The Barclays–De La Rue machine (called De La Rue Automatic Cash System or DACS) 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. I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash." Shepherd-Barron stated "It struck me there must be a way I could get my own money, anywhere in the world or the UK. 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). This instance of the invention is credited to the engineering team led by John Shepherd-Barron of printing firm De La Rue, who was awarded an OBE in the 2005 New Year Honours. This machine was inaugurated by English comedy actor Reg Varney. Īctor Reg Varney using the world's first cash machine in Enfield Town, north London on 27 June 1967Ī cash machine was put into use by Barclays Bank in its Enfield Town branch in North London, United Kingdom, on 27 June 1967. The Bankograph was an automated envelope deposit machine (accepting coins, cash and cheques) and did not have cash dispensing features. 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. being acquired by Universal Match Corporation. The roll-out of this machine, called Bankograph, was delayed by a couple of years, due in part to Simjian's Reflectone Electronics Inc. Specifically, his 132nd patent (US3079603), which was first filed on 30 June 1960 (and granted 26 February 1963). In the US patent record, Luther George Simjian has been credited with developing a "prior art device". It was originally intended to dispense petrol but the patent covered all uses. He was paid ten shillings for this, the standard sum for all patents. This was granted UK Patent 959,713 for "Access Controller" in June 1964 and assigned to W. Īdrian Ashfield invented the basic idea of a card combining the key and user's identity in February 1962. However, little is known about the device. A Japanese device called the "Computer Loan Machine" supplied cash as a three-month loan at 5% p.a. The idea of out-of-hours cash distribution developed from bankers' needs in Japan, Sweden,Īnd the United Kingdom. However, the use of ATMs is gradually declining with the increase in cashless payment systems. Customers are typically identified by inserting a plastic ATM card (or some other acceptable payment card) into the ATM, with authentication being by the customer entering a personal identification number (PIN), which must match the PIN stored in the chip on the card (if the card is so equipped), or in the issuing financial institution's database.Īccording to the ATM Industry Association (ATMIA), as of 2015, there were close to 3.5 million ATMs installed worldwide. If the currency being withdrawn from the ATM is different from that in which the bank account is denominated, the money will be converted at the financial institution's exchange rate.
ATMs can also be used to withdraw cash in a foreign country. Using an ATM, customers can access their bank deposit or credit accounts in order to make a variety of financial transactions, most notably cash withdrawals and balance checking, as well as transferring credit to and from mobile phones. ATMs that are not operated by a financial institution are known as " white-label" ATMs. Other terms include any time money, cashline, tyme machine, cash dispenser, cash corner, bankomat, or bancomat. In British English, the terms cashpoint, cash machine and hole in the wall are most widely used. In Canada, the term automated banking machine (ABM) is also used, although ATM is also very commonly used in Canada, with many Canadian organizations using ATM over ABM. Smaller indoor ATMs dispense money inside convenience stores and other busy areas, such as this off-premises Wincor Nixdorf mono-function ICA ATM in Sweden.Īn automated teller machine ( ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account information inquiries, at any time and without the need for direct interaction with bank staff.ĪTMs are known by a variety of names, including automatic teller machine (ATM) in the United States (sometimes redundantly as "ATM machine").
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