Contents

ATMs
Product Features

Instant cash Transfer Systems (IMT)

Various added Services

Proprietary, Brown Label and White Label ATMs

ATM Network Planning – Onsite/ Offsite

Security and Surveillance of ATM Sites

Profitability of ATMs

Risk Management and Frauds

Back End Operations and Technology


ATMs

An automated teller machine or automated teller is an electronic telecommunications device that permits customers economic establishments to perform financial transactions, like money withdrawals, deposits, funds transfers, or account data inquiries, at any time and while not the necessity for direct interaction with bank employees.

Overview and temporary History

  • A Japanese device referred to as the “Computer Loan Machine” provided money as a three-month loan at five-hitter p.a. once inserting a mastercard in 1966
  • UK Patent for “Access Controller” in June 1964
  • Automated teller was place into use by Barclays Bank in its Enfield city branch in North London, UK, on twenty seven June 1967
  • In the 2005 year Honours. Transactions were initiated by inserting paper cheques issued by a teller or cashier, marked with carbon-14 for machine readability and security that in an exceedingly later model were matched with a six-digit personal number (PIN)

Product Features

•           Transfer funds between coupled bank accounts.

•           Receive account balance.

•           Prints recent transactions list.

•           Change your pin.

•           Deposit your money.

•           Prepaid mobile recharge.

•           Bill payments.

•           Cash withdrawal.

Instant cash Transfer Systems (IMT)

The Instant cash Transfer service provides customers with a card-less money withdrawal choice. This domestic cash remission service permits customers to send cash to different users via a mobile. The recipient of the cash will withdraw the quantity from ATMs enabled with the card-less withdrawal choice.

Various added Services

•           Open or withdraw a hard and fast deposit.

•           Recharge your mobile

•           Pay taxation

•           Deposit money.

•           Pay payment

•           Apply for private loan

•           Transfer money

•           Pay your bills.

•           Book railway tickets

Proprietary, Brown Label and White Label ATMs

•           Proprietary ATM The term “proprietary ATM” suggests that an automatic teller machine that is at or adjacent to a branch of the receiving deposit institution; or in shut proximity, as outlined by the Board, to a branch of the receiving deposit establishment.

•           Brown label’ ATM area unit those cash dispenser Machines wherever hardware and therefore the lease of the ATM machine is owned  by a service supplier, however money management and property to banking networks is provided by a sponsor bank whose whole is employed on the ATM.

•           White Label ATMs, a brand new class of ATM service suppliers has been allowed to start out ATMs that may increase the penetration and convenience of ATMs. ATMs originated, owned and operated by non-banks area unit referred to as white label ATMs and area unit licensed beneath the Payment and Settlement Systems Act, 2007, by the RBI.

ATM Network Planning – Onsite/ Offsite

•           Onsite ATMs area unit originated within the premises wherever there’s a bank branch so each the physical branch and therefore the ATM is used. This can be referred to as being on web site and this could be used for many functions. Many of us will use this to avoid the lines that area unit gift within the branch and therefore save on the time needed to finish their transactions.

•           Offsite ATMs area unit originated on a standalone basis. this implies that the bank contains a place wherever there’s solely AN ATM machine then this becomes AN off web site ATM. this can be done to confirm that the bank reaches resolute a lot of geographical area units which individuals are ready to use its services even once there’s no bank branch within the space.

Security and Surveillance of ATM Sites

A centralized e-surveillance facility will monitor ATMs 24×7 from a security operation centre. The system includes installation of multiple sensing elements motion sensor, thermal sensing element, removal sensing element and breaking sensor a hooter or alarm, 2-3 CCTVs, and a two-way speaker within the ATM space.

Profitability of ATMs

ATM house owners create cash off the dealing fees else to the ATM withdrawal. That fee ranges anyplace from $1 up to $8 greenbacks. The fee usually depends on the quantity of traffic and demand within the location. The fee is split many ways that, with some remaining as profit for the ATM owner.

Risk Management and Frauds

Modern ATMs area unit enforced with high-security protection measures. They work beneath complicated systems and networks to perform transactions. The information processed by ATMs area unit sometimes encrypted, however hackers will use discreet hacking devices to hack accounts and withdraw the account’s balance.

Back End Operations and Technology

A common backend supplier for all small ATMs operational on the Aadhaar Enabled Payment System is within the works to ease the matter of walk access to bank accounts and make the most rural areas. EPS could be a bank-led model that varies from bank to bank.  It permits for transactions across banks mistreatment Aadhaar authentication, however inter-operability has been a problem leading to transactions of different banks being declined. The government is additionally wanting to produce small ATMs to over one hundred thousand ration or honest worth outlets by March 2017 and banks are suggested to upgrade them as business correspondents. There are unit nearly five.5 hundred thousand honest worth outlets across the country. a typical answer supplier for AEPS transactions can make sure that varied problems associated with decline in banking transactions area unit taken care off and different ability problems, same the on top of quoted government official. “We have conjointly asked the urban development ministry to means the method of National Common quality Card,” he said, adding that this card is aimed to market cashless travel in railroad cities across totally different modes.

About the Author

BankReed Admin

Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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