Lankan villagers to get all banking services at the touch of a button
A UK-based global ATM software company, KAL (Korala Associates Ltd) headed by a Sri Lankan has stepped in to improve the socio-economic condition of the rural masses in remote villages by introducing full range of banking services at the touch of a button.
Aravinda Athukorala
KAL is offering a readymade financial service for rural masses in remote villages that have no access to financial system of banks and finance companies, CEO of the company Aravinda Athukorala told the Business Times in an interview.
He expressed the belief that a Retail Teller Machine (RTM) developed by the company which provides all ATM transactions will be the solution for the unbanked rural segment of the country.
This machine could be located in a shop or post office, he said pointing out that instead of relying on the bank refilling the machine delivers a voucher which can then be redeemed for cash at the store outlet.
“We believe the RTM is one of the most important products ever to be introduced to the self-service banking industry,” he said.
With significantly decreased running costs, local banks make use of it as a tool to ensure they have a presence wherever their customers are, he added.
Mr. Athukorala said it offers a cost effective way to open up banking services to the people who do not have easy access to their banks.
Under this system, once the voucher is received, the retailer is immediately compensated by the RTM which executes a back-to-back transaction. This remits the dispensed amount into the retailer’s bank account, he disclosed.
“The patented process of the RTM also provides an opportunity for retailers to work closely with their banks in providing convenient and safe access to banking services,” he opined.
The RTM provides almost all financial transactions, including cash withdrawals, transfer, balance inquiry, mobile top-up and bill payments as well as borrowings .
For cash withdrawals, the customer receives a secure ticket which the shop owner exchanges for cash from the till.
After six months of transactions with the RTM, customers could obtain loans, he said adding that this process allows to re-circulate cash in respective villages.
KAL RTM (Retail Teller Machine) is a self-service device which is providing a full range of ATM functionalities and features of VTM (Virtual Teller Machine) technology.
There are multiple benefits for customers, banks, merchants and other stakeholders can be experienced with it, he added.
KAL Multi-vendor ATM Software provides a single software solution to any model of an ATM or self-service device in the network, he said pointing out that there are multiple advantages for the banks, customers and other stakeholders.
The company launched its cashless ATM, the RTM, or Retail Teller Machine in the Sri Lankan market recently. The proposal to deploy RTM’s in remote rural areas was submitted to the Central Bank, he said adding that his company received a positive response from local bank authorities at a banking event in Colombo recently.
Representatives and delegates from many banks, finance companies, and compliance and regulatory authorities attended the event.