As The ATM Turns 30, Shamelessly Little Has Changed

12:11 p.m. Jun 17, 1999 Eastern

LOS ANGELES, June 17 /PRNewswire/ -- In 1969, DocuTel created America's first modern day ATM and sold it to New York based Chemical Bank. The ATM completed cash dispensing transactions. According to ATM developer and DocuTel employee Don Wetzel, "We never did see the ATM as just a cash dispenser. We thought it had to be a machine that did most of the functions of a teller including transferring money, taking payments and issuing cash advances. But, nearly 30 years later, the ATM is still not much more than a cash dispenser. In fact, out of the nearly 220,000 ATMs installed in the U.S., research shows nearly half provide only cash dispensing transactions. And, only five percent of the remaining ATMs do anything more than the original, basic bank account functions -- even though consumers are demanding more twenty-four hour services from their local bank.


The answer is simple: the protocol used by ATMs, which was developed at their inception, does not support additional on-line services such as check cashing, bill payment, money order issuance and event ticketing.

With U.S. ATM cardholders completing more than 8.3 billion transactions last year, financial networks and institutions have invested heavily in making sure that consumers can withdraw money from San Francisco to Singapore rather than allowing consumers to purchase new financial and other services at their local ATM.

"The financial networks have held consumers hostage at the ATM for too long," said Bruce Korman, President and CEO of Cash Technologies, Inc. "Nearly 30 years after the first ATMs hit the streets very little has changed. 95% of today's ATMs are still no more than glorified cash dispensers. With the introduction of EMMA, ATMs will be capable of so much more."

Cash Tech's EMMA transaction processing system will allow ATMs to quickly execute complex transactions over multiple networks. EMMA uses a message structure which provides an open architecture for new application development without requiring modifications to host software.

For the first time, communication between four primary channels: (1) the ATM network, (2) the credit card (POS) network, (3) the Automated Clearing House (ACH) network and (4) cash will interface seamlessly.

"Why shouldn't consumers be able to do more at their ATM?" said Dave Grano, President and CE0 of Card Capture Services, Inc., operator of more than 8,000 ATMs in retail locations nationwide. "Now more than ever people need and want convenience. With the new EMMA platform, ATMs are on their way to becoming electronic convenience kiosks, capable of event and airline ticketing, electronic bill payment, and connecting to an alternate host via the Internet."

With ATMs becoming such a formidable delivery channel, banks are weighing whether to configure their ATMs to do more than just standard cash withdrawals.

"With EMMA," said Korman, "the banks will have one more reason to give consumers what they've been looking for."

About Cash Technologies, Inc.

Founded in 1995, Cash Technologies, Inc. ( develops and markets innovative e-commerce kiosks and systems, including the EMMA transaction processing software, the multifunction ATM-X(TM) Automated Teller Machine and the CoinBank(R) advanced self-service coin counter. The Company also provides computerized cash processing services to banks, armored carriers, rapid transit agencies and other cash-intensive businesses.

About CCS

Portland, Oregon-based Card Capture Services, Inc. (CCS) offers turn-key ATM programs to a growing base of ATM retailers, banks and entertainment venues nationwide. Value-added services such as CCS' centralized network operations center, 24-hour remote monitoring, dedicated customer care personnel, and proprietary software ensure that machines operate at full function, providing maximum return for their customers. Founded in 1993, the company currently has 125 employees and a nationwide network of 45 independently contracted dealers. For more information, visit the company's web site at

Matters discussed in this release include forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include activity levels in the securities markets and other risk factors disclosed in the company's reports to the Securities and Exchange Commission, including its Form 10-QSB and Form 10-KSB on file with the SEC.

* NOTE -- The first voucher based cash dispensing machine was installed in 1967 by Barclay's Bank in London. Experts, however, do not consider this an ATM. The first modern day ATM was introduced to consumers in 1969 by Chemical Bank. SOURCE Cash Technologies, inc.

Copyright 1999, PR Newswire

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