Skye Bank Plc has introduced the first of its kind intelligent cash-deposit automated teller machines (ATMs).

A statement issued by the bank’s head of corporate affairs, Kayode Akinyemi, said the ATMs allow customers to deposit cash into their accounts anytime of the day and get immediate value. It also said customers are at liberty to deposit up to 200 notes at a time, without having to sort them according to denominations.

The statement goes on to say that the ATMs allow customers to deposit cheques, carry out foreign exchange transactions as well as withdraw cash, saying that with the innovation, Skye Bank has moved ahead of the prevailing ATM technology where customers deposit cash at ATMs using envelopes which has resulted in fraud in some developed countries.

"Intelligent cash-deposit ATMs, on the other hand, do away with the need for staff to withdraw money from the ATMs to process as the system is entirely automated. The ATMs scan the bank notes on both sides to check for authenticity", the bank explained.

The bank further said that notes not recognised by the ATMs would be returned to the customers, thereby making it impossible for fake notes to be deposited.

Like the other intelligent cash-deposit ATMs, Skye Bank intelligent cash-deposit ATMs presently accept only one currency, the naira. The ATMs accept the most widely used denominations of N100, N200, N500 and N1000.

Group managing director/chief executive officer of the bank, Akinsola Akinfemiwa, said the innovation and the recent power plant financing agreement with the Kaduna State Government and the innovative internal revenue generation assurance scheme for Rivers State, are part of the bank's strategy to become a top five bank in the next three years.