Banking is getting more sophisticated by day…and safer…safer? You still have to be careful when withdrawing money at these machines..Today in 1967, the first automatic teller machine was used in the UK…and ten years later in South Africa…and now it’s getting even more sophisticated.
Bank pioneers biometrics
Article By: Fri, 26 Jun 2009 09:06
In a first for the South African banking industry, Capitec Bank is pioneering a new biometric identification system to provide increased security for client transactions and lower banking fees.
A revolutionary paperless identification system, biometrics refers to the digital identification of a person through their personal characteristics. This can include fingerprint scanning, face recognition, voice recognition and iris identification.
Riaan Stassen, Capitec Bank CEO says, “The sophisticated yet simple biometric device that we are implementing in our branches is an example of how we strive to use innovative technology to drive down costs while enhancing security and offering clients greater peace of mind. The biometric devices allow immediate verification and instant account access, in real-time, assuring clients that only they can transact on their account.”
Used extensively in Europe, the US and Australia, the introduction of biometric identification by Capitec Bank is a local industry first. Using fingerprint and photographic recognition, the system is used in-branch when a client opens an account and any time they need to liaise with a consultant thereafter. “Recognising a client through their fingerprints fosters credibility. So, if for example a client’s card is stolen, the fraudster cannot transact in the branch and their money is safe,” adds Stassen.
Read the complete article on this link: here
The 40 years of the ATM
Mon, 02 Jul 2007 09:46
Forty years ago Reg Varney, a popular British comic actor, changed the face of banking by becoming the world’s first cash machine customer at Barclays Enfield branch in North London.
On Wednesday, 27 June 2007, the cash machine, ATM, or more colloquial ‘Hole in the Wall’ celebrated its 40th birthday.
The original machines, described as mini-banks, were designed to allow customers access to cash 24 hours a day, outside of the restrictive opening times of banks during the 1960s.
Help U Auto Tellers
The machine was designed to dispense £10 against a special paper voucher which the customer inserted into the machine, followed by a unique four digit personal identification number, or PIN code, in much the same way as today.
By the end of the 1960s, there were 781 cash machines across the world, although South Africa was yet to introduce this innovation to the banking public.
The first two ATMs in South Africa were installed by United — a forerunner of Absa — at its Johannesburg branch in 1977. The terminals, called ‘Help U Auto Tellers’, enabled customers to make deposits, withdrawals and certain account enquiries with the use of a transaction card and PIN.
Bath invention
By the mid-1980s, there were approximately 700 ATMs in South Africa, the fifth largest amount in the world behind the USA, Japan, UK and France.
At the end of 2006, there were approximately 13 000 ATMs in South Africa, while globally there were 1.64 million ATMs worldwide, which is expected to grow to two million by 2010.
The cash machine was invented by John Shepherd–Barron, a managing director of De La Rue, whilst relaxing in his bath one day. He presented the idea to Harold Darvill, chief general manager of Barclays, who committed Barclays to buying the machines immediately. The machines were developed jointly by De La Rue and Barclays and swiftly moved from conception to installation within 24 months in order to beat the competition.
Going strong
Shepherd-Barron, the inventor of the cash machine, said: “I am delighted that the cash machine is still going strong. I remember back in 1965 that I would always take money out of my bank on a Saturday morning. However, one Saturday I was one minute late at my bank and it was closed. I had to ask my local garage to cash my cheque.
“That night I started thinking that there must be a better way to get cash when I wanted it. I thought of the chocolate vending machine where money was put in a slot and a bar dispatched – surely money could be dispensed in the same way.
“Within two years my idea had become reality and we opened the first cash machine at Barclays Enfield.”
Any time, anywhere
John Warren, head of cash machines for Barclays, said: “The cash machine, more than any other banking innovation, has had a major impact on the way we all conduct our lives, not just our banking. Forty years ago, cash was only available from 9am to 3pm Monday to Friday and Saturdays from 9am to12.30pm, and, as cash was king, queues outside branches on a Saturday morning to get weekend money were common. Now you can get money any time, anywhere.”
Although famed for its convenience, of the 1.6 million cash machines worldwide, the most remote is at the McMurdo station at the South Pole, serving a small permanent base of scientists.
First published on www.itinews.co.za.
Source:http://mymoney.iafrica.com/banking/164885.htm
Image: wikipedia – Reg Varney
Today -27th June 1967 – the first Automatic Teller Machine was used in the Uk. Read on the link the complete article.
http://encyclopedia.tfd.com/Automatic%20Teller%20Machine
Update: 22nd May 2010
This news article is about John Shepperd-Barron who died in his native Scotland.
Click on the image for a large view.
Chessalee 