28th May 2019 – Leading technology firm Altron Bytes Managed Solutions (Altron Bytes MS) and payments specialist Renovite Technologies have announced a new strategic partnership which will revolutionise the ATM channel. The agreement will see the two businesses help financial institutions bring innovative new services to market, echoing the level of modernisation seen elsewhere across global financial services.
Altron Bytes MS and Renovite will help financial organisations, whose ATM infrastructure has been trapped in 20th-century legacy architecture and outdated operating models for over 30-years, transform their offering using an effective, flexible cloud-native ATM technology in the form of the Reno-ATM.
Reno-ATM empowers deployers to deliver the next generation of consumer service innovation, breaking the shackles frustrating modernisation and the delivery of new 21st-century ATM services. It facilitates the introduction of new capabilities and enables financial institutions to satisfy modern consumer demands and deliver an enriched customer experience.
“In a world of ever-emerging digital technologies and business models, the only way to win at the game of digital disruption is to challenge the rules; to be deliberate and confident in your actions; to embrace the now and the new; to focus on your offerings and use them to help create a future that your customers can benefit from – because then you will benefit too” said Chad Baker, managing director at Altron Bytes MS.
Breathing new life into the ATM channel
In contrast to the financial services currently offered by ATMs, consumer expectations have become increasingly sophisticated in recent years. Today’s existing ATM channel is bogged down by the maintenance of legacy systems predicated on 20th-century architecture, which was only fit for purpose when they were laid down in a pre-internet, pre-mobile, pre-online banking era.
Altron Bytes MS and Renovite Technologies will leverage the latest cloud-native architecture to transform consumers’ experience and ATMs’ services. The partnership will give consumers a seamless banking experience, delivering new account and payment services alongside the cash-centric services available today.
Chad Baker said: “Innovation is key to ensure the sustainability of our business. Partnerships of this nature help keep our business at the forefront of technology and remain competitive in the ATM space by enhancing the customer’s banking experience.”
Jim Tomaney, chief operating officer at Renovite Technologies said: “The cost, inflexibility and woes of vendor lock-in since the 1980s and 1990s have stifled innovation in ATMs, reducing its relevance as a financial services channel in today’s fast-paced and competitive environment. Until now, the ATM channel has been a predominantly card-centric, cash access device which has become isolated from digital banking strategies. Our partnership with Altron Bytes MS is going to change that.”
Renovite’s Reno-ATM integrates into existing infrastructures with ease and allows financial organisations to implement new feature-rich transactions and quickly change existing transactions without modifying any code. Businesses will benefit from being able to:
- Extend the lifecycle of existing self-service devices;
- Control the migration of legacy ATMs to help eliminate any business disruption;
- Have an unrestricted choice in self-service hardware;
- Create unique, innovative and tailored services;
- Optimise branch services using advanced assisted self-service and extended hours;
- Deliver intelligently personalised customer value and features;
- Support the latest interoperability standards;
- Easily manage compliance, security and legislative changes.