By allowing clients to immediately deposit money into their accounts, Banif Bank said it would break through the verification barrier by installing the first cash recycler machines on the island. This meant that when Banif customers deposit cash through the bank's ATM, the notes are immediately validated and the deposit carried out in real-time, with the funds being instantly available in the client's account.

The system, the bank said, would also provide an added benefit to the public because the validated notes would be immediately circulated in the market without the need for further authentication by the Central Bank of Malta.

A bank spokesman said that although the machines would be installed at each branch, other strategic locations were being identified to install stand-alone machines.

This is not the first milestone by the Portugal-based bank in Malta. Over the past two years it launched personal credit and debit cards, together with internet banking portals.

Throughout this year, it plans to continue expanding its infrastructure network and human resources complement to improve services.