The Invention Of The ATM System

An automatic teller machine is a computerized electronic telecommunication device that provides and enables customers to conduct a financial transaction without the necessity to involve customer service or bank teller in a public place. ATM system involves real time control software that has a high degree of complexity with the support of a central bank server and a centralized account database where the data of all the clients stored. The development of this machine continue to rise as the installation has been particularly rapid in recent years since the payments system is changing through period where paper checks that is usually used before turn into electric form of payment which is preferable now. Therefore, it is thriving into a most

The evolutionary of ATM firstly began in 1939, where Luther Simjian came up with a new concept of creating a "hole-in-the-wall machine" where customers would allow to made financial transactions. Subsequently, he applied for a patent of an early and unsuccessful prototype of ATM invention and it was tested in Citicorp, shortly thereafter, it was informed that the demand of this invention was little therefore its uses were discontinued. In 1967, an ATM was invented and installed by John Shepherd Baron in a Barclays Bank in London and in a short time six ATMs were installed at the First Pennsylvania Bank in Philadelphia. As this invention becoming worldwide, many inventors started to contribute innovation of ATM. The first release of ATM, it was a cash dispenser only and more version made as it has been developed into a total teller that we all know

It is indicated that when the service is higher in price, the quantity of surcharge paying foreign customers who use the service will lower. In addition, switching customer’s deposit account can be done by raising ATM surcharge, especially to them that most likely to use bank ATM network who would have to pay more if they remained as a foreign customer. If these network is improved, switching of a bank are more likely since customers are attracted by the convenience of better network and avoiding to pay the surcharge for the network. Another great impact is, it the promotion of marketing banking services is immensely contributed. This has meant that large numbers of many people have reaped tremendous financial benefits of this device. It also has resulted a convenient transactional process for all