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A Brief Introduction to the Automated Teller Machine
ATMs are now a routine part of banking transactions but when they were introduced in the 1960s, these were the height of technology.

The Automated Teller Machine (ATM) is currently such a normal section of daily life that it is strange to think it had been ever cutting-edge technology. But in Click here to find out more , once the first cash-dispensing ATM was installed at a branch of Barclays Bank in London, it had been revolutionary. What's more, on Find more information , ATMs have grown to be much more than just cash dispensers. They also allow customers to carry out a range of banking activities, including deposits and mobile phone top-ups.

Considering that the ATM is this type of prominent feature in people's lives, it is critical to understand its background, technical development and its own capabilities. Here's a quick introduction to the ATM and its global significance.

As the first card-accepting ATM was introduced by Barclays in London in 1968, this is not in fact the 1st incarnation of the automated teller. CitiBank, then referred to as First National City Bank, launched a version of the ATM called the Bankograph in American branches in 1960. This machine did not let customers withdraw money but rather allowed them to cover bills minus the assistance of bank staff. Moreover, Barclays' 1968 addition was not foolproof and cards were regularly swallowed by these early ATMs.

Following these early developments, growth in THE UNITED STATES and Western Europe was rapid. In 1969, the initial machine to use magnetically encoded plastic was installed at Chemical Bank in New York, although initial take-up was slow because the running costs for these machines, known as Docutellers, outstripped the expense of hiring a human teller. However, as the modified Total Teller was introduced in the first 1970s, ATMs began spreading in banks over the two continents.

Today, ATMs have been popularised around the world. Experts estimate that developed countries like the USA, Canada, the united kingdom and Japan have a high concentration of ATMs per capita, while steady economic growth in India and China has meant that the number of bank machines in these countries has been growing within the last decade. However, it's not just the number of ATMs across the world that has increased but additionally its functions. And also withdrawing and depositing cash, modern ATMs also permit you to put credit on a cellular phone just by entering your contact number of the keypad. Also, some machines will let you pay money right into a beneficiary's account, while some will print mini bank statements of your last few transactions.

Though ATMs are ubiquitous in wealthier countries, their relative scarcity in some regions - just like the Middle East and Africa - means that the industry still gets the potential to grow. Therefore, ATM software and ATM applications are in constant development, as companies investigate the benefits and drawbacks of different platforms in varying environments.

However, as software changes, so too does concern over ATM security. Today's biggest worry for ATM industry professionals is how to keep up with the security of global systems beyond the traditional advice to consumers to help keep their PIN secret. The development of chip cards and Chip and Pin technology has helped to combat ATM fraud but you may still find advances to be made.


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