Automated teller machine
An automated teller machine (ATM), also known as a automated banking machine (ABM) or Cash Machine and by several other names (see below), is a computerised telecommunications device that provides the clients of a financial institution with access to financial 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 plastic ATM card 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). Authentication is provided by the customer entering a personal identification number (PIN). Using an ATM, customers can access their bank accounts in order to make cash withdrawals, credit card cash advances, and check their account balances as well as purchase prepaid cellphone credit. If the currency being withdrawn from the ATM is different from that which the bank account is denominated in (e.g.: Withdrawing Japanese Yen from a bank account containing US Dollars), the money will be converted at a wholesale exchange rate. Thus, ATMs often provide the best possible exchange rate for foreign travelers and are heavily used for this purpose as well. ATMs are known by various other names including automatic banking machine (or automated banking machine particularly in the United States) (ABM), automated transaction machine, cashpoint (particularly in the United Kingdom, where it is a trademark of Lloyds TSB), money machine, bank machine, cash machine, hole-in-the-wall, autoteller (after the Bank of Scotland's usage), cashline machine (after the Royal Bank of Scotland's usage), MAC Machine (in the Pittsburgh and Philadelphia areas), Pass Machine in Ireland, Bankomat (in various countries particularly in Europe and including Russia), Multibanco (after a registered trade mark, in Portugal), Minibank in Norway, Geld Automaat in Belgium and the Netherlands, and All Time Money in India.
An NCR Personas 75-Series interior, multi-function ATM in the USA.
Smaller indoor ATMs dispense money inside convenience stores and other busy areas, such as this off-premise Wincor Nixdorf mono-function ATM in Sweden.
Automated teller machine
The idea of self-service in retail banking developed through independent and simultaneous efforts in Japan, Sweden, the United States and the United Kingdom. In the USA, Luther George Simjian has been credited with developing and building the first cash dispenser machine. There is strong evidence to suggest that Simjian worked on this device before 1959 while his 132nd patent (US3079603) was first filed on 30 June 1960 (and granted 26 February 1963). The rollout of this machine, called Bankograph, was delayed a couple of years. This was due in part to Simjian's Reflectone Electronics Inc. being acquired by Universal Match Corporation. An experimental Bankograph was installed in New York City in 1961 by the City Bank of New York, but removed after 6 months due to the lack of customer acceptance. The Bankograph was an automated envelope deposit machine (accepting An old Nixdorf ATM coins, cash and cheques) and it did not have cash dispensing features. The Bankograph, however, embodied the preoccupation by US banks in finding alternative means to capture core deposits, while the concern of European and Asian banks was cash distribution. A first cash dispensing device was used in Tokyo in 1966.  Although little is known of this first device, it seems to have been activated with a credit card rather than accessing current account balances. This technology had no immediate consequence in the international market. In simultaneous and independent efforts, engineers in Sweden and Britain developed their own cash machines during the early 1960s. The first of these that was put into use was by Barclays Bank in Enfield Town in...