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74-656: After the sale of its Latin American branches in 2006, BankBoston currently exists solely as a subsidiary private bank owned by Bank of America. The history of BankBoston represents the combination of dozens of banks throughout the New England region acquired over the course of more than two centuries. Among its notable predecessors were the Massachusetts Bank, the First National Bank of Boston,

148-461: A PIN stored on the card was developed by a group of engineers working at Smiths Group on the Chubb MD2 in 1965 and which has been credited to James Goodfellow (patent GB1197183 filed on 2 May 1966 with Anthony Davies). The essence of this system was that it enabled the verification of the customer with the debited account without human intervention. This patent is also the earliest instance of

222-637: A de facto central bank . Morris corresponded with Hamilton previously on the subject of funding the war, and immediately drafted a legislative proposal based on Hamilton's suggestion and submitted it to the Congress. Morris persuaded Congress to charter the Bank of North America, the first private commercial bank in the United States. His friend, Dr. Hugh Shiell , paid £5000 to the capital stock. The original charter as outlined by Hamilton called for

296-559: A telephone line or directly on a leased line. Leased lines are preferable to plain old telephone service (POTS) lines because they require less time to establish a connection. Less-trafficked machines will usually rely on a dial-up modem on a POTS line rather than using a leased line, since a leased line may be comparatively more expensive to operate compared to a POTS line. That dilemma may be solved as high-speed Internet VPN connections become more ubiquitous. Common lower-level layer communication protocols used by ATMs to communicate back to

370-520: A DACS in 1968 under the 'Scotcash' brand. Customers were given personal code numbers to activate the machines, similar to the modern PIN. They were also supplied with £10 vouchers. These were fed into the machine, and the corresponding amount debited from the customer's account. A Chubb-made ATM appeared in Sydney in 1969. This was the first ATM installed in Australia. The machine only dispensed $ 25 at

444-480: A Docuteller was designed by Donald Wetzel and his company Docutel. Chemical executives were initially hesitant about the electronic banking transition given the high cost of the early machines. Additionally, executives were concerned that customers would resist having machines handling their money. In 1995, the Smithsonian National Museum of American History recognised Docutel and Wetzel as

518-558: A U.S., rather than British bank to send money abroad. It was first headquartered at the old Manufactory House , near Boston Common. The bank was the only bank in the city of Boston until the Union Bank (later the Bank of New England ) was founded in 1792. In 1786, the Massachusetts Bank financed the first U.S. trade mission to China, and in 1791, it financed the first voyage of an American ship to Argentina , establishing what would become

592-681: A bank branch's capabilities, and are thus more expensive. Off-premises machines are deployed by financial institutions where there is a simple need for cash, so they are generally cheaper single-function devices. Independent ATM deployers unaffiliated with banks install and maintain white-label ATMs . In the US, Canada and some Gulf countries , banks may have drive-thru lanes providing access to ATMs using an automobile. In recent times, countries like India and some countries in Africa are installing solar-powered ATMs in rural areas. The world's highest ATM

666-606: A complete "currency dispenser system" in the patent record. This patent was filed on 5 March 1968 in the US (US 3543904) and granted on 1 December 1970. It had a profound influence on the industry as a whole. Not only did future entrants into the cash dispenser market such as NCR Corporation and IBM licence Goodfellow's PIN system, but a number of later patents reference this patent as "Prior Art Device". Devices designed by British (i.e. Chubb, De La Rue) and Swedish (i.e. Asea Meteor) manufacturers quickly spread out. For example, given its link with Barclays , Bank of Scotland deployed

740-400: A financial institution are known as " white-label " ATMs. Using an ATM, customers can access their bank deposit or credit accounts in order to make a variety of financial transactions, most notably cash withdrawals and balance checking, as well as transferring credit to and from mobile phones. ATMs can also be used to withdraw cash in a foreign country. If the currency being withdrawn from

814-445: A global decline in the number of ATMs in use, with the average dropping to 39 per 100,000 adults from a peak of 41 per 100,000 adults in 2020. An ATM is typically made up of the following devices: Due to heavier computing demands and the falling price of personal computer –like architectures, ATMs have moved away from custom hardware architectures using microcontrollers or application-specific integrated circuits and have adopted

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888-636: A long-standing presence in Latin America . Bank of Boston would later become the largest foreign bank in several major Latin American cities. In 1864, The Massachusetts Bank was renamed the Massachusetts National Bank. In 1903, The Massachusetts Bank merged with The First National Bank of Boston amidst a wave of consolidation in the banking industry at the start of the 20th century. First National had been founded in 1859 as Safety Fund Bank, changing its name in 1864 when it joined

962-639: A month. The online version of the Swedish machine is listed to have been operational on 6 May 1968, while claiming to be the first online ATM in the world, ahead of similar claims by IBM and Lloyds Bank in 1971, and Oki in 1970. The collaboration of a small start-up called Speytec and Midland Bank developed a fourth machine which was marketed after 1969 in Europe and the US by the Burroughs Corporation . The patent for this device (GB1329964)

1036-436: A more diverse range of devices to attach to their networks, some interbank networks have passed rules expanding the definition of an ATM to be a terminal that either has the vault within its footprint or utilises the vault or cash drawer within the merchant establishment, which allows for the use of a scrip cash dispenser . ATMs typically connect directly to their host or ATM Controller on either ADSL or dial-up modem over

1110-621: A new ATM at Royal Bank of Scotland allowed customers to withdraw cash up to £130 without a card by inputting a six-digit code requested through their smartphones. ATMs can be placed at any location but are most often placed near or inside banks , shopping centers , airports , railway stations , metro stations , grocery stores , gas stations , restaurants , and other locations. ATMs are also found on cruise ships and on some US Navy ships, where sailors can draw out their pay. ATMs may be on- and off-premises. On-premises ATMs are typically more advanced, multi-function machines that complement

1184-486: A new bank, in 1791, while the Bank of North America continued as a private concern. In May 1781, Alexander Hamilton revealed that he had recommended Robert Morris for the position of Superintendent of Finance of the United States the previous summer when the constitution of the Articles of Confederation -era executive was being solidified. He also proceeded to lay out a proposal for a national bank that would serve as

1258-567: A new charter with several restrictions, including that it could not trade any merchandise other than bullion . The Bank of North America, First Bank of the United States , and Bank of New York were the first shares traded on the New York Stock Exchange . After the passage of the National Bank Act in 1862, the Bank of North America converted its business to operate under the new law. Its unique history presented

1332-474: A plastic identification card, and ten punched cards . One punch card functioned as a withdrawal slip for a 100 DM bill, the maximum limit for daily use was 400 DM. After looking firsthand at the experiences in Europe, in 1968 the ATM was pioneered in the U.S. by Donald Wetzel , who was a department head at a company called Docutel. Docutel was a subsidiary of Recognition Equipment Inc of Dallas , Texas , which

1406-473: A potential merger but ultimately Fleet chose to merge with Shawmut in 1995. This merger made Fleet the largest bank in Boston and New England. In 1995, Bank of Boston announced a merger with BayBank, another local financial institution. Although still smaller than its failed takeover targets earlier in the decade, BayBank had a strong retail banking operation, with 205 branches and over a thousand ATMs . Baybanks

1480-522: A problem: the act required a national bank to include the word "national" in its name. The bank's management considered its original name a matter of prestige and took the position that the name remained fixed by the Confederation and state charters. The Comptroller of the Currency chose not to press these legal questions and admitted the bank without a name change. The bank merged in 1923 with

1554-518: A single product line, Docutel lost its independence and was forced to merge with the U.S. subsidiary of Olivetti . In 1973, Wetzel was granted U.S. Patent # 3,761,682 Archived 5 September 2017 at the Wayback Machine ; the application had been filed in October 1971. However, the U.S. patent record cites at least three previous applications from Docutel, all relevant to the development of

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1628-469: A system that utilized encryption techniques to assure telephone link security while entering personal ID information that was transmitted to a remote location for verification. He founded Atalla Corporation (now Utimaco Atalla ) in 1972, and commercially launched the "Atalla Box" in 1973. The product was released as the Identikey. It was a card reader and customer identification system , providing

1702-417: A terminal with plastic card and PIN capabilities. The Identikey system consisted of a card reader console, two customer PIN pads , intelligent controller and built-in electronic interface package. The device consisted of two keypads , one for the customer and one for the teller. It allowed the customer to type in a secret code, which is transformed by the device, using a microprocessor, into another code for

1776-465: A time and the bank card itself would be mailed to the user after the bank had processed the withdrawal. Asea Metior's Bancomat was the first ATM installed in Spain on 9 January 1969, in central Madrid by Banesto . This device dispensed 1,000 peseta bills (1 to 5 max). Each user had to introduce a security personal key using a combination of the ten numeric buttons. In March of the same year an ad with

1850-496: A variety of names, including automatic teller machines (ATM) in the United States (sometimes redundantly as "ATM machine"). In Canada, the term automated banking machine (ABM) is also used, although ATM is also very commonly used in Canada, with many Canadian organizations using ATM rather than ABM. In British English, the terms cashpoint , cash machine and hole in the wall are also used. ATMs that are not operated by

1924-542: 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." The Barclays–De La Rue machine (called De La Rue Automatic Cash System or DACS) beat the Swedish saving banks ' and a company called Metior's machine (a device called Bankomat) by a mere nine days and British Westminster Bank's Smith Industries Chubb system (called Chubb MD2) by

1998-409: Is an accepted version of this page An automated teller machine ( ATM ) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions , such as cash withdrawals, deposits, funds transfers, balance inquiries or account information inquiries, at any time and without the need for direct interaction with bank staff. ATMs are known by

2072-454: Is credited to the engineering team led by John Shepherd-Barron of printing firm De La Rue , who was awarded an OBE in the 2005 New Year Honours . Transactions were initiated by inserting paper cheques issued by a teller or cashier, marked with carbon-14 for machine readability and security, which in a later model were matched with a four-digit personal identification number (PIN). Shepherd-Barron stated: "It struck me there must be

2146-829: Is located at the Khunjerab Pass in Pakistan . Installed at an elevation of 4,693 metres (15,397 ft) by the National Bank of Pakistan , it is designed to work in temperatures as low as -40-degree Celsius. Most ATMs are connected to interbank networks , enabling people to withdraw and deposit money from machines not belonging to the bank where they have their accounts or in the countries where their accounts are held (enabling cash withdrawals in local currency). Some examples of interbank networks include NYCE , PULSE , PLUS , Cirrus , AFFN , Interac , Interswitch, STAR , LINK , MegaLink , and BancNet . ATMs rely on

2220-682: Is within the footprint of the device itself and is where items of value are kept. Scrip cash dispensers, which print a receipt or scrip instead of cash, do not incorporate a vault. Mechanisms found inside the vault may include: ATM vaults are supplied by manufacturers in several grades. Factors influencing vault grade selection include cost, weight, regulatory requirements, ATM type, operator risk avoidance practices and internal volume requirements. Industry standard vault configurations include Underwriters Laboratories UL-291 "Business Hours" and Level 1 Safes, RAL TL-30 derivatives, and CEN EN 1143-1 - CEN III and CEN IV. ATM manufacturers recommend that

2294-513: The Atalla Box , IBM 3614, IBM 3624 and 473x series, Diebold 10xx and TABS 9000 series, NCR 1780 and earlier NCR 770 series. The first switching system to enable shared automated teller machines between banks went into production operation on 3 February 1979, in Denver, Colorado, in an effort by Colorado National Bank of Denver and Kranzley and Company of Cherry Hill, New Jersey. In 2012,

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2368-567: The Revolutionary War , purchased 9.5% of the available shares. The greatest share, however, 63.3%, was purchased on behalf of the United States government by Robert Morris, using a gift in the form of a loan from France and a loan from Netherlands . This had the effect of capitalizing the bank with large deposits of gold and silver coin and bills of exchange . He then issued new paper currency backed by this supply. Thomas Willing , who served two terms as mayor of Philadelphia and

2442-703: The Wall Street Crash of 1929 , the First National Bank of Boston continued to grow in 1929, purchasing the Old Colony Trust Company. However, following the passage of the Glass–Steagall legislation in 1933, which prohibited commercial banks from engaging in investment banking and securities dealing, First National Bank of Boston was forced to divest its investment banking arm, the First Boston Corporation. In 1970

2516-519: The national bank system . After a year operating as The Massachusetts First National Bank of Boston, the combined firm dropped the usage of "Massachusetts" in the name. On December 24, 1927, Bank of Boston's headquarters in Buenos Aires , Argentina, were blown up by the Italian anarchist Severino Di Giovanni , in the frame of the international campaign supporting Sacco and Vanzetti . Despite

2590-468: The reverse side as an anti-counterfeiting measure. Unlike the Continental bills, the new notes carried a promise to pay silver on demand. Despite these changes, the bank had difficulty at first persuading people of its good credit, and at one point it employed repossessors to follow people who redeemed notes and urge them to deposit the money back. To promote the impression that it had a large reserve,

2664-492: The "Computer Loan Machine" supplied cash as a three-month loan at 5% p.a. after inserting a credit card. The device was operational in 1966. However, little is known about the device. A cash machine was put into use by Barclays Bank, Enfield , north London in the United Kingdom, on 27 June 1967, which is recognized as the world's first ATM. This machine was inaugurated by English actor Reg Varney . This invention

2738-647: The 1973 established BankBoston Panama provided custody services to non-resident investors in Panama. Boston-based Fleet Bank (originally Providence Bank, founded in Rhode Island in 1791) acquired BankBoston in 1999, on the heels of acquiring Shawmut Bank just a few years earlier. Fleet now dominated the New England market, yet saw the value in maintaining the old Bank of Boston brand in Latin America. The combination of Fleet and BankBoston resulted in what

2812-458: The ATM and where Wetzel does not figure, namely US Patent # 3,662,343 Archived 5 September 2017 at the Wayback Machine , U.S. Patent # 3651976 Archived 5 September 2017 at the Wayback Machine and U.S. Patent # 3,68,569 Archived 5 September 2017 at the Wayback Machine . These patents are all credited to Kenneth S. Goldstein, MR Karecki, TR Barnes, GR Chastian and John D. White. In April 1971, Busicom began to manufacture ATMs based on

2886-449: The ATM is different from that in which the bank account is denominated, the money will be converted at the financial institution's exchange rate . Customers are typically identified by inserting a plastic ATM card (or some other acceptable payment card) into the ATM, with authentication being by the customer entering a personal identification number (PIN), which must match the PIN stored in

2960-502: The Bank of Boston reorganized under a new holding company, First National Boston Corporation, and began a series of acquisitions of regional banks through the 1970s and 1980s. In 1978, the bank challenged a Massachusetts law limiting bank contributions to political issues. The U.S. Supreme Court sided with the bank that their First Amendment rights were being restricted, in First National Bank of Boston v. Bellotti . In 1982,

3034-760: The Commercial Trust Company to become the Bank of North America and Trust Company, which merged in 1929 with the Pennsylvania Company for Insurances on Lives and Granting Annuities. That company, operating as the Pennsylvania Company for Banking and Trust, merged with the First National Bank in 1955 to become The First Pennsylvania Banking and Trust Company , which was acquired by CoreStates Financial Corporation in 1991, by First Union / Wachovia in 1998, and by Wells Fargo in 2008. Automated teller machine This

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3108-576: The Old Colony Trust Company and BayBank. Bank of Boston traced its roots back to The Massachusetts Bank founded in 1784. The Massachusetts Bank was the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States, after the Bank of North America . The bank's charter was signed by John Hancock and among its early account holders were such notable figures as Paul Revere , Samuel Adams , John Hancock and Henry Knox . The bank's founders were largely made up of merchants who wanted to use

3182-504: The United Kingdom and Sweden. In 1960, Armenian-American inventor Luther Simjian invented an automated deposit machine (accepting coins, cash and cheques) although it did not have cash dispensing features. His US patent was first filed on 30 June 1960 and granted on 26 February 1963. The roll-out of this machine, called Bankograph, was delayed by a couple of years, due in part to Simjian's Reflectone Electronics Inc. being acquired by Universal Match Corporation. An experimental Bankograph

3256-530: The United States, and served as the country's first de facto central bank . It was chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia on January 7, 1782. The bank's founding was based on a plan presented by Superintendent of Finance Robert Morris on May 17, 1781, including recommendations by Revolutionary -era Founding Father Alexander Hamilton , who

3330-401: The authorization of a financial transaction by the card issuer or other authorizing institution on a communications network. This is often performed through an ISO 8583 messaging system. Many banks charge ATM usage fees . In some cases, these fees are charged solely to users who are not customers of the bank that operates the ATM; in other cases, they apply to all users. In order to allow

3404-550: The bank include SNA over SDLC , a multidrop protocol over Async , X.25 , and TCP/IP over Ethernet . In addition to methods employed for transaction security and secrecy, all communications traffic between the ATM and the Transaction Processor may also be encrypted using methods such as SSL . There are no hard international or government-compiled numbers totaling the complete number of ATMs in use worldwide. Estimates as of 2015 developed by ATMIA placed

3478-501: The bank made a show of moving cash boxes to and from its cellar. Once the stock was fully subscribed and paid, doubts subsided and the notes rose to par value . By 1783, several states including Massachusetts enacted legislation allowing Americans to pay taxes with Bank of North America notes, giving them a crucial aspect of legal tender . In the economic turmoil that followed the American Revolutionary War ,

3552-534: The bank renamed itself Bank of Boston. In 1985 Bank of Boston acquired Connecticut-based Colonial Bancorp and in 1987 acquired BankVermont Corporation. By the 1990s, Bank of Boston was looking to make another large acquisition, hoping to make itself too rich to be acquired by a much larger player. However, the bank lost the bidding in 1991 for the failed Bank of New England to Fleet Bank , and its attempted merger with Shawmut Bank collapsed in early 1992. In 1994, Bank of Boston entered into discussions with Fleet about

3626-407: The bank's name was changed from Baystate to BayBanks, Inc. BayBanks derived 80 percent of its revenues from its retail business, with 31% of households in eastern Massachusetts, and 25% across the entire state, having at least one BayBanks account. Following the merger, the combined Bank of Boston did regain the title as the largest bank in the city of Boston from its rival Fleet Bank although Fleet

3700-576: The bank's strictness in collecting debts drew opposition from Pennsylvania residents, who petitioned the Pennsylvania General Assembly to revoke the state charter granted to it in 1782. The charter was revoked in 1785, although the bank continued to operate with difficulty under its congressional charter and then under a Delaware charter. The following year, the Pennsylvania General Assembly granted

3774-537: The chip on the card (if the card is so equipped), or in the issuing financial institution's database. According to the ATM Industry Association (ATMIA) , as of 2015 , there were close to 3.5 million ATMs installed worldwide. However, the use of ATMs is gradually declining with the increase in cashless payment systems. The idea of out-of-hours cash distribution was first put into practice in Japan,

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3848-676: The disbursement of 1,000 shares priced at $ 400 each. Benjamin Franklin purchased a single token share as a sign of good faith to Federalists and their new bank. Hamilton used his pseudonym "Publius", later immortalized in the Federalist Papers advocating in the late 1780s for adoption of the United States Constitution , to endorse the bank. William Bingham , rumored to be the richest man in America after

3922-460: The finalization of the sale on April 3, 2007, the BankBoston brand ceased to exist in any branches (in 2012 an 80% stake was sold by Standard Bank to Industrial and Commercial Bank of China ). BankBoston currently exists solely as an international private bank, a subsidiary owned by Bank of America. Bank of North America The Bank of North America was the first chartered bank in

3996-618: The first commercial microprocessor , the Intel 4004 . Busicom manufactured these microprocessor-based automated teller machines for several buyers, with NCR Corporation as the main customer. Mohamed Atalla invented the first hardware security module (HSM), dubbed the "Atalla Box", a security system which encrypted PIN and ATM messages, and protected offline devices with an un-guessable PIN-generating key. In March 1972, Atalla filed U.S. patent 3,938,091 for his PIN verification system, which included an encoded card reader and described

4070-793: The hardware architecture of a personal computer, such as USB connections for peripherals, Ethernet and IP communications, and use personal computer operating systems. Business owners often lease ATMs from service providers. However, based on the economies of scale, the price of equipment has dropped to the point where many business owners are simply paying for ATMs using a credit card. New ADA voice and text-to-speech guidelines imposed in 2010, but required by March 2012 have forced many ATM owners to either upgrade non-compliant machines or dispose them if they are not upgradable, and purchase new compliant equipment. This has created an avenue for hackers and thieves to obtain ATM hardware at junkyards from improperly disposed decommissioned machines. The vault of an ATM

4144-480: The instructions to use the Bancomat was published in the same newspaper. In West Germany , the first ATM was installed in the 50,000-people university city of Tübingen on May 27, 1968, by Kreissparkasse Tübingen. It was built by Aalen -based safe builder Ostertag AG in cooperation with AEG-Telefunken . Each of the 1,000 selected users were given a double-bit key to open the safe with "Geldausgabe" written on it,

4218-507: The inventors of the networked ATM. To show confidence in Docutel, Chemical installed the first four production machines in a marketing test that proved they worked reliably, customers would use them and even pay a fee for usage. Based on this, banks around the country began to experiment with ATM installations. By 1974, Docutel had acquired 70 percent of the U.S. market; but as a result of the early 1970s worldwide recession and its reliance on

4292-563: The large number of ATMs, there is additional demand for machines in the Asia/Pacific area as well as in Latin America. Macau may have the highest density of ATMs at 254 ATMs per 100,000 adults. With the uptake of cashless payment solutions in the late 2010s, ATM numbers and usage started to decline. This happened first in developed countries at a time when ATM number were still increasing in Asia and Africa. As of 2021 , there had been

4366-476: The largest U.S. domestic banks. On 17 December 2004, Bank of America sold its BankBoston (BKB) operations in Peru, Colombia, and Panama to the 1955 established Panamanian private equity bank Banco General . In 2006, Bank of America sold all BankBoston's Brazilian assets to Brazilian bank Banco Itaú , in exchange for Itaú shares. The BankBoston name and trademarks were not part of the transaction and, as part of

4440-418: The many U.S. bank mergers that proliferated in the 1990s. In August 1998 BankBoston acquired Robertson Stephens & Co. from BankAmerica Corporation for approximately $ 800 million. The transaction represented the second largest acquisition in company history, after the purchase of BayBank. On 26 October 1999, Bank of New York gained BankBoston Panama as its subcustodian bank in Panama. Beginning in 1996,

4514-587: The mid-Atlantic states. In 2000, FleetBoston acquired Summit Bancorp of Princeton , New Jersey . The acquisition of Summit, New Jersey's largest remaining bank at the time, vaulted FleetBoston into the #1 market-share position in the state of New Jersey and provided critical mass in the Philadelphia metro area. In 2004, FleetBoston in turn was purchased by Bank of America , which was looking to expand its East Coast presence. Bank of America chose to unload Bank of Boston's historic Latin American assets (still branded as BankBoston), in order to focus on becoming one of

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4588-404: The number of ATMs in use at 3 million units, or approximately 1 ATM per 3,000 people in the world. To simplify the analysis of ATM usage around the world, financial institutions generally divide the world into seven regions, based on the penetration rates, usage statistics, and features deployed. Four regions (USA, Canada, Europe, and Japan) have high numbers of ATMs per million people. Despite

4662-546: The sale agreement, cannot be used by Bank of America. In August 2006, Itaú purchased BankBoston assets in Chile and Uruguay. Operations in these countries continued to use the BankBoston brand until Banco Itau completed its takeover in Chile on February 27, 2007, and in Uruguay on March 23, 2007. In December 2006, Argentina's central bank approved Bank of America's sale of BankBoston Argentina to South Africa's Standard Bank . With

4736-495: The teller. During a transaction , the customer's account number was read by the card reader . This process replaced manual entry and avoided possible key stroke errors. It allowed users to replace traditional customer verification methods such as signature verification and test questions with a secure PIN system. The success of the "Atalla Box" led to the wide adoption of hardware security modules in ATMs. Its PIN verification process

4810-562: Was a partner with Morris in an import-export firm that once dominated the city's slave trade , was named the bank's first president. He held that office from 1781 to 1791, being succeeded by John Nixon , and moving immediately on to become the first president of the First Bank of the United States , a position he held from 1791 to 1807. The bank issued its own notes that superseded the troubled Continental currency bills. These notes were printed on paper with colored fibers pressed into

4884-451: Was a true ATM, similar in function to today's machines and named Cashpoint by Lloyds Bank. Cashpoint is still a registered trademark of Lloyds Banking Group in the UK but is often used as a generic trademark to refer to ATMs of all UK banks. All were online and issued a variable amount which was immediately deducted from the account. A small number of 2984s were supplied to a U.S. bank. A couple of well known historical models of ATMs include

4958-533: Was appointed the first U.S. Secretary of the Treasury by George Washington . Although Hamilton later noted the bank's "essential" contribution to the American Revolutionary War , the Pennsylvania government objected to its privileges and reincorporated it under state law, making it unsuitable as a national bank under the U.S. Constitution . Congress instead chartered the First Bank of the United States ,

5032-694: Was filed in September 1969 (and granted in 1973) by John David Edwards, Leonard Perkins, John Henry Donald, Peter Lee Chappell, Sean Benjamin Newcombe, and Malcom David Roe. Both the DACS and MD2 accepted only a single-use token or voucher which was retained by the machine, while the Speytec worked with a card with a magnetic stripe at the back. They used principles including Carbon-14 and low-coercivity magnetism in order to make fraud more difficult. The idea of

5106-534: Was founded in 1928 when a Massachusetts asset manager with controlling stakes in nine banks reorganized itself as Old Colony Trust. After successfully weathering the Great Depression, Old Colony Trust changed its name to Baystate Corporation. This reflected the widening scope of operations and services the firm provided throughout Massachusetts. In the 1950s and 1960s, Baystate engaged in an aggressive acquisitions strategy and bought more than 40 banks. In 1976

5180-579: Was installed in New York City in 1961 by the City Bank of New York , but removed after six months due to the lack of customer acceptance. In 1962 Adrian Ashfield invented the idea of a card system to securely identify a user and control and monitor the dispensing of goods or services. This was granted UK Patent 959,713 in June 1964 and assigned to Kins Developments Limited. A Japanese device called

5254-573: Was producing optical scanning equipment and had instructed Docutel to explore automated baggage handling and automated gasoline pumps. On 2 September 1969, Chemical Bank installed a prototype ATM in the U.S. at its branch in Rockville Centre, New York . The first ATMs were designed to dispense a fixed amount of cash when a user inserted a specially coded card. A Chemical Bank advertisement boasted "On Sept. 2 our bank will open at 9:00 and never close again." Chemical's ATM, initially known as

5328-466: Was similar to the later IBM 3624 . Atalla's HSM products protect 250   million card transactions every day as of 2013, and secure the majority of the world's ATM transactions as of 2014. The IBM 2984 was a modern ATM and came into use at Lloyds Bank, High Street, Brentwood, Essex, the UK in December 1972. The IBM 2984 was designed at the request of Lloyds Bank . The 2984 Cash Issuing Terminal

5402-497: Was still the larger bank overall. With the addition of BayBank's $ 11 billion of assets, the combined bank had total assets of over $ 62 billion at the end of 1996. The combined bank, rebranded BankBoston in 1996, was a major financial institution both domestically and internationally, due in part to the Latin American holdings of Bank of Boston, where the old name was still used. Nonetheless, it would soon be subsumed by one of

5476-406: Was the eighth largest bank in the United States at the time, with assets of over $ 190 billion. Between the acquisitions by Fleet and BankBoston, the combined bank had consumed eight of the ten largest banks in New England at the start of the 1990s. The merged entity, FleetBoston Financial , adopted BankBoston's former Boston headquarters as its own. The bank had branches throughout New England and

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