ATM FULL FORM

The full name of ATM is Automated teller Machine, which is an electromechanical machine composed of an automated banking platform

ATM FULL FORM
ATM FULL FORM

What is the full form of ATM?

The full name of ATM is Automated teller Machine, which is an electromechanical machine composed of an automated banking platform that allows customers to operate smoothly without the help of branch representatives or cashiers. Withdrawing money at most ATMs ATMs are beneficial because they allow customers to conduct fast self-service transactions such as withdrawals, deposits, bill payments, and account-to-account transfers. It is held by the ATM operator or by both. Some of these fees can be avoided by using an ATM directly operated by the bank that opened the account.

Table of contents

1.What is the full form of ATM?

2.History of ATM

3.Basic ATM Parts

3.1.Input Devices

3.2.Output Devices

3.2.1.Speaker

3.2.2.Display screen

3.2.3.Receipt Printer

3.2.4.Cash dispenser

4.How ATM works

5.What ATM does

6.Advantages of ATM

7.Interesting Facts about ATM

 

 

History of ATM

In 1967, the first ATM appeared in the Barclays branch in London, although there was an ATM record in Japan in the mid-1960s. Interbank transactions in the 1970s that allowed customers to use a debit card at another bank’s ATM. ATM machines have spread all over the world in just a few years and have established a firm foothold in all major countries. Today, they can be found in small island countries such as Kiribati. There are currently more than 3.5 million ATMs in operation worldwide.

 

 

Basic ATM Parts

ATM is an easy-to-use machine. It has various input and output devices, and people can use them to easily withdraw or deposit money. The most important ATM input and output devices are described in detail below:

 

Input Devices:

Card Reader-This input device reads card data stored on the magnetic stripe on the back of the ATM card. When the card is pulled out or inserted into the designated area, the card reader captures the account information and transmits it to the server. According to the account information and commands received from the user's server, the machine can withdraw cash.

 

Keyboard: Assist the user to input the data required by the device, such as personal identification number, cash amount, required check, etc. The PIN code is encrypted and sent to the server.

 

 

Output Devices:

Speaker: Provided on ATM to provide sound feedback when a key is pressed.

Display screen: Display information about the transaction on the screen. It shows the stages of withdrawing cash one by one. It can be a CRT-screen or an LCD screen.

 

Receipt Printer: Provide you with a receipt printing transaction details. It will notify you of the date and time of the transaction, withdrawal amount, balance, etc

 

Cash dispenser : This is the main cash withdrawal device of ATM because it can withdraw cash. The high-precision sensors provided in the ATM enable the ATM to distribute the correct amount of cash according to the user's needs.

 

Read More :-DSP Full Form

 

How ATM works

To activate ATM, you need to insert a plastic ATM card into the ATM. You must hand in your card at some ATMs, and some ATMs allow you to change your card. These ATM-(Automated teller Machine cards) cards contain your account details and other security information on the magnetic stripe. ...When you store/change the card, the device will receive your account information and ask you to enter your PIN. After the authentication is successful, the device allows financial transactions.

 

 

What ATM does

In addition to being mainly used to distribute cash, today's ATMs have many functions. Some of them are

 

  1. cash and check deposits
  2. cash transfers
  3. withdrawals and balance checks
  4. PIN changes, and bills and mini-statement
  5. payments for top-up mobile phones, etc

 

The first ATM was used to issue cash to New York Chemical Bank (USA) customers in 1969.

 

 

Advantages of ATM

1.ATM services are available 24 hours a day, 7 days a week

2.thereby reducing the burden on bank employees

3.ATM works perfectly.

 

 

Interesting Facts about ATM

1.ATM inventor: John Shepherd Barron

2.ATM PIN: John Shepherd Barron considered storing a 6-digit PIN for ATM, but his wife could not remember the 6-digit PIN, so he decided to prepare a 4-digit PIN. Adenosine triphosphate.

3.The world’s first floating ATM: National Bank of India (Kerala)

4.India’s first ATM: HSBC Bank (Hongkong and Shanghai Banking Corporation) installed the world’s first ATM in 1987

5.First ATM in the World¨: June 1967 The person who installed an ATM at Barclays Bank in London

6.First Person to use ATM : The famous comedian Reg Varney was the first to withdraw money from an ATM without an account