Those days are long gone when people had to literally walk to the bank, stand in long tiresome queues, then gradually fill the deposit slips and get their cheque deposited with the assistance of a banking officer. The times have changed drastically, and so these cheques can be deposited quickly by anyone in an ATM kind of an environment.
The banking architecture of India’s financial institutions is more or less similar across a wide range of banks. The different types of banking operations such as the payments transfer, cheque deposition, cheque clearance, and cash withdrawal were built around silo-based legacy systems making the back-office processing quite hassled and complicated.
Mandating Cheque Truncation System (CTS) within the Indian financial institution has played a crucial part in strengthening the acceptance of cheques as a means of transaction within the country. With processing time significantly reduced, many solution providers walked in alignment with these technological advancements to provide an efficient and cost-effective customer experience.
What is a Cheque Deposit Machine?
The CDMs or Cheque Deposit Machines are self-operated devices/machines without the intervention of banking staff. The CDM accepts the cheques and offers an additional account name /number verification for crediting the amount to the correct account. CDMs have gained popularity primarily because cheques can be quickly deposited even after bank working hours.
A Self Service Cheque Deposit Kiosk is designed solely to automate cheque collection and for issuing receipts to the customers. This self-service cheque deposit kiosk is engineered to work 24 x 7 in bank premises, cheque payment collection centers of various telecom companies, insurance collection centers, building and construction companies, and other fields that require an automatic cheque collection and subsequently printing of acknowledgement receipts.
Benefits of Cash Deposit Machine
- These Self-service kiosks do not need any bank officer to assist.
- Money is credited to your bank account instantly.
- It saves time by avoiding queues and skipping the form-filling processes.
- The deposit receipt is received by the customer immediately.
- No need to segregate your denominations.
- These machines provide 24*7 accessibility with uninterrupted deposit time.
- Money deposit process in a hassle-free manner.
Features of a Cheque Deposit Machine
- It is available 24*7.
- It allows you to deposit cheques within minutes.
- It is entirely integrated with the Cheque Truncation System.
- The operational cost is minimized.
Hassle-free banking with Cheque Deposit Kiosks
We all know that ATMs have made our life easier and simpler to carry out banking activities such as the withdrawal of cash. However, to deposit the cheque into an account, an individual needs to visit the bank and stand in long queues. This is where a cheque deposit kiosk comes in handy.
You just need to type your account number, insert the cheque into the deposit slot, verify the scanned image displayed on the screen and your transaction is complete within no time. Post this; you will receive a receipt confirming your cheque deposit, and the cheque will be cleared the same day. This is a preferred option by a lot of individuals as it saves time than waiting for the cheque collection from the dropbox of an ATM, which usually results in at least a two to three-day delay in crediting the amount in the account.
Enhancing experience with Lipi Data
Lipi Data is one of the most noteworthy and credible cheque deposit kiosk machine manufacturers and suppliers in India for the banking and finance sector. The cheque deposit machines by Lipi Data have digitized the Indian banking system and have made its operability hassle-free and convenient.
Lipi Data is one of the top three IT peripheral companies, and with its state-of-art design and manufacturing facilities, it ensures to deliver only the best. The cheque deposit kiosk by Lipi is designed to provide customized solutions that help increase the efficiency of the client’s businesses.
These self-operated cheque deposit machines can be quite easily operated without the intervention of a banking official. These CDMs quickly accept the cheque with an additional facility of the account name or number verification. They have gained popularity recently since a cheque can be deposited even after banking hours. These CDMs have increased banking automation to provide more comfort to the customers.