignan said.
