Bank of Valletta is to launch one of the most technologically advanced models of ATM on the market.

The automated teller machine boasts technology that enables customers and businesses to deposit cash and cheques in a fraction of the normal time. The new ATM set up at the BoV Head Office precedes another that will soon be placed in Valletta's Republic Street.

The new ATMs, equipped with touch-screens for ease of use, accept cash and cheque deposits without the need for an envelope. Both cash and cheques are scanned by the machine and, in most cases, deposited funds can be made available within a short time.

Cash deposits are instantly credited to the account indicated by the customer; the ATM is capable of automatically reading the account number and other information on deposited cheques, simultaneously transmitting the information to the bank's main processing centre.

Receipts provided by the machine contain an image of each deposited cheque for more accurate client records and enhanced security.

Up to 100 euro notes of mixed denomination can be handled by the machine at any time, without the need for deposit envelopes or bags.

BoV is soon to be introducing ATMs that handle batch processing of deposits, further streamlining the deposit procedure for businesses.

"This innovation by Bank of Valletta is the start of a planned rollout of the next generation of ATM," Ray Azzopardi, executive head, IT Services, said. "It is designed to improve the cash and cheque deposit system as well as to greatly reduce waiting time for our clients."