The exact amount of the investment remains undisclosed, but the collaboration signifies a pivotal partnership between NCR and Clip Money Inc.
Clip Money stands out as the sole multi-bank cash deposit network in North America dedicated to businesses. Operating through its API-driven system, Clip Money facilitates businesses to deposit cash into their preferred bank account, bypassing direct bank integration. Complementing this, NCR’s involvement will augment Clip’s deposit services across its leading cash-in network, spanning over 2,500 operational sites and reaching 70 prime population hubs in the U.S.
The investment is poised to fast-track Clip’s market expansion, enhancing NCR’s cash management offerings for both issuers and merchants. This joint venture aims to streamline cash deposit operations for financial institutions and merchants, lessening the dependency on branch visits and aiding in effective cash handling post work shifts.
The collaboration promises to merge the best of both worlds: Clip’s unique deposit network, which predominantly covers shopping malls and significant retailers, and NCR’s extensive ATM and cardless cash management infrastructure. Such a robust combination is set to revolutionise cash deposit endpoints for businesses, especially with NCR’s footprint in bridging digital and tangible realms.
NCR EVP, ATM Group, Stuart MacKinnon said, “Access to NCR’s ATM network and cardless cash management API will significantly expand merchant’s access to Clip Money cash deposits endpoints. These endpoints are located at some of the largest retailers in the country and demonstrate the power of NCR networks to bridge the digital and physical worlds.”
Furthermore, Clip CEO, Joseph Arrage, expressed, “This partnership with NCR seamlessly complements Clip’s existing deposit network. NCR’s global market presence will provide Clip with an immediate growth platform within North America, as well as the potential to explore international market opportunities that require business deposit transformation.”
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