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Automated Teller Machine

Automated Teller Machine

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Published by naazkinza

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Published by: naazkinza on Dec 11, 2009
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Automated teller machine
From Wikipedia, the free encyclopedia
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"Cash machine" redirects here. For the song, seeCash Machine (song).
An NCR  Personas 75-Series interior, multi-function ATM in the USA. Smaller indoor ATMs dispense money insideconvenience storesand other busy areas, such asthis off-premiseWincor Nixdorf  mono-function ATM inSweden. An
automated teller machine
(
ATM
) or the
automatic banking machine
(
ABM
) is acomputerized telecommunications device that provides theclientsof afinancial institutionwith access tofinancial transactions in a public space without the need for a cashier, human clerk or 
 
 bank teller . On most modern ATMs, the customer is identified by inserting a plasticATM card  with amagnetic stripe or a plasticsmartcard with achip, that contains a unique card number and some security information, such as an expiration date or CVVC (CVV). Authentication is  provided by the customer entering a personal identification number  (PIN). Using an ATM, customers can access their bank accountsin order to makecash withdrawals (or  credit cardcash advances) and check their account balances as well as purchasing mobile cell phone prepaid credit. ATMs are known by various other names including
automated transactionmachine
,
 
automated banking machine
,
cashpoint 
(in Britain),
money machine
,
bank machine
,
cash machine
,
hole-in-the-wall 
,
cashpoint 
,
 Bancomat 
(in various countries in Europe andRussia),
(after a registered trade mark, inPortugal), and
 Any Time Money
(in India).
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[edit] History
The first mechanical cash dispenser was developed and built by Luther George Simjian and installed in 1939 in New York City,USA by theCity Bank of New York ,but removed after 6 months due to the lack of customer acceptance.
 
Thereafter, the history of ATMs paused for over 25 years, untilDe La Rue developed the first electronic ATM, which was installed first inEnfield Townin North London, United Kingdom.  This instance of theinventionis credited toJohn Shepherd-Barron, although various other  engineers were awarded patents for related technologies at the time. Shepherd-Barron wasawarded anOBEin the 2005 New Year's Honours List. The machine was launched by the Britishvariety artist and actor Reg Varney. The first ATMs accepted only a single-use token or  voucher, which was retained by the machine. These worked on various principles includingradiationand low-coercivitymagnetismthat was wiped by the card reader to make fraud more difficult.The machine dispensed pre-packaged envelopes containing ten pounds sterling. Theidea of a PIN stored on the card was developed by the British engineer James Goodfellowin1965 and he patented the ATM as we know it around this time.In 1968 the networked ATM was pioneered inDallas, Texas, by Donald Wetzelwho was a department head at an automated baggage-handling company called Docutel. In 1995 theSmithsonian's National Museum of American History recognised Docutel and Wetzel as theinventors of the networked ATM.ATMs first came into wide UK use in 1973; the IBM 2984 was designed at the request of  LloydsBank . The 2984 CIT (Cash Issuing Terminal) was the first true Cashpoint, similar in function totoday's machines; Cashpoint is still aregistered trademark of Lloyds TSB in the U.K. All wereonline and issued a variable amount which was immediately deducted from the account. A smallnumber of 2984s were supplied to a US bank. Notable historical models of ATMs include theIBM 3624and473xseries,Diebold 10xxandTABS 9000series, and NCR 50xx series.
[edit] Location
An ATM Encrypting PIN Pad (EPP) withGermanmarkingsATMs are placed not only near or inside the premises of banks, but also in locations such asshopping centers/malls, airports, grocery stores, petrol/gas stations, restaurants, or any placelarge numbers of people may gather. These represent two types of ATM installations: on and off  premise. On premise ATMs are typically more advanced, multi-function machines thatcomplement an actual bank branch's capabilities and thus more expensive. Off premise machinesare deployed by financial institutions and also ISOs (or Independent Sales Organizations) wherethere is usually just a straight need for cash, so they typically are the cheaper mono-functiondevices. In Canada, when an ATM is not operated by a financial institution it is known as a"White Label ATM".

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