RTM in banking stands for Retail Teller Machine, which is essentially a self-service kiosk that offers many of the functions of an ATM, but with a key difference: instead of dispensing cash directly, it prints a secure ticket or receipt that can then be exchanged for cash at a teller window.
Here's a breakdown:
- Functionality: RTMs aim to provide a comprehensive range of ATM transactions, including withdrawals, deposits, balance inquiries, and transfers.
- The Ticket System: The core feature of an RTM is that it doesn't physically hold or dispense cash. After a withdrawal transaction, it issues a secure ticket or receipt.
- Teller Interaction: Customers then take this ticket to a human teller to receive their cash.
Advantages of Using RTMs:
- Reduced Cash Handling for Tellers: By using an RTM for the initial transaction, tellers spend less time directly handling cash.
- Improved Transaction Speed: RTMs can potentially expedite certain transactions, especially during peak hours.
- Enhanced Security: Because the RTM isn't physically dispensing cash, it may be seen as a less attractive target for theft.
In summary, an RTM (Retail Teller Machine) serves as a self-service kiosk for banking transactions where, instead of dispensing cash directly, a secure ticket is printed for exchange with a teller.
