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500 “white tellers” arrive in the country with biometric technology: where will they be

In Argentina there are some 12,000 ATMs (and 3,000 self-query terminals) when, at least, yesand they will need about 30,000 to meet the needs of the population.

It is to take advantage of the opportunity that in a few days the first 70 non-bank ATMs of the signature Octagon. They will be located in the Autonomous City of Buenos Aires, Greater Buenos Aires, some localities in the province of Buenos Aires, Mendoza and Cordoba. « We had it scheduled for some time before but the pandemic complicated the approval processes with the brands, » he says Diego Rivero, President of Octagon Argentina. Total, They plan to install 500 ATMs during this month and the first six months of 2021.

In the first instance, the tellers will be cash dispenser and then they would move on to the more complex ones, recyclers. The difference between the two is simple: while the former only allow you to withdraw money and the cash load is done manually; In the latter, they also allow the receipt of deposits and the ATM is loaded through deposit operations, which gives the system traceability. All will be under the brand ATM network.

While the cash dispensers will be located in service stations, pharmacies and some supermarkets outside the large retail chains, Octagon points out that the second stage, with recycling cashiers, will include the large establishments in the country, with whom they are already in talks. .

All the ATMs of the ATM Network will allow the extraction and consultation of the balance of debit and credit cards Visa Y International MasterCard, the withdrawal of money without a card, transfers with or without a bank account and payments with debit account and settlement of loans granted by financial entities. In addition, already facing their investors and the businesses that host them, they can incorporate advertising solutions, sale of discount coupons, loyalty programs, e-commerce payment button, the sale of tickets for events and the sale of insurance .

Regarding the commissions to be charged to users, so whoever uses these ATMs will have to pay them in any transaction carried out online with the usual interbank clearings. The cashier will include a sign, before making any transaction with a charge, indicating precisely this fact.

While the first announcements of Octagon’s ATMs were made in 2017 with a view to reaching the market in 2018, the path to obtaining brand permits was long and the pandemic made it more difficult. A year ago the company changed owners and Rivero became president, with Begoa Prez by Solay in the role of general manager.

Business model

The vast majority of ATMs will be loaned to the different businesses where they will be located with different commercial and economic benefits. There is also the possibility that the ATM is owned by the merchant or an investor who wants to enter the business.

In the latter case, the investment is around US $ 10,000 for cash dispensers and US $ 20,000 for recyclers. A bank teller processes between 9,000 and 20,000 operations per month, with 2,500 operations per year; This means – according to Prez de Solay – that the investment is repaid in a year and a half; The equipment has a useful life of 10 years and repairs will be carried out by Octagon.

Technology

According to Rivero, the ATM technology ATM network It is different from the majority of ATMs that exist in Argentina. They are computers with an important service functionality, which come with Windows 10 and have access to a fingerprint scanner, in the case of both dispensers and recyclers.

In the case of biometrics, Octagon has an agreement with Argentina’s Ex-Cl, an expert company in the matter, which provides the technology of Neurotechnology, of Lithuanian origin, of whom they are representatives for Latin America.

« Although the biometric engine includes several biometric technologies, such as fingerprints, iris, face and voice, fingerprint will be used for the ATM project. The ATMs incorporate a biometric scanner to capture the fingerprints, perform the extraction of characteristics and, finally, to carry out the biometric comparison of the user’s footprints « , he says Daniel Widmer, Project manager of Ex-Cl.

The equipment is manufactured by GRG Banking, one of the most important ATM providers in the world and that in Argentina is present through the banks whose headquarters are in Southwest Asia.

The mobile wallet

A novelty that includes this release, and that was not in the original project a few years ago, is the mobile wallet that will be available soon to use together with the ATMs.

Plot tests will begin in January in « encapsulated » communities and seek to improve wallet transactionality and enhance integration with the ATM.

It is especially aimed at those people who are not banked and who use ATMs to make various payments, such as loans and services. Users without a bank account can withdraw and send money on RedATM.