History Of Automated Teller Machine

Better Essays
Automated teller machine

1

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 If the currency being withdrawn from the ATM is different from that which the bank account is denominated in (e.g.: Withdrawing Japanese Yen from a bank account containing US Dollars), the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[1] 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,[2] 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

You May Also Find These Documents Helpful

  • Powerful Essays

    Automated Teller Machine

    • 2644 Words
    • 11 Pages

    Requirements document for an automated teller machine network August 5, 1996 Contents 1 Introduction 1.1 1.2 1.3 1.4 Purpose : : Scope : : : Overview : De nitions : 2 : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 2 2 2 2 2 General Description 2.1…

    • 2644 Words
    • 11 Pages
    Powerful Essays
  • Best Essays

    ABSTRACT ATM (Automated Teller Machine) is a computerized telecommunications device that provides the clients (Customers) of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. All it needs is an ATM software that manages all these transactions in an efficient manner thereby making them more convenient for the customers and the bank authorities. The software gives planned approach to all the accessible sections…

    • 2861 Words
    • 12 Pages
    Best Essays
  • Good Essays

    An assessment of the Use of Automated Teller Machines in the banking industry: the Case of CRDB Bank 1. Background of the Study The tremendous growth and development of technological advancement has been the driving force of the market nowadays. The diffusion of the internet has revolutionized the business arena. The use of the Internet is changing high-tech marketing overnight while different industries have been trying to utilise it as part of their marketing approach. It does not only reconfigured…

    • 843 Words
    • 4 Pages
    Good Essays
  • Good Essays

    no contesting the fact that the introduction of ATM has changed the face of electronic payment in Nigeria. This essay hopes to appraise the advent of ATM driven payment with regard to the present and future. 2.0 ORIGIN OF ATM IN NIGERIA Automated Teller Machines (ATM) was introduced into the Nigerian market in 1989, as a matter of fact, the very first ATM in Nigeria was installed by National Cash Registers (NCR) for the defunct Societe Generale Bank Nigeria (SGBN) in 1989. 2.1 BANKS AND ATMS…

    • 842 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Automatic Teller Machines

    • 294 Words
    • 2 Pages

    When automatic teller machines were first installed in the 1980s, bank officials promised they would be faster, more reliable, and less prone to make errors than their human counterparts. A. they would be faster, more reliable, and less prone to make errors B. they would be faster, more reliable, and that they would be less prone for making errors C. the machines would be faster, more reliable, and less prone to make errors D. the machines were faster, more reliable, and errors would occur…

    • 294 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    INSTITUTE OF ACCOUNTANCY ARUSHA (IAA) RESEARCH PROPOSAL [pic] TOPIC: APPLICATION OF ACCOUNTING PACKAGES IN ORGANIZATION (A CASE STUDY OF TROPICAL PESTISIDES RESEARCH INSTITUTE) PREPARED BY: KIURE, AMINA JUMAAM (MS) ADA III 2005/2006. SUPERVISED BY: SEKAJINGO, ABRAHAM A. RESEARCH PROPOSAL PAPER SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF ADVANCED DIPLOMA IN ACCOUNTANCY (ADA) OF THE INSTITUTE OF ACCOUNTANCY ARUSHA. TABLE OF CONTENT ABSTRACT i CHAPTER…

    • 5281 Words
    • 22 Pages
    Powerful Essays
  • Good Essays

    Teller

    • 713 Words
    • 3 Pages

    POSITION TITLE: Teller REPORTS TO: Branch Manager Base Line Date 1/94 Revision Date 1/95 SUPERVISES: None Revision Number 1 FLSA STATUS: Non-exempt GRADE: 4 BASIC RESPONSIBILITIES: Under direct supervision, responsible for providing members with service on a variety of transactions. Welcomes members to the credit union and provides general information concerning credit union products and services. ESSENTIAL FUNCTIONS: 1. Represents…

    • 713 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    History of Sewing Machine

    • 287 Words
    • 2 Pages

    Explain the beginning of sewing machine. When fashion began with sewing machine mass production started in the industry. Without high technical mass production is not possible at all. Mass production reached the fashion to everyone so that in 1829 a French tailor named “Thimmoner” made a wooden ‘Chain Stitch Machine’. An American developed a patent chain stitch machine called ‘Walter Hunt’. Singer machine introduced to market 1851. Singer machine was sold by very high rate and it made the record…

    • 287 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Wiesenthal, took out a patent for a needle to be used for mechanical sewing. There was no mention of a machine to go with it, and another 34 years were to pass before Englishman Thomas Saint invented what is generally considered to be the first real sewing machine. Charles Wiesenthal first patent in 1758 John Adams Doge 1818 The English, Thomas Saint was issued the first patent for a complete machine in 1790. The patent describes an awl that punched a hole in leather and passed a needle through…

    • 1376 Words
    • 6 Pages
    Better Essays
  • Powerful Essays

    Teller transaction

    • 2054 Words
    • 17 Pages

    Project Charter Teller Transaction Date: Version: Authors: Balmeo, Joel P. Bayog, Rene C. Biliones, Jose G. Quirino, Jean Pierre G. Toledo, Larry Neil S. Document Control Change Record Date Author Version Change Reference Reviewers Sign Off Date Reviewer Position Sign Off Quirino, Jean Pierre G. Project Manager Bayog, Rene C. System Analyst Toledo, Larry Neil Business Analysis Biliones, Jose G. Lead Programmer…

    • 2054 Words
    • 17 Pages
    Powerful Essays