Newcastle Building Society launches multi-bank kiosks #

The Newcastle Building Society in the UK has come up with a new way to keep cash moving for small businesses and individual customers that is based on the community.Together with OneBanx it has worked to make a new programme that will help local businesses and consumers keep using cash.

The bank is installing multi-bank kiosks in two of its branches in the North East and North Yorkshire as part of the innovative trial program.The initiative’s mission statement says that its main goal is to keep cash safe and bring life back to local high streets.

Customers who are dependent on banking services and cash will be left in a difficult position after it was reported that 15 bank branches are closing in the North Yorkshire region alone. HSBC, Natwest, Santander UK, and Barclays are among the banks that will close branches across the UK in 2023.

The kiosks are the first of their kind to be located inside a financial services provider’s branch anywhere in the world, and they use Open Banking technology to allow small businesses and private customers of any bank in the Open Banking network to withdraw and deposit cash from their accounts.

Participants in the test programme will be able to use the kiosk to replenish their accounts with paper currency and withdraw cash. Customers of any British bank participating in the Open Banking network who have online banking and have signed up for the OneBanx service will be able to access their accounts.