Category Archives: ATM Indusrty News

ATM Industry News

Happy 50th birthday to the ATM! 5 things you didn’t know about it…


Fifty years ago this week, consumers’ lives changed.

While at one time, they could only receive cash during their banks’ business hours, on June 27, 1967, a machine was born in London that fixed that.

The first ATM debuted in London. John Shepherd-Barron, who worked at a company called De La Rue Instruments that specialized in printing newspapers, and eventually, banknotes during the early 1900s, became frustrated when he arrived a minute after a bank closed one Saturday. He brought his idea to the British bank Barclays BCS, +1.21%  , which jointly developed a cash machine with De La Rue Instruments. It took about two years to make it, and it debuted in Enfield, in north London.

Since then, the “cash machines” eventually known as ATMs, or automated teller machines, have spread across the world.

Read the full article . . .



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Majority of Buy-side and Sell-side Leaders Say They Lack Tech Capabilities to Drive Growth, New FIS Report Reveals


​Key facts

 

  • The first FIS Readiness Report assesses growth readiness of the buy- and sell-sides of the financial services market across areas such as digital innovation, automation and emerging technology

     
  • Survey finds most senior executives believe their financial institutions lack technology to support growth plans

JACKSONVILLE, Fla., June 27, 2017 – New research released today by financial technology leader FIS™ (NYSE: FIS) revealed that only 25% of buy-side and sell-side executives surveyed believe their firms have the technology capability to support their growth ambitions.

The FIS report also found that firms with the strongest performance in key operational growth areas, such as automation, data management and innovation, are significantly more likely to have grown their assets under management over the past year.

The findings are part of the first FIS Readiness Report, “The Hunt for Growth,” which surveyed 1,000 C-suite and senior executives across the buy-side and sell-side of the financial services market. Other key findings of the report were:

  • Nearly half (47%) of those surveyed  say the economic outlook will create growth opportunities over the next year.
  • Firms are prioritizing new client acquisition and better operating margins in the hunt for growth.
  • Half of respondents (50%) say new client acquisition is one of their top three growth objectives for the next 12 months.

“The results are compelling because, despite all of the headlines around fintech disruption and the need to automate, many financial institutions acknowledge that they are still not where they ought to be when it comes to embracing technology and operations,” said Martin Boyd, executive director and head of I&W Strategy at FIS. “Those firms who are investing for the future by taking a lead in automation, data and emerging technology are outperforming their peers in revenue growth, pointing to a ‘tech readiness dividend’ for forward looking buy-side and sell-side firms.”

The FIS report includes a Growth-Readiness Tracker that scored firms against six equally weighted operational enablers of growth: automation, data management, innovation, use of emerging technologies, talent management and focus on client experience.

The report found that firms that scored at the top 20% of the Growth-Readiness Tracker are significantly outpacing their competitors in driving growth. Among these Growth-Readiness Leaders, the FIS research found:

  • 47% have grown assets under management by 5% or more in the last 12 months; 
  • More than a third (37%) have implemented artificial intelligence or machine learning in their business versus just 6% of the rest of the sector;
  • More than four in 10 (41%) growth leaders are currently testing blockchain technology versus less than a fifth (19%) of other institutions.

“What is clear from this research,” Boyd added, “is that those firms that can marry enabling technologies – such as machine learning, artificial intelligence, blockchain and mobile – with new business models are reaping dividends in terms of competitive advantage.”

To read the full report, visit www.FISReadinessReport.com.

About the FIS Growth Readiness Report

The survey was conducted between March and May 2017, in collaboration with Longitude Research, of 1,000 senior-level respondents across the buy- and sell-side of the institutional and wholesale financial services market and insurance companies. Sectors surveyed include: Commercial and investment banks, 25%; Broker-dealers, 15%; Asset managers, 23%; Fund administrators, 14%; Insurance companies, 16%; Pension funds, 6%. Regions surveyed: Europe, 30%; North America, 30%; APAC, 25%; LATAMEA, 16%. Seniority: C-suite, 26%; Head of business unit / Director-level, 74%. Function: Trading and investment, 18%; Risk and compliance, 18%; Operations, 18%; IT, 15%; Finance and treasury, 20%; Sales, 7%; Other, 4%.


About FIS

FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 57,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.



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Mastercard Launches Several New APIs for Developers


Purchase, N.Y. – June 27, 2017 To meet the growing business demand for consistent, seamless and secure commerce, Mastercard Developers has released several new APIs to supply financial institutions, merchants and digital solutions providers with the tools they need to enable payments on new platforms.

Through its API platform, the company is providing access to more than 40 proprietary payments, data and security products and services for easy integration into innovative digital solutions.

In the U.S., FreshDirect®, Subway® and The Cheesecake Factory are payment-enabling chat bots with Facebook Messenger using the Masterpass Chatbot API. Uber and Lyft are making it simple for drivers to collect their pay in near real time through on-demand payroll services powered by Mastercard Send APIs. U.K. gastro pub chain Young’s Pubs are integrating the Qkr! with Masterpass to allow diners to pay for food, start a tab and split their bill without having to wait in line or for a restaurant server.

The newest solutions available on Mastercard Developers range from helping businesses gain insights on their performance in the era of IoT to digitizing the ways in which their consumers shop and manage personal finances. Mastercard has also added to the New & Experimental API category within the Mastercard Developers platform, enabling partners to test the very latest in technologies and applications.

“We’re focused on making it simple for our partners to create enhanced payments experiences without having to reinvent the wheel,” said Oran Cummins, senior vice president, API. “By giving them the access they need to explore and build new technologies, we can scale our solutions with greater speed.”

Some of the latest APIs enable the ability to:

  • Accept cashless payments from their customers’ smartphones by simply scanning a Masterpass QR code at any Masterpass QR-accepting merchant location.
  • Provide cardholders the ability to manage how, when and where their card is being used by setting decline and alerts rules with Spend Controls and Spend Alerts.
  • Speed up service in restaurants and retailers through the Qkr! with Masterpass mobile order-ahead and payment platform.
  • Begin to test chatbot technology and enable commerce within their own branded solutions across multiple channels and digital platforms using Masterpass Chatbot.

For more details, please visit developer.mastercard.com.


About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry.  We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.  Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.  Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.


Mastercard Communications Contact 

Marisa Bianchi

Mastercard

917-408-2896

marisa.bianchi@mastercard.com



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The Coming ATM Contraction – ATMatom


by: Daryl Cornell

Over 100,000 retail ATMs gone, shuttered, inoperable. Customers forced to return to bank ATMs, some of which may soon allow access to only their own customers. Expect then long lines at bank counters, filled with impatient customers wanting access to their own cash.

What is it that could force a contraction of up to 25% of all U.S. ATMs as early as six months from now? The stars are aligned and the tectonic plates are shifting beneath the cash access landscape. We know that change is coming but what is unclear is the timing and severity of the combined impacts, driven by:

The October 2017 liability shift. This will be the first domino to fall. While the October 2016 MasterCard ATM liability shift turned out to be a big “nothing burger,” the VISA/ all other EMV liability shift this October could unleash a tsunami of unexpected chargebacks which could prove painful to many merchants and ISOs. The industry response could be a rapid shut off of most non-EMV ATMs – estimates which range from 100,000 to as many as 200,000 terminals. In Canada, a market with regulatory EMV upgrade requirements, we saw a 10% fallout in active merchant ATMs following the 2012 deadline. Given that an estimated 95% of all U.S. merchant ATMs are not yet EMV ready, a major disruption in cash access could arrive just in time for the holiday shopping season.

Government overreach could accelerate and magnify the cash access contraction in certain markets. Battles are currently being fought in New Jersey, Illinois and other locales against anti-ATM regulations. Whether it’s surcharge caps, ATM license fees or anti-crime ATM monitoring, legislators are actively working on bills which, if passed, would render most white label ATMs uneconomical. Once again, the result would be a sharp contraction in cash access options, putting additional pressure on bank branches and bank ATMs. Unfortunately, many of these legislative efforts are taking place in highly populated states and cities which will magnify the pain of those affected.

Bank retrenching will exacerbate the problem by further limiting consumer access to cash. The proliferation of white label ATMs over the past twenty years has benefitted banks in a number of ways. Merchant replenished ATMs have driven a sharp decrease in the demand for both customer withdrawals and cash deposits at bank branches. In response, banks have culled facilities – by as much as 25% by some estimates over the last twenty years. Banks have also responded to the explosion in the number of white label ATMs by granting access to their own bank ATMs to non-customers – for a fee of course. Should a serious contraction in white label ATMs occur, one possible response by banks would be to limit ATM access to customers only, further exacerbating the cash access problem.

The solution to much of this potential mayhem, of course, is for merchants to upgrade their ATMs to EMV and for legislators to leave well enough alone. However, given that only 50% of all merchant POS terminals are estimated to be EMV ready nearly two years after that 2015 deadline, it appears that serious chargeback pain or shut off will be the only impetus for merchant ATM upgrade. Unfortunately, legislators, always eager to protect constituents from themselves, are likely to persist in their anti-ATM regulatory efforts.

Look for a sharp U.S. ATM contraction as early as late 2017, spreading cash access pain rapidly through the economy.



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ATMs Lead to Cows, Farming & Community Service for Canadian Operator


Entering the ATM industry was a bit of an accident for Mack Erno of Jade Cash ATM, Inc. The Teepee Creek, Alberta resident was at the University of Lethbridge studying agriculture when he landed some part time work servicing and operating ATMs at nearby Lethbridge Community College. While the position helped him with expenses, he eventually earned his Bachelor of Science in Agricultural Studies with a concentration in Ag Business. After graduation, he stopped servicing ATMs to work within his field for Farm Credit Canada.

But the ATM business wasn’t finished with Mack. Just a few years later Jade Cash offered him the rare opportunity to become a partner with the company.

Today, the Alberta-based company has been in business more than 18 years servicing Western Canada including British Columbia, Alberta, Saskatchewan, Manitoba and the Northern Territories. They are currently a mid-sized operation with roughly 800 ATMs. But what sets Jade Cash apart, other than a hands-on team and top quality service, is their penchant for agriculture and community.

“My partners farm and operate a grain operation of about 7,000 acres,” said Mack. “I own about 800 acres of farm land myself. We are in the process of fencing right now but plan to run beef cattle, around 200 yearlings annually. And we have a small herd of horses.”

When he’s not building and fixing fences, grazing cows, or roping cattle, Mack is heavily involved in community organizations including the Teepee Creek Stampede Association and Huntington Society of Canada. Mack has volunteered for the Stampede Association for the last 12 years and served as both President and Vice President for the group, and helped with fundraising and new construction to build the Teepee Creek Ag events Centre. His service has gained him recognition as “Committee Person of the Year” for the Canadian Professional Rodeo Association in 2012.

He is currently the President of the local Chapter for the Huntington Society of Canada and also sits on the National Board for the Society.  Mack also lead the charge to start a fundraiser called the HD Ride 4 a Cure which takes place annually in August. The fundraiser has raised more than $600,000 for Huntington Disease research to date.

Mack’s heavy community involvement has also earned him recognition as winner of the UFA (United Farmers of Alberta) “Small Town Heroes” contest. Winning Teepee Creek a $10,000 cash prize for local organizations as well as a special concert for the community featuring popular artist Paul Brandt, raising another $40,000 for the two organizations Mack is most involved with. 

Mack and his partners have also brought their love of community into their ATM business. As part of the ATM industry, Mack sits on the ATM Industry Association (ATMIA) Canada Board. In addition to ATMIA membership, Jade Cash is also a regular contributor to the ATMIA Canada Advocacy Fund.

“The plan was never to be in the ATM business,” said Mack, “but life has a way of changing things and here we are 13 years later.”


Help ATMIA celebrate the 50th anniversary of the ATM and the 20th anniversary of the association by sharing your stories. Contact Sharon Lane, ATMIA Global Director of Member Services, at +001-605-271-7371.



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Morphis, Inc. Delivers Live Cash-In-Transit Tracking for Android


DALLAS, TX — Morphis, Inc., a global provider of currency supply chain automation software, has announced its latest cash-in-transit (CIT) innovation – Morphis® m•Track for Android. The newly released application is the most recent of the company’s ongoing efforts to develop automation technologies for the CIT industry.

 

“Securing, managing and reporting on change-of-custody processes has always been a critical control element of Morphis’ software,” said Morphis CEO Gary D. Faulkner. “Android devices are rapidly becoming the de facto standard for many secured logistics companies. For Morphis, deploying our mobile track and trace for the Android eco-system was the next logical step.”

 

The m•Track application captures and communicates all over-the-road activity such as secure package deliveries, pick-ups, and ATM replenishment and balancing activity in real-time. GPS data provided by the Android device seamlessly integrates with the Morphis Optimized Vehicle and Routing (MOVR) system providing enhanced command and control of CIT fleets on the move.

 

Morphis’ m•Track utilizes the latest in Android technology not only for tracking the movement of vehicles and the secure parcels they carry but also records signatures and prints and emails activity receipts and a host of other features. Morphis m•Track is currently available in English and Spanish.

 

Contact Morphis today for a live demonstration and see for yourself how Morphis can streamline and modernize your business.

ABOUT MORPHIS Morphis is the world leader in global currency supply chain management software. The Morphis® enterprise software suite includes modules for CRM, cash forecasting, logistics optimization, asset management, contract management, vendor management, service ticketing management and financial reporting. Morphis offers both on-site licensing and software-as-a-service licensing alternatives to its customers around the world.  To learn more, visit www.morphisinc.com. Follow Morphis via social media on Facebook, Twitter and LinkedInMorphis Knows Money

 

Media Contact: Alicia Blanda

Blanda Marketing & Public Relations

(228) 206-6928 O │(228) 229-2586 M



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CO-OP ON-BOARDS 11 NEW CO-OP ATM, PAYMENTS PROCESSING CLIENTS; NOW SERVES 23 OF THE 25 LARGEST CREDIT UNIONS IN THE UNITED STATES


RANCHO CUCAMONGA, Calif. – CO-OP Financial Services is announcing it has secured 11 new credit union agreements for its CO-OP ATM and payments processing services, continuing a strong year of growth highlighted by the acquisition of TMG in April.

 

CO-OP now counts 23 of the 25 largest credit unions in the United States as clients. These 23 credit unions have a combined $208.4 billion in consumer assets under management.

 

“We have 3,500 credit union partners that we are working with to educate members about omnichannel benefits of surcharge-free ATMS, shared branching, debit and credit solutions and digital wallet options,” said Todd Clark, President/CEO of CO-OP. “The addition of these credit union partners will advance our mission to deliver a seamless, secure experience to members across the many methods they prefer.”

 

The 11 large credit unions signed with CO-OP Financial Services include:

 

  • Alliance Catholic Credit Union, Troy, Michigan (allianceccu.com), $443 million in assets;
  • Alliant Credit Union, Chicago, Illinois (alliantcreditunion.org), $9.5 billion in assets;
  • CPM Federal Credit Union, North Charleston, South Carolina (cpmfed.com), $324 million in assets;
  • Diamond Credit Union, Pottstown, Pennsylvania (diamondcu.org), $549 million in assets;
  • EECU, Fort Worth, Texas (eecu.org), $2.5 billion in assets;
  • FedChoice Federal Credit Union, Lanham, Maryland (fedchoice.org), $386 million in assets;
  • Foothill Credit Union, Arcadia, California (foothillcu.org), $374 million in assets;
  • HAPO Community Credit Union, Richland, Washington (hapo.org), $1.5 billion in assets;
  • Texans Credit Union, Richardson, Texas (texanscu.org), $1.5 billion in assets;
  • NCPD Federal Credit Union, Plainview, New York (ncpdfcu.org), $727 million in assets; and 
  • United States Senate Federal Credit Union, Alexandria, Virginia (ussfcu.org), $638 million in assets.

 

In March, CO-OP announced a long-term partnership with FCTI, maintaining surcharge-free ATM access at 8,000 7-Eleven stores across the country. CO-OP ATM is the largest credit union-owned network in the United States, and it is larger than any commercial bank network.

 

CO-OP has also achieved growth by uniting with TMG.

 

“CO-OP acquired TMG to create a fully integrated payment services company, realizing the vision of the original partnership formed by the two companies more than five years ago,” said Clark. “We are delivering the core products and services that address today’s market dynamics and credit union needs, particularly as our clients seek to rapidly transform to more digital-centric operations and services.”

 


About CO-OP Financial Services


CO-OP Financial Services is a payments and financial technology company whose mission is ensuring the success of the credit union movement by serving 3,500 credit unions and 60 million members. CO-OP payments solutions, engagement services and strategic counsel help credit unions optimize member experiences to consistently provide seamless, personalized multi-channel offerings, while delivering secure, sophisticated fraud mitigation service. For more information, visit
www.co-opfs.org.

 


Contact:

 

Bill Prichard, APR                             

CO-OP Financial Services

800.782.9042, ext. 3450

Bill.Prichard@co-opfs.org



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50 years of the ATM: What will cash machines do in the future?


Screen Clipping

Tomorrow marks the 50th anniversary of the first ever ATM in the UK, and cash machines have served us round-the-clock since the first one launched at the Enfield branch of Barclays bank in London on 27 June 1967.

This was a vital step to put us all in control of our money. Gone were the days of having to wait till Monday morning to withdraw cash as for the first time people could access their money 24/7.

Inventor John Shepherd-Barren reportedly came up with the idea for a cash dispenser when he was in the bath. He told the BBC back in 2007: ‘It struck me there must be a way I could get my own money, anywhere in the world or the UK. I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash.’