Banks have been set to introduce coin-compatible ATMs in the United Kingdom, while struggling with new regulations that require access to cash services for communities affected by closures.
According to the Financial Services and Markets Act, which is in force in September, banks must ensure that companies and the public can deposit and take up coins if a branch leaves a community without these services. While post office upgrades and multi-bancaire Bankhubs where there are now 110 its existing solutions, the inability of free multi-bancara ATMs to handle coins, banks have encouraged to give a specialist in cash machine providers commissioned, including non-machine And NCR, to develop larger, more advanced models.
Gareth Oakley, Chief Executive of Cash Access UK, the non-profit organization responsible for alternative banking services, said that the move marks an important industrial shift: “There is nothing you can really pay [coins] and remove it in this way. This will be one first to do it on this scale. “
Since June, 69-all-NOT-Germaartens have been installed in areas affected by banking closures, which means that more than £ 2 million is processed in deposits. It is expected that at least 200 will be implemented, with extra coins-compatible machines launched in mid-2025. Oakley, however, acknowledged that the complexity of dealing with coins: “Being able to hand over and pouring mint requires a much higher refinement of kit, a much larger space than your general cash machine and the money in transport services becomes a lot more expensive. “
The Financial Conduct Authority (FCA), which consulted about the changes last year, received little opposition against the requirement for coins services. ATM providers has allowed to charge companies for coin transactions, which strengthens the need for accessible money services. “Small companies are the lifeline of the economy, and many still trust coins,” said a spokesperson for the FCA.
The expansion of the access points of cash comes when traditional bank branches continue to disappear quickly. Lloyds Banking Group recently announced plans to close 136 branches in March 2025, referring to a shift to digital banking. According to which?, British banks and construction associations have closed 6,266 branches since 2015 – an average of 53 closures per month.
Nevertheless, Oakley predicts that more than 350 bank hubs will be needed to meet the demand, with the last hub opening this week in Holt, Norfolk.