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Standard Chartered expands CDM service
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In this handout photo Standard-Chartered Indonesia employees serve customers at a bank office in Jakarta. (kontan.co.id/Baihaki)
S
tandard Chartered Indonesia has formed a partnership with British security service company G4S to expand its cash deposit machine (CDM) service in Indonesia.
Michael Sugirin, the head of transaction banking at Standard Chartered Bank Indonesia, said in Jakarta that the bank hoped to provide between 300 and 400 CDMs in Indonesia, mostly in Jakarta this year.
The bank already operates 15 CDMs for corporate customers such as restaurants and online retailers using G4S technology, he said, adding that that the machines are able to accept both bank notes and coins in all denominations, as well as supporting up to four currencies at the same time.
The CDM system can also reduce overtime costs incurred by conventional methods by 50 percent, as well as reducing cash-counting activities by 75 percent. Conventional cash deposit methods are time-consuming and risk-prone.
The system features real-time crediting to the accounts of the CDM users, while access to the machine is only possible via ID cards that store biometric information.
“We are not selling machines, we are offering end-to-end solutions. G4S cannot provide these solutions without co-operating with banking companies, such as Standard Chartered,” said David Batubara, the president director of G4S Indonesia at the launch of the CDM service on Wednesday.
G4S has so far provided 7,000 CDMs worldwide, and claims to be the first to offer such services in Indonesia. (jlm/bbn)
