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OKI Introduces the RG7 Currency Exchanger, the World's First Currency Exchange Machine Capable of Recycling Deposits and Withdrawals in Multiple Currencies
By: Business Wire
Nov. 14, 2012 09:00 PM
OKI (TOKYO:6703) has developed and initiated sales of its RG7 Currency Exchanger, the world's first currency exchange machine capable of recycling deposits and withdrawals in multiple currencies from a single unit. Several customers have already chosen the RG7 Currency Exchanger. OKI is targeting sales of 5,000 units worldwide, including Japan, over the coming five years, to various customers, such as financial institutions, foreign exchange firms, and travel businesses that provide currency exchange services.
Demand for currency exchange has grown in recent years alongside rising numbers of international travelers. However, lack of progress toward automation in currency exchange and the slow pace of processing transactions manually, even when conditions allow for little time, have led to crowded currency exchange counters at busy outlets. The currency exchange machines currently deployed suffer from various limitations in service—they can only handle exchange in one direction, whether from the local currency to a foreign currency or the reverse, and only allow bundles of specific denominations of foreign currency to be withdrawn. These problems have led to slow acceptance in the marketplace.
"The RG7 Currency Exchanger developed by OKI, however, is capable of simultaneously handling deposits and withdrawals of mixed banknotes up to the 128 denominations with differing attributes, such as size, thickness, and materials, allowing it to handle banknote currency from multiple countries, including the Japanese yen, the U.S. dollar, and the Euro, all in a single machine. These features overcome the limitations of previous currency exchange machines, and allow currency exchange from local to foreign currency and vice versa," says Shinya Kamagami, Senior Vice President and General Manager of OKI's Systems Hardware Business Division. "The RG7 can also accept banknotes in multiple currencies in a single transaction. The capacity to withdraw foreign currency in various denominations improves customer convenience by allowing currency exchange in the precise amounts required, something not possible with predetermined foreign currency bundles. The RG7 Currency Exchanger's cash-recycling function also makes the unit significantly more efficient and versatile than devices that handle just deposits or withdrawals."
The introduction of this device is expected not just to reduce burdens on existing currency exchange counters at currency exchange services and other businesses, but to increase trading volumes by allowing facilities to deploy the machines to locations at which there are higher demands for currency exchange services, including airports and hotels, while lengthening the hours services can be provided.
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1. Single unit handles currency exchange transactions involving multiple currencies in both directions. (In Japan, for example, the RG7 Currency Exchanger can exchange currency to and from the Japanese yen and other currencies.)
2. Banknote recognition technologies demonstrated for use in ATMs for overseas markets allow deposits and withdrawals in multiple currencies. (The device can handle up to 128 denominations at once.)
3. The device can calculate and handle, in coin form, fractional remainders generated by exchange rates. (In Japan, Japanese yen coins are used for these calculations.)
4. Currency recycling technology reuses deposited banknotes for withdrawals, allowing efficient cash management.
5. Touch panel screen provides a convenient, easy-to-use ATM equivalent interface for customers.
6. Allows integration with systems for remote management of exchange rates and sales data (optional).
About OKI Electric Industry (OKI)
Founded in 1881, OKI Electric Industry is Japan's leading telecommunications manufacturer in the Info-telecom field. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its info-telecom systems and printer operations. Its various business divisions function synergistically to bring to market exciting new products and technologies that meet a wide range of customer needs in various sectors . Visit OKI's global website at http://www.oki.com/.
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