ATM software developers at Korala Associates Limited, or KAL, figured they had a pretty solid pitch to banks: a machine they claim costs one-tenth of a traditional ATM, yet provides all of the banking services a customer would need while in a retail setting.

KAL introduced what it calls a “retail teller machine,” a cashless ATM designed for use in retail settings, to the U.S. banking industry in October, with plans for a global rollout in early 2013. The U.K.-based company is targeting banks and independent deployers, according to Steve Hensley, executive vice president of global sales for KAL.

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