ATM: The Machine that changed the way we bank
Ever wondered how and when the Automated Teller Machine (ATM)came into existence? Or how the four-digit pin came into use?
Making bank withdrawals in time past was one hell of an experience, one must queue for hours over the counter waiting for turns. All of us know how devastating and time wasting that is, especially if you have other engagements to attend to. @Technology has not in anyway advanced to what it is today. Back then, the banking system was nothing to write home about compared to what it is today... all thanks to @technology.
The word ATM was coined by a @British named John Shepherd-Barron who happens to be the inventor of the machine. In 1965, while working as an employee at De La Rue Instruments, he came up with the idea of @developing an independent self-service machine that can dispense cash. His company didn’t buy the idea as at that time which made him to talk to head banking Barclays Bank, he told him he has an idea, “what if you can put a standard @Barclay cheque through a slot or an opening in the side of the bank and it will give you a standard amount of money”.
Barclays Bank aided him both with the funding and developing of the machine.
In the year 1967, after the development, the first Automated Teller Machine was deployed and install one of Barclays Bank in Enfield @London. This marked the beginning of cash dispensers and today we have over two million ATMs all over the world.
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While in an interview, he was asked what led to his invention , he said that he couldn’t withstand going to the bank every time and queuing you to withdraw cash that their must be another way to withdraw money anytime without going to the bank, this came about one Saturday that he went to the bank to make withdrawals and he was a minute late and by the time he got to the bank they had closed “desperate times leads to critical thinking”.
For security purposes, It was agreed by Mr Barron and Barclays Bank chairman that they make use of six-digit @PIN for customers to secure their transactions while using the @machine, but Mr. John Shepherd-Barron said that he intend making use of 4-digit Pin because his wife could only remember four figures.
Although, he did not patent his invention, no legal protection and he didn’t make any money from it he was noted as the founder of the ATM. He was given the Order of the British Empire (OBE) and he was also given a lifetime achievement award by the ATM Industry Association for his services in the banking sector.
Mr. John Shepherd-Barron later went back and became the managing director of De La Rue Instruments which was involved in printing of over 140 currencies and stock certificate in the Great Britain.
All over the world, most cash machines make use of four-digit PINs, we now have cash deposit ATMs, @Bitcoin ATMS and lots more.
Another early deployment took place in Zurich Switzerland on November, 1967 and other was deployed in the US, Chemical Bank in Rockville Center, New York
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Very interesting and good to know all about ATMs.
This isn't a history I'd thought of before now. Grreat post mate :)