Cash Technologies Inc. said it will be installing its CoinBank coin deposit machines on a trial basis in branches of Creditanstalt in Austria.
Creditanstalt is a subsidiary of the $140 billion-asset Bank Austria, the largest banking group in the country. The sale was made by CoinBank's Austrian subsidiary, CoinBank Automation Handels.
"The conversion of local currencies to the euro within the European Union will provide enormous opportunities for European cash handling equipment providers like CoinBank Automation," said Cash Technologies chairman and chief executive officer Bruce Korman. "Bank Austria, a banking technology innovator, is one of the first of many European banks that we expect to embrace the electronic-commerce-enabled CoinBank machine."
"Europeans have long had a tradition of electronic banking," he added, "and we would expect our e-commerce capabilities such as on-line bill paying to give the CoinBank machine unique functionality demanded by both the banking and retail environments."