Tricom validating machine
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).I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash." The online version of the Swedish machine is listed to have been operational on , while claiming to be the first online ATM in the world, ahead of similar claims by IBM and Lloyds Bank in 1971, The collaboration of a small start-up called Speytec and Midland Bank developed a fourth machine which was marketed after 1969 in Europe and the US by the Burroughs Corporation.The patent for this device (GB1329964) was filed in September 1969 (and granted in 1973) by John David Edwards, Leonard Perkins, John Henry Donald, Peter Lee Chappell, Sean Benjamin Newcombe, and Malcom David Roe.The IBM 2984 was a modern ATM and came into use at Lloyds Bank, High Street, Brentwood, Essex, the UK in December 1972.The IBM 2984 was designed at the request of Lloyds Bank.
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).
Additionally, executives were concerned that customers would resist having machines handling their money. This process replaced manual entry and avoided possible key stroke errors.
It allowed users to replace traditional customer verification methods such as signature verification and test questions with a secure PIN system.
An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, transfer funds, or obtaining account information, at any time and without the need for direct interaction with bank staff.
ATMs are known by a variety of names, including automatic teller machine (ATM) in the United States Other terms include any time money, cashline, nibank, tyme machine, cash dispenser, cash corner, bankomat, or bancomat.