G4S partners with shared branch banking venture OneBanks
G4S, the UK’s leader in secure cash management, is partnering with OneBanks, the shared branch banking innovator, to enable banking customers to pay bills, deposit and withdraw notes and coins at OneBanks shared banking kiosks, currently being trialed in the UK.
The kiosks, which are fully manned, have been designed to use Open Banking technology to offer face to face banking to communities which no longer have local bank branches, but still value talking to trained staff when carrying out basic banking transactions.
G4S will equip OneBanks kiosks with a Cash 360 intelligent safe which, once integrated using technology developed by OneBanks together with its IT partner Endava, will allow customers to pay utilities and other bills with cash and receive their change in cash too.
This same intelligent technology will also enable the customer to make cash withdrawals. The OneBanks facility is equipped with a touch screen which also allows customers who may not have a credit card or other means of digital payment to purchase goods and services from online providers, such as Amazon, eBay or ASOS, using cash.
Ultimately this G4S facility will enable OneBanks to offer a more compact and lower cost version of its shared banking installations more suitable for corner shops and convenience stores. The initial format currently being trialed in Denny, near Falkirk in Central Scotland is designed for use in larger supermarkets, shopping malls and other high footfall locations such as railway and bus stations.
Since the Denny trial was launched, as lockdown eased in April, local residents have been taking advantage of the kiosk to carry out their everyday banking transactions. The ability to deposit cash at the kiosk has been particularly popular for local small businesses as it has enabled them to avoid a round trip of nearly 15 miles to their nearest bank branch to bank their cash takings.
The range of service at Denny will be enhanced once the G4S technology is installed later this month. Further trials are planned later this year at three sites including two more on Scotland and one in England.
G4S’ Cash 360 intelligent device allows notes and coins to be reused as well as providing bill payment, which is not commonly offered by conventional ATMs. As a result, they do not need the regular servicing which ATMs require, significantly lowering maintenance cost as well as reducing the environmental impact.
The OneBanks shared branch concept received a boost in May when UK Finance and the largest retail banks and building societies launched the Access to Cash Action Group, examining ways that businesses and individuals can continue to use cash for everyday banking. As part of its existing cooperation with the banks’ Community Access to Cash Pilots, OneBanks is providing data to feed into the design of possible models that will meet that objective.
Duncan Cockburn, CEO of OneBanks, said: “The experience so far has shown that there is a real demand for face to face banking and OneBanks can meet that need in a way that works for customer and banks alike. Our partnership with G4S, enables us to go a stage further and offer more of the everyday banking services people need. This is a fantastic opportunity to demonstrate the value of both the OneBanks approach and the G4S Cash 360 solution .”
John Apthorpe, commercial director from G4S said: “G4S is delighted to be part of this exciting project from the start and helping OneBanks to deliver this important service that will improve access to banking for many underserved communities.”