Aram Azatyan: Finbox is an independent, multi-bank ATM network designed to serve everyone

Finbox is Armenia’s first and only independent ATM network, providing broad access to cash-in (including bulk cash-in) and cash-out transactions for both individuals and legal entities. Banks.am spoke with Aram Azatyan, Founder and CEO of the Finbox payment and settlement company, about the company’s creation, as well as the technological solutions and innovations it has introduced to the Armenian financial market.

– Mr. Azatyan, you managed one of the leading companies in the payment and settlement sector for more than 15 years. Why did you decide to create your own company, and what innovation does Finbox bring to the market?

– After working in the same place for 15 years, I can say the moment had matured; there was a desire to grow further.
We have been building Finbox for about two years, and now it has entered the operational phase. We have already installed ATMs and created an interesting product.

Today, Finbox is the only payment and settlement company in Armenia with ATMs that support cash-out transactions using ArCa, Visa, and Mastercard cards, as well as cash-in payments(), including bulk cash-in. A Finbox ATM allows for depositing up to 200 banknotes of different denominations in a single transaction, automatically counting and accurately crediting them.

Essentially, we have combined both cash-in and cash-out in one machine. The main feature of Finbox is that it is “multi-bank,” meaning users can perform cash-in and cash-out transactions using cards from any bank.

– As an experienced specialist in the field, how would you describe the current state of Armenia’s fintech market? Was it ready for the solutions Finbox offers?

– The market was more than ready. Traditionally, fintech refers to banking apps that provide financial services to customers. A few years ago, payment and settlement companies drove innovation through their apps, influencing banking app development. Today, the situation has evolved: many banks now have modern, user-friendly apps with integrated banking products. From this perspective, Armenia’s financial market is among the leaders in terms of the tools available to customers.

Finbox offers banks an “ATM as a Service” model. As an independent ATM network, we provide full outsourcing of cash services. By partnering with us, banks can move ATM servicing to a digital platform, paying only an interbank commission, which is more cost-effective, while gaining access to a wide network for both cash-in and cash-out operations.

In other words, banks receive a turnkey solution, freeing themselves from organizational and technical burdens. Additionally, Finbox integrates modern solutions, including user identification via the imID system, fully compliant with Central Bank requirements.

– Many people are used to traditional banking models. What is Finbox’s conceptual difference, and how does it help banks optimize costs?

– The key difference is the “ATM as a Service” model, which allows banks to use an independent ATM network without building their own. This solves several problems: banks eliminate high maintenance and servicing costs, while customers gain wider access and convenience, with the ability to use Finbox ATMs with 0% commission.

We have developed flexible pricing models, so each bank can choose what suits its strategy and needs. As a result, there are already cases where banks are replacing their old ATMs with Finbox machines, significantly reducing costs.

Before launching the project, we held active discussions with banks and the Central Bank of Armenia.

– What technical and security systems are implemented in the Finbox network?

– The Finbox network is fully built on solutions from GRG Banking, one of the world’s largest and fastest-growing ATM manufacturers. We use these modern solutions and have obtained the necessary licenses and certifications from ArCa.

Our ATMs run on Windows 11, which is still rare in our market and provides a higher level of security. Physical security is ensured through special protective ink systems.

– One of Finbox’s core pillars is the “independent ATM network.” How does it work for individuals and businesses?

– We have created a synergistic center for three key segments.

First is B2C: individuals who can both deposit funds and withdraw cash with 0% commission.

Second is B2B: businesses working with cash can deposit bulk cash and immediately manage it in their bank accounts.

Third is B2F (Business-to-Finance): banks and payment organizations that use our “ATM as a Service” model for outsourcing ATM operations.

Thus, we have created an independent ATM network that serves everyone.

– How will the geographic expansion of Finbox ATMs develop?

– Since we are just starting, our operations are currently concentrated mainly in Yerevan. However, our development plan aims to achieve full nationwide coverage by the end of 2027, including remote rural communities where ATMs are currently unavailable.

By the end of 2027, we plan to expand our network to up to 200 ATMs.

– There is a lot of discussion today about the “disappearance” of cash. How does Finbox bridge cash and digital economies?

– One of the state’s strategic goals is to promote cashless transactions through legislation and regulation. However, completely eliminating cash is nearly impossible. Even in the most “cashless” countries, about 25–30% of card funds are eventually withdrawn as cash.

I often say there is no monetary ecosystem without a cash component. At the same time, the decline in cash usage increases its servicing cost, since banks have mostly fixed expenses. If ATMs process fewer transactions, their depreciation and fixed costs remain.

In such conditions, an independent ATM network makes cash more accessible and affordable. Our approach is that accessible cash actually stimulates the growth of cashless payments. For example, if a person struggles to find their bank’s ATM, they tend to withdraw more cash than needed to avoid returning. That cash continues circulating.

If cash is accessible anytime and without commission, people withdraw only what they need and prefer cashless payments more often.

Thus, our mission is to stimulate cashless growth through accessible cash.

– What is next for Finbox? Are you planning to expand beyond Armenia?

– We believe there is still a lot to accomplish in Armenia over the next three years, so our main focus remains here. At the same time, we have created a model that can work in any country. 

We are currently conducting research and negotiating with investors who are interested in our model. It is very possible that in the future, we will expand beyond Armenia.

– If we set aside numbers and business, what principles guide you as a leader?

– In today’s business environment, you cannot be a good leader without continuous self-development. I follow a simple principle: to be slightly better every day than I was yesterday. This motivates the team and sets an example, especially for the younger generation, as the world is constantly changing and offers daily opportunities to learn. I am very happy to live and work in my country and believe that only through our work can we make it stronger.

I also highly value a team with “burning eyes” – motivated people. One of the hardest challenges for a leader is finding such individuals. If a person has the desire, results are inevitable. If you surround yourself with such people, success will come.

Today, competition in the market is high, and building a team requires more than financial motivation. I believe we have achieved this at Finbox. Our team consists of highly professional, motivated individuals specializing in cash flow management and efficiency. I am confident we will achieve the goals we set.

The most important of Finbox's corporate values is time. If we can save even a little bit of time for people through our work, that will be our greatest achievement.

Arpi Jilavyan

Photos: Emin Aristakesyan