The seven largest Brazilian banks have agreed on a partial replacement of their ATM fleet by standard machines that could serve customers from any bank.
Currently, Brazilians need to look for ATMs operated by their own banks in order to withdraw cash - often a major inconvenience. The exception is a network of 15,600 terminals, Banco24Horas, maintained by Brazilian supplier TecBan, which serves customers of the largest institutions in the country.
Under a new agreement signed last week, banks Itaú Unibanco, Banco do Brasil, Bradesco, Santander, HSBC, Caixa Econômica Federal and Citibank - the same institutions that form of the Banco24Horas network - have agreed to replace part of their own ATM fleet with the unified cashpoints.
The agreement will see part of the ATM of the seven banks that are located outside branch locations by the Banco24Horas terminals within four years. However, the companies stressed the migration is still subject to regulatory approvals.
Itaú Unibanco, Banco do Brasil, Bradesco, Santander, HSBC, Caixa Econômica Federal and Citibank did not disclose the forecast investment in the migration or efficiency gains, as well as how the technology aspects of the changeover will the managed within each institution.