Bangladesh’s BRAC Bank Offers Real-Time Cash Deposits

BRAC Bank has debuted its Real-Time Cash Deposit Machine to let customers deposit cash any time, a company press release says.

This will reflect “instantly” in their accounts.

The report says this machine lets customers instantly deposit cash to BRAC Bank accounts, making it possible for them to then pay credit card bills very quickly.

Customers will no longer have to stand in line at the physical bank branches, the release says.

The release notes that the deposited amount is reflected “instantly” on the account balance, and with a transaction notice through text message.

Customers can deposit denominations of Tk 10, Tk 20, Tk 50, Tk 100, Tk 200, Tk 500 and Tk 1,000, but the machine doesn’t accept coins or soiled and torn notes.

Nazmur Rahim, Head of Alternate Banking Channels with the bank, said the machine will bring convenience to customers.

“The machine will be deployed across the country in phases as part of the pursuit of strengthening our alternate banking channel. BRAC Bank has always been at the forefront of new technology-enabled banking services,” Rahim said. “We will continue to explore new ways to provide a delightful customer experience.”

PYMNTS wrote that the capability to enable payments from invoice is one of the most highly-prized business payments innovations.

The “Payments Innovation Readiness Playbook,” a PYMNTS and Spreedly collaboration, found that 41% of businesses wanted that.

See more: 4 in 10 Businesses Plan to Enable Payments Directly From Digital Invoices

Push payments and payments to digital wallets were also highly desired; a bit under 40% of businesses wanted those things.

And the report found that more than one in three businesses wants to put in place spend management, expense controls and rules-based decisioning to automate payment methods.

The interest in payments innovation might come from the fact that successful payments decisions “connect the dots” between optimizing enterprise resources and making sure consumer and B2B transactions are flowing correctly without bad technology or poor user experience.