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I hit upon the idea of a chocolate bar dispenser, but replacing chocolate with cash." The online version of the Swedish machine is listed to have been operational on , while claiming to be the first online ATM in the world, ahead of similar claims by IBM and Lloyds Bank in 1971, 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) 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.
It allowed users to replace traditional customer verification methods such as signature verification and test questions with a secure PIN system.If the currency being withdrawn from the ATM is different from that in which the bank account is denominated, the money will be converted at the financial institution's exchange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 the chip on the card (if the card is so equipped), or in the issuing financial institution's database.Many ATMs have a sign above them indicating the name of the bank or organisation that owns the ATM, and possibly including the networks to which it can connect.
ATMs that are not operated by 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.