Definition

Concise description which, among other items of information, includes (1) firm's history, (2) number and
quality of its human, financial, and physical resources (3) organizational and management structure, (4)
past, current and anticipated performance, and (5) its reputation, and the standing of its goods or services.

"A company profile is a professional introduction of the business and aims to inform the audience about
its products and services.

History

After looking firsthand at the experiences in Europe, in 1968 the ATM was pioneered in the U.S.
by Donald Wetzel, who was a department head at a company called Docutel. ... On September
2, 1969, Chemical Bank installed the first ATM in the U.S. at its branch in Rockville Centre, New
York.

The idea of out-of-hours cash distribution developed from bankers' needs in Japan, Sweden, the
United Kingdom, and the United States.[14][15][16] Little is known of the Japanese device other than that
it was called "Computer Loan Machine" and supplied cash as a three-month loan at 5% p.a. after
inserting a credit card. The device was operational in 1966.[17][18]
Adrian Ashfield invented the basic idea of a card combining the key and user's identity in February
1962. This was granted UK Patent 959,713 for "Access Controller" in June 1964 and assigned to W.
S. Atkins & Partners who employed Ashfield. He was paid ten shillings for this, the standard sum for
all patents. It was originally intended to dispense petrol but the patent covered all uses.[citation needed]
In the US patent record, Luther George Simjian has been credited with developing a "prior art
device". Specifically his 132nd patent (US3079603), which was first filed on 30 June 1960 (and
granted 26 February 1963). The roll-out of this machine, called Bankograph, was delayed by a
couple of years, due in part to Simjian's Reflectone Electronics Inc. being acquired by Universal
Match Corporation.[19] An experimental Bankograph was installed in New York City in 1961 by
the City Bank of New York, but removed after six months due to the lack of customer acceptance.
The Bankograph was an automated envelope deposit machine (accepting coins, cash and cheques)
and did not have cash dispensing features.[20][21]

Actor Reg Varney using the world's first cash machine in Enfield Town, north London on 27 June 1967

It is widely accepted that the first cash machine was put into use by Barclays Bank in its Enfield
Town branch in North London, United Kingdom, on 27 June 1967.[22] This machine was inaugurated
by English comedy actor Reg Varney.[23] This instance of the invention is credited to the engineering
team led by John Shepherd-Barron of printing firm De La Rue,[24]who was awarded an OBE in
the 2005 New Year Honours.[25][26] Transactions were initiated by inserting paper cheques issued by a
teller or cashier, marked with carbon-14 for machine readability and security, which in a later model
were matched with a six-digit personal identification number (PIN).[24][27] Shepherd-Barron stated "It
struck me there must be a way I could get my own money, anywhere in the world or the UK. I hit
upon the idea of a chocolate bar dispenser, but replacing chocolate with cash."[24]
The Barclays–De La Rue machine (called De La Rue Automatic Cash System or DACS)[28]beat
the Swedish saving banks' and a company called Metior's machine (a device called Bankomat) by a
mere nine days and Westminster Bank's–Smith Industries–Chubb system (called Chubb MD2) by a
month.[29] The online version of the Swedish machine is listed to have been operational on 6 May
1968, while claiming to be the first online ATM in the world (ahead of a similar claim
by IBMand Lloyds Bank in 1971).[30] The collaboration of a small start-up called Speytec and Midland
Bank developed a fourth machine which was marketed after 1969 in Europe and the US by
the Burroughs Corporation. The patent for this device (GB1329964) was filed in September 1969
(and granted in 1973) by John David Edwards, Leonard Perkins, John Henry Donald, Peter Lee
Chappell, Sean Benjamin Newcombe, and Malcom David Roe.
Both the DACS and MD2 accepted only a single-use token or voucher which was retained by the
machine, while the Speytec worked with a card with a magnetic stripe at the back. They used
principles including Carbon-14 and low-coercivity magnetismin order to make fraud more difficult.

Sberbank ATM in Tolyatti, Russia

The idea of a PIN stored on the card was developed by a group of engineers working at Smiths
Group on the Chubb MD2 in 1965 and which has been credited to James Goodfellow[31] (patent
GB1197183 filed on 2 May 1966 with Anthony Davies). The essence of this system was that it
enabled the verification of the customer with the debited account without human intervention. This
patent is also the earliest instance of a complete "currency dispenser system" in the patent record.
This patent was filed on 5 March 1968 in the US (US 3543904) and granted on 1 December 1970. It
had a profound influence on the industry as a whole. Not only did future entrants into the cash
dispenser market such as NCR Corporation and IBM licence Goodfellow's PIN system, but a number
of later patents reference this patent as "Prior Art Device".[32]

Propagation[edit]
Devices designed by British (i.e. Chubb, De La Rue) and Swedish (i.e. Asea Meteor) quickly spread
out. For example, given its link with Barclays, Bank of Scotlanddeployed a DACS in 1968 under
the 'Scotcash' brand. Customers were given personal code numbers to activate the machines,
similar to the modern PIN. They were also supplied with £10 vouchers. These were fed into the
machine, and the corresponding amount debited from the customer's account.
A Chubb-made ATM appeared in Sydney in 1969. This was the first ATM installed in Australia. The
machine only dispensed $25 at a time and the bank card itself would be mailed to the user after the
bank had processed the withdrawal.
1969 ABC news report on the introduction of ATMs in Sydney, Australia. People could only receive AUS $25 at
a time and the bank card was sent back to the user at a later date. This was a Chubb machine

Asea Metior's Bankomat was the first ATM installed in Spain on January 9, 1969, in
downtown Madrid by Banesto. This device dispensed 1,000 peseta bills (1 to 5 max). Each user had
to introduce a security personal key using a combination of the ten numeric buttons.[33] In March of
the same year an ad with the instructions to use the Bancomat was published in the same
newspaper.[34]

Docutel in the United States (1969)[edit]

After looking firsthand at the experiences in Europe, in 1968 the ATM was pioneered in the U.S.
by Donald Wetzel, who was a department head at a company called Docutel.[26] Docutel was a
subsidiary of Recognition Equipment Inc of Dallas, Texas, which was producing optical scanning
equipment and had instructed Docutel to explore automated baggage handling and automated
gasoline pumps.[35]
On September 2, 1969, Chemical Bank installed the first ATM in the U.S. at its branch in Rockville
Centre, New York. The first ATMs were designed to dispense a fixed amount of cash when a user
inserted a specially coded card.[36] A Chemical Bank advertisement boasted "On Sept. 2 our bank will
open at 9:00 and never close again."[37] Chemical's ATM, initially known as a Docuteller was
designed by Donald Wetzel and his company Docutel. Chemical executives were initially hesitant
about the electronic banking transition given the high cost of the early machines. Additionally,
executives were concerned that customers would resist having machines handling their money.[38] In
1995, the Smithsonian National Museum of American History recognised Docutel and Wetzel as the
inventors of the networked ATM.[39]
By 1974, Docutel had acquired 70 percent of the U.S. market; but as a result of the early 1970s
worldwide recession and its reliance on a single product line, Docutel lost its independence and was
forced to merge with the U.S. subsidiary of Olivetti.[citation needed]
Wetzel was recognised by the United States Patent Office as having invented the ATM in the form
of U.S. Patent # 3,761,682; the application had been filed in October 1971 and the patent was
granted in 1973. However, the U.S. patent record cites at least three previous applications from
Docutel, all relevant to the development of the ATM and where Wetzel does not figure, namely US
Patent # 3,662,343, U.S. Patent # 3651976 and U.S. Patent # 3,68,569. These patents are all
credited to Kenneth S. Goldstein, MR Karecki, TR Barnes, GR Chastian and John D. White.

Continued improvements[edit]
The first modern ATM was an IBM 2984 and came into use at Lloyds Bank, High Street, Brentwood,
Essex, the UK in December 1972. The IBM 2984 was designed at the request of Lloyds Bank. The
2984 Cash Issuing Terminal was the first true ATM, similar in function to today's machines and
named by Lloyds Bank: Cashpoint. Cashpoint is still a registered trademark of Lloyds Banking Group
in the UK but is often used as a generic trademark to refer to ATMs of all UK banks. All were online
and issued a variable amount which was immediately deducted from the account. A small number of
2984s were supplied to a U.S. bank. A couple of well known historical models of ATMs include the
IBM 3614, IBM 3624 and 473x series, Diebold 10xx and TABS 9000 series, NCR 1780 and earlier
NCR 770 series.
The first switching system to enable shared automated teller machines between banks went into
production operation on February 3, 1979, in Denver, Colorado, in an effort by Colorado National
Bank of Denver and Kranzley and Company of Cherry Hill, New Jersey.[40]
The newest ATM at Royal Bank of Scotland allows customers to withdraw cash up to £130 without a
card by inputting a six-digit code requested through their smartphones.[41]
Location[edit]

The world's highest ATM, located at the Khunjerab Pass in Pakistan.

ATMs can be placed at any location but are most often placed near or inside banks, shopping
centers/malls, airports, railway stations, metro stations, grocery stores, petrol/gas stations,
restaurants, and other locations. ATMs are also found on cruise ships and on some US Navy ships,
where sailors can draw out their pay.[42]
ATMs may be on- and off-premises. On-premises ATMs are typically more advanced, multi-function
machines that complement a bank branch's capabilities, and are thus more expensive. Off-premises
machines are deployed by financial institutions and Independent Sales Organisations (ISOs) where
there is a simple need for cash, so they are generally cheaper single function devices.
In the US, Canada and some Gulf countries, banks may have drive-thru lanes providing access to
ATMs using an automobile.
In recent times, countries like India and some countries in Africa are installing ATMs in rural areas,
which are solar powered.[43]

Meaning

An ATM card is a payment card or dedicated payment card issued by a financial institution
which enables a customer to access automated teller machines (ATMs)

An ATM card is a payment card or dedicated payment card issued by a financial institution which
enables a customer to access automated teller machines(ATMs). ATM cards are payment card size
and style plastic cards with a magnetic stripe or a plastic smart card with a chip that contains a
unique card number and some security information such as an expiration date or CVVC(CVV). ATM
cards are known by a variety of names such as bank card, MAC(money access card), client
card, key card or cash card, among others. Most payment cards, such as debit and credit
cards can also function as ATM cards, although ATM-only cards are also available. Charge and
proprietary cards cannot be used as ATM cards. The use of a credit card to withdraw cash at an
ATM is treated differently to a POS transaction, usually attracting interest charges from the date of
the cash withdrawal. Interbank networks allow the use of ATM cards at ATMs of private operators
and financial institutions other than those of the institution that issued the cards.
ATM cards can also be used on improvised ATMs such as "mini ATMs", merchants' card terminals
that deliver ATM features without any cash drawer.[1][2] These terminals can also be used as
cashless scrip ATMs by cashing the receipts they issue at the merchant's point of sale.[3]
The first ATM cards were issued in 1967 by Barclays in London.[4]
Types
BREAKING DOWN Automated Teller Machine - ATM
There are two primary types of ATMs. Basic units allow customers to withdraw
cash and receive reports of their account balances only. The more complex
machines accept deposits, facilitate line-of-credit payments and report account
information. To access the advanced features of the complex units, a user must
be an account holder at the bank that operates the machine.

Analysts anticipate ATMs will become even more popular and forecast an
increase in the number of ATM withdrawals. ATMs of the future are likely to be
full-service terminals instead of or in addition to traditional bank tellers.

ATM Ownership
In many cases, banks and credit unions own ATMs. However, individuals and
businesses may also buy or lease ATMs, on their own or through an ATM
franchise. When individuals or small businesses such as restaurants or gas
stations own ATMs, the profit model is based on charging fees to the machine's
users. Banks also own ATMs with this intent, but in addition, the convenience of
an ATM is a service banks use to attract clients. ATMs also take some of the
customer service burden off bank tellers, saving banks money in payroll costs.

ATM Fees
Account holders can use their bank's ATMs at no charge, but accessing funds
through a unit owned by a competing bank usually incurs a small fee. As of 2017,
the average fee to withdraw cash from an out-of-network ATM was $4.69.
Dallas boasted the lowest average ATM fees at $4.07, while Pittsburgh tended to
have the highest average fees at $5.19.

Using ATMs Abroad

For travelers, ATMs make it simple to access their checking or savings accounts
from almost anywhere in the world. When travelers use foreign ATMs, they
receive a better exchange rate than they would at most currency exchange
offices. Additionally, using an ATM is easier than cashing traveler's checks, and
arguably, it makes travel safer, as the traveler doesn't have to carry a lot of cash.
However, the account holder's bank may charge a transaction fee or a
percentage of the amount exchanged. Most ATMs do not list the exchange rate
on the receipt, making it challenging to track spending.

Benefits
ATMs offer the convenience of multiple locations. You can withdraw cash at any bank
that is part of the system to which your ATM card is linked. Your ATM card is protected
by a PIN, keeping your money safe. You don't need to fill out withdrawal
and deposit slips as is required at the bank.
What is a Cash Deposit Machine?
The Cash Deposit Machine (CDM) is a self-service terminal that lets you make deposits
and payment transactions by cash. Surprised? Yes, you can skip the long queues at
your bank and simply head to your nearest ATM if you wish to deposit money in your
account or would like to make a payment.

The biggest advantage about these machines installed at ATMs is that you can deposit
money round the clock. How cool is that?

However, you will also find CDMs located inside your bank, which can be used during
regular banking working hours. These machines save you time spent waiting in those
long queues where a teller would normally assist you to deposit your money.

Advantages Disadvantages

 If you forget
 You don’t have to
your PIN
carry cash around
number you
with you.
cannot use
 If your card is
the card.
stolen, the thief
 The system
cannot get your
can be off-
Debit Card money without
line.
your PIN.
 Training is
 You can use it to
needed.
pay at some retail
 Difficult to
shops.
maintain
 Keeps your money
spending
safe.
discipline.

 You can withdraw  ATM may be

cash at any time, off-line
day or night. The (system
banks don’t need down).
to be open.  You may
 ATMs offer the forget your
convenience of PIN number.
multiple locations.  Risk of
You can withdraw robbery
ATM or Bank Card
cash at any bank when you
that is part of the leave the
system to which ATM.
your ATM card is  The ATM can
linked. break down
 Your ATM card is or run out of
protected by a cash.
PIN, keeping your  Fees charged
money safe. to use ATMs
 You don’t need to of other
fill out withdrawal banks can
and deposit slips become
as is required at expensive.
the bank.
 ATMs are faster
than going to the
bank—no long
lines.
 You can withdraw
cash at ATMs in
foreign countries.