A few years back, the only way to access cash was visiting the nearest bank branch. Since the mid 1960s, a new technology has revolutionised the banking systems: Automated teller machines (ATMs). These electronic outlets allow people to perform financial transactions 24/7, without going to a bank branch.     

ATM machines can be found anywhere and account for more than 3 million units currently in use all over the world: from petrol stations to the local supermarket, almost every retailer can offer a withdrawal service and take part of the local trade. These electronic machines have been gaining prominence by providing easy access to cash and account queries. Indeed, it is safe to say that ATM’s have changed the face of banking and play a vital role within the communities.

ATM services

ATM machines are capable of performing an important amount of banking transactions, allowing communities to save time and money. These technological marvels offer multiple self-service transactions. The most useful and performed ones are withdrawing or depositing cash, checking your account information such as your account balance and other detailed statements, transferring funds, and paying bills such as utility bills (telephone, electricity, gas and others).

Multiple other services can be performed, and more advanced features are starting to be implemented such as for Bitcoin transactions. ATMs are likely to be full-service terminals in the near future.

Contactless ATM security

In the path of technological advance, contactless transactions are on the rise. People are now used to holding their phones or cards in front of scanners to pay for anything. Contactless payments have therefore been a boost for technology: tech giants such as Apple or Samsung have been launching digital wallets as platforms to support contactless payments. More ambition is growing around contactless payments systems like contactless ATMs, that makes every deposit or withdrawal easier and quicker for the cardholder.

We may ask ourselves: are contactless ATMs secure enough? Contactless technology is today considered to be more secure than physical ones in many ways. Contactless ATMs are using modern security protocols that protect the cards’ chip during transactions. Moreover, most contactless ATM systems are based on a two-factor authentication, building an even stronger protection.

Lastly, tokenization has appeared to be a major contactless technology that helps protecting the cards’ data. By replacing every card information, such as holders' name or account number, with numbers called tokens, the customers’ data is sent to the merchant's terminals tokenized. It cannot be stolen or used as it’s an encoded single-use data, only useful for the merchant to process the transaction.

ATM management

As progress in payment systems is made, financial institutions and retailers across the world are increasingly operating their own ATM systems and networks. The demand is increasing, and they should be able to provide for the wide range of services expected.

However, to ensure the success of these systems, it is crucial to pro-actively monitor their performance using management and cash forecasting. On the one hand, ATM management allows to not only monitor the state of every device but also helps to more efficiently manage cash, analyse transactional data, identify potential fraud, resolve malfunctions, and much more. On the other hand, cash forecasting is the optimal planning and distribution of cash that helps banks to ensure correct and cost-saving cash supply chain. These standards can be met by using the right AI tools that will deliver the most promising results.

The right tools

Answering the increasing demand means providing the right ATM solutions to be aligned with the advanced technology of today. From financial institutions to retailers, it is important to be able to provide a performant self-service ATM and to proactively monitor it, ensuring its well-functioning.

PowerCARD-ATM provides a comprehensive self-service ATM transaction processing solution, for financial institutions and retailers. The solution allows them to manage, secure and continuously monitor their ATM networks. This service is topped up with the AI tool I-Vision that provides real time monitoring and ticket management, remote deployment and data extraction management, reporting statistics and data analysis, and administrative management.

In addition, HPS offers ATM monitoring services. The service provides a real-time analysis of ATM status, cash and consumable levels, and based on the business rules defined, generates alerts, warnings and information for proactive management of the ATMs.

To know more about HPS and PowerCARD capabilities, please contact sales@hps-worldwide.com.