Sonect launches its UK activities
Cash withdrawals in the UK have become increasingly difficult: banks have closed down branches due to cost pressure, often also removing their ATMs and as a result, thousands of communities and cash users lost the possibility of accessing cash. The Community Access to Cash Pilot aims to work with a number of communities across the UK to try out and test scalable solutions that help to ensure sustainable access to cash. As part of this initiative a small number of locations for pilot projects have been selected. The pilots will operate for the first six months of 2021. The aim of these pilots is to trial new solutions for cash access which could have wider applicability across the UK. Sonect has been selected as the only solution from outside the UK to participate in the pilot and will implement its service in Burslem, Stoke-on-Trent.
Sonect converts every till into an ATM. The Sonect app allows customers to withdraw cash directly in the store using only their smartphone. Sonect thus not only guarantees access to cash, but also provides SMEs with a digital service for their customers. Sonect widens the options for people to get cash locally and help businesses to reduce their own costs of depositing cash. Sonect has already successfully launched its platform in Switzerland and has built the largest independent ATM network the country within only 2 years. By participating in this pilot project Sonect underlines its strategy to offer its services internationally. After a successful pilot project in Sweden, the UK is now the second confirmed market entry in 2020, with more European markets to follow by the end of the year.
Natalie Ceeney, Chair, Community Access to Cash Pilot: “One of the aims of the Cash Pilots is to trial innovative ideas which keep cash viable in communities, supporting retailers and consumers alike. Sonect is one of these innovative ideas being piloted, and should help residents and small businesses in Burslem get easier and cheaper access to cash. I welcome Sonect’s participation and look forward to working with them over the next year”
Sandipan Chakraborty, CEO of Sonect “We are thrilled to be the only company from outside UK to join this novel pilot initiative and look forward to solving the diminishing access to cash problem in UK through our innovative platform approach that fosters local cash recirculation”
Ron Delnevo, UK Business Development Director “As a leading UK advocate for cash & Payment Choice, I am delighted to be leading the launch and development of Sonect in the UK. Sonect has a truly innovative approach to cash access, which can genuinely help the public in Burslem and soon around the UK to get the vital cash they use to lead their lives each day”
Sonect, a Zurich-based fintech start-up, was founded in 2016 and employs 30 people in Zurich, Vilnius and Mexico City. Sonect provides an international platform that makes financial services easily accessible from anywhere. With its platform, Sonect enables cash withdrawals directly at any point of sale. With Sonect, every store can be an ATM and cash withdrawals become simpler, faster and more cost-effective. With over 2’300 Sonect shops, Sonect is already the largest ATM network provider in Switzerland and is in the midst of its European and LATAM expansion.
For more information visit www.sonect.net
About the Community Access to Cash Pilots
The Community Access to Cash Pilots (CACP) initiative is working with a number of communities across the UK to trial and test scalable solutions to help keep cash sustainable. The initiative is supported by the banking and finance industry which will provide resources in the form of financing and local staff who understand what is possible, linked to a central team who have the influence to make things happen. The pilot programme is also supported by a wide range of consumer groups and charities, who will also bring their expertise to support the work. The pilots will start in the summer of 2020, and run until the end of June 2021. Pilot communities have been selected by an independent board, chaired by Natalie Ceeney CBE, who led the Access to Cash Review, and supported by a mix of industry, small business and customer representatives.
For more information visit https://communityaccesstocashpilots.org/
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