Automated Teller Machine An Electronic Banking Outlet

AUTOMATED TELLER MACHINE Abstract - An automated teller machine, also known as an automatic teller machine that enables the customers of a financial institution to perform financial transactions, particularly cash withdrawal, without the need for a human cashier, clerk. Introduction - An automated teller machine (ATM) is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access most ATMs. The first ATM appeared in London in 1967, and in less than 50 years, ATMs spread around the globe, securing a presence in every major country and even tiny little island nations such as Kiribati and the Federated States of†¦show more content†¦There are two types of ATM installations: on- and off-premises. On-premises ATMs are typically more advanced, multi-function machines that complement a bank branch s capabilities, and are thus more expensive. Off-premises machines are deployed by financial institutions and Independent Sales Organizations (ISOs) where there is a simple need for cash, so they are generally cheaper single function devices. Most ATMs are connected to interbank networks, enabling people to withdraw and deposit money from machines not belonging to the bank where they have their accounts or in the countries where their accounts are held (enabling cash withdrawals in local currency). Some examples of interbank networks include NYCE, PULSE, PLUS, Cirrus, AFFN, Interact, Interswitch, STAR, LINK, Mega Link and Banc Net. ATMs rely on authorisation of a financial transaction by the card issuer or other authorising institution on a communications network. This is often performed through an ISO 8583 messaging system. Many banks charge ATM usage fees. In some cases, these fees are charged solely to users who are not customers of the bank where the ATM is installed; in other cases, they apply to all users. An ATM is typically made up of the following devices: CPU (to control the user interface and transaction devices) Magnetic or chip card reader (to identify the customer) PIN pad EEP4 (similar in layout to a touch tone or calculator keypad), manufactured as part of a secureShow MoreRelatedEssay Bank Accounting Information System And Electronic Banking4510 Words   |  19 Pages Bank Accounting Information System And Electronic Banking Introduction   Ã‚  Ã‚  Ã‚  Ã‚  Information technology has had as much impact on our society as the industrial revolution. In the information age, companies are finding that success or failure is increasingly dependent on their management and use of information. 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