ATM : Through its past
Around 2000BC the history of banking begins. From Assyria and Babylonia the system expanded to all the part of the world .By the 17 th century modern concept of banking was introduced which finally turns into present form of banking system.
The banking system around the world saw many revolutions throughout the past years. During such transition we have saw many change for example from the ancient barter system to money based on precious metal later to current form of paper money from it to the latest form of ‘Bit coins’ . There was many changes in banking and finical system which have unexpected revolutionary changes in all our life.
Each discovery is an event; it’s a landmark from where next changes have to start budding. So the discovery of the ATM or Automated teller machine was such a landmark. That small invention has cause a lot of change in the commercial as well as personal life of all human. The change brought by ATM does not require any more introduction .This machine have become a life supporting factor of our life.
The Automated teller machine was first design as a simple machine to withdraw cash without going to bank. But with the passage of time it slowly turns into a minibank, which almost provides all feature of the bank. Right now the customer’s can access their account though the machine with help of card which is provided by the bank ,thus the customer can perform transitions like cash withdrawals, check the balance of account, take mini statement, recharge there phone etc.
So let’s go in deep into the history of that simple but wonderful machine
The history of ATM’s began during the 20th century to be precise during the 1960’s .The idea about this sort of machine arise from the idea of self-servicing banking system which was developing independently at different parts across the world during the same time. The first noticeable development comes from United States by Luther George Simjian on June 1960 he filled pated for a machine which was commonly known as Hole in the wall .But the actual name of the machine was ‘Bankograph’ .The Bankograph machine was experimentally installed in the New York city by the City Bank of New York .This happen in 1961 but due to lack of popularity the machine was called off from the service just six month after installation. But this machine was a lot different from present machine. Even though its function was different its look and design was similar to present one.
Although new developments were taking place in for the machine, next major breakthrough came from United Kingdom in 1967, after six year from the invention of Bankograph. The Barclays Bank in Enfield Town in London installed a machine which can be called as the real ancestor of the present machine. The machine was developed by John Shepherd Barron. On 27 June, 1967 the machine was installed. An interesting and funny story that is often heard about the machine was that, the inventor John Shepherd Barron had to face a problem with the local bank that he had managed to miss the midday closing during a Saturday which resulted in no cash with him during the weekend. He was so found of chocolate.
Thus he thought about a machine which can withdraw cash similar to that machine. As the Shepherd Barron was working for De La Rue a famous printing firm ,also a global currency printer , He turn his idea to his boss .From there the idea of replacing chocolate bar with paper currency turn into a reality. The Enfield branch began to dispense cash of £10 each at a time. The customer had to insert a paper voucher but the paper can be use only once. Also to prevent any sort of fraud the bank had to directly mail their paper voucher to customer. As the user inserts the paper voucher he has to enter a four digit secret number to withdraw the fixed amount. Mr. Shepherd Barron was awarded received the prestigious Order of the British Empire in 2005 for his contribution to the development of Automated teller machine.
As the time goes those ATM or the ‘Whole in the wall’ have become a common sight. We can see those machines in our all public places, everywhere around as. Thus the idea of self servicing banking had a great leap later with in arrival of net banking as well as the mobile banking that concept had reached almost its fulfillment.
Around nine day after installing the machine at Enfield High Street branch a Swedish bank named Nixdorf installed ATM that can dispense kronor. They call this machine Bankomat .During 1968 Japan also develop technology that can dispense yen.
Later the technology develops which make the entire standby ATM’s to get connected to a server. This technology was first developed by Donald Wetzel for Doctel Company in 1968. The first model of modern ATM was IBM 2984 which was installed by Lloyds Bank in 1972.