NCR Corp. (NCR) was recently chosen as the exclusive supplier of its latest SelfServ Automated Teller Machines (ATM) to BMO Harris Bank, an arm of BMO Financial Group. Financial details of the deal were not divulged.
The deal requires NCR to offer its Scalable Deposit Module (SDM) technology-enabled SelfServ ATMs that allow simultaneous cash and check deposit in any orientation through a single slot. This latest technology will also double the speed of ATM transactions.
BMO Financial acquired Marshall & Ilsley Corporation in July to form BMO Harris Bank. As a part of the acquisition, the bank inherited some ATMs, which will be replaced by the NCR Self-Serve line. Apart from supplying ATMs, NCR will also provide field maintenance for best-in-class retail services.
We remain highly positive on NCR Corp.’s ATM footprint. According to a study published by Retail Banking Research, NCR has been the world's largest supplier of multi-vendor ATM middleware and applications for 24 consecutive years. We believe that NCR Corp.’s commitment to protect the trust and integrity of the ATM channel has inspired BMO Harris Bank to choose its services.
In August, NCR won two consecutive ATM deals. Redwood Credit Union selected the NCR Self-Serv ATMs featuring the SDM technology, while Texas-based Broadway Bank opted for SelfServ with the comprehensive ATM security system –– Solidcore Suite for APTRA.
We are also encouraged by the company’s association with leading banks, such as Barclays Bank plc (BCS) and UniCredit Bank, which have upgraded their ATMs with advanced NCR banking solutions.
We are positive about the company’s market leadership, successful acquisitions, product introductions and continued customer wins. However, its restructuring initiatives have begun to weigh on results.
Currently, NCR Corp. has a Zacks #1 Rank, which translates into a short-term Strong Buy rating.
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