History of ATM's

The word ATM stands for Automatic Teller Machine. This is also famously known as automated banking machine, cash machine, cash point, cash line in different corners of the world but the main purpose of this Automatic Teller Machine is with draw money electronically from bank at various parts of the world.

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 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 deposit or credit accounts in order to make a variety of transactions such as cash withdrawals, check balances, or credit mobile phones. If the currency being withdrawn from the ATM is different from that in which the bank account is denominated the money will be converted at an official exchange rate. Thus, ATM's often provide the best possible exchange rates for foreign travellers, and are widely used for this purpose

A Triton brand ATM with a dip style card reader and a triple DES keypad

History:

In the US patent record, Luther George Simjian has been credited with developing a "prior art device". Specifically his 132nd patent (US3079603), which was first filed on 30 June 1960 (and granted 26 February 1963). The roll-out of this machine, called Bankograph, was delayed by a couple of years, due in part to Simjian's Reflect-one Electronics Inc. being acquired by Universal Match Corporation.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. The Bankograph was an automated envelope deposit machine (accepting coins, cash and cheques ) and did not have cash dispensing features

It is widely accepted that the first ATM was put into use by Barclays Bank in its Enfield Town branch in north London, United Kingdom, on 27 June 1967. This machine was inaugurated by English comedy actor Reg Varney

The first modern ATM was an IBM 2984 and came into use at Lloyds Bank, Brentwood High Street, Essex, England in December 1972. The IBM 2984 was designed at the request of Lloyds Bank. The 2984 Cash Issuing Terminal was the first true ATM, similar in function to today's machines and named by Lloyds Bank: Cashpoint; Cashpoint is still a registered trademark of Lloyds TSB in the UK. All were online and issued a variable amount which was immediately deducted from the account. A small number of 2984 were supplied to a US bank. A couple of well known historical models of ATM's include the IBM 3614, IBM 3624 and 473x series, Diebold 10xx and TABS 9000 series, NCR 1780 and earlier NCR 770 series.