DAYTON, Ohio, Aug. 16 /PRNewswire/ -- Summer visitors to European countries such as Spain, Italy, France and Greece will be able to withdraw pesetas, lira, francs and drachmas from local automated teller machines (ATMs). Those returning for an Easter visit next year will find these same currencies will not exist and all 200,000 plus machines in the euro-zone will only dispense euros.
This is undoubtedly the biggest currency event since the establishment of the Federal Reserve System in 1913. For Dayton-based NCR Corporation (NYSE: NCR), it represents a critical challenge. With the largest installed ATM base in the region, NCR's role will be to work hand-in-hand with its customers to ensure a smooth transition to the new currency.
For 12 European countries and 300 million citizens, New Year's Day 2002 is "E-day," when the first euro notes will come into general circulation. More than 14.5 billion bank notes will be produced prior to E-day, and the self- service channel will be the primary means for getting euro notes into circulation. Customers use ATMs for 70 percent of their cash requirements, but in order for them to access the new notes, every machine in the euro countries will need to be adapted. There are approximately 200,000 ATMs in the 12 countries converting next year, and around 50 percent of these are NCR machines. NCR, therefore, has a critical role to play in driving the conversion within the banking industry.
Within the euro-zone, individual countries have taken different routes to dispensing the new notes. Germany will adopt a "big-bang" approach, with the Deutschmark ceasing to be legal tender currency at midnight on December 31, 2001. Others will operate with dual currencies for an interim period of up to two months. NCR has planned and prepared for different countries' approaches. Rather than simply offering customers new cassettes to meet euro cash dispenser requirements, NCR is able to manage the whole changeover process on behalf of its customers.
Simon Rubin, NCR's vice president of marketing for Europe, the Middle East and Africa, said, "We're working closely with the European Central Bank and our customers to ensure that the changeover will be a smooth process. The scale of the operation is huge, and a strong testimony to NCR's global capabilities in managing change."
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leader in providing Relationship Technology(TM) solutions to customers worldwide. NCR's Relationship Technology solutions include the Teradata(R) database and analytical applications such as customer relationship management (CRM) and demand chain management, store automation systems and automated teller machines (ATMs). The company's business solutions are built on the foundation of its long- established industry knowledge and consulting expertise, value-adding software, global customer support services, a complete line of consumable and media products, and leading edge hardware technology. NCR employs 33,300 in more than 100 countries, and is a component stock of the Standard & Poor's 500 Index. More information about NCR and its solutions may be found at www.ncr.com .
NCR and Teradata are trademarks or registered trademarks of NCR Corporation in the United States and other countries.
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CONTACT: Wynne Evans of NCR Corporation - London, +44-20-7725-8997, or wynne.evans@ncr.com; or Lorraine Russell of NCR Corporation - Dayton, OH, +1-937-445-3784, or lorraine.russell@ncr.com/