December 1, 2022—According to History.com, on September 2,1969, America’s first automatic teller machine (ATM) made its public debut, dispensing cash to customers at Chemical Bank in Rockville Centre, New York. ATMs went on to revolutionize the credit union and banking industry, eliminating the need to visit a branch to conduct basic financial transactions. By the 1980s, these money machines became widely popular and handled many of the functions previously performed by human tellers, such as check deposits and money transfers between accounts.
The aftermath of the pandemic continues to be a catalyst for the acceleration of trends towards the digitization of money and technology-based solutions. As branch activities continue to decline, credit unions are seeking new ways to serve their members. While ATMs continue to be a staple for extending branch services to your members, ITMs (Interactive Teller Machines) are the next stage of this technology, which are poised to become a more integral part of the branch automation process in the near future.
Vertifi’s ATM/ITM File Processing Solution allows for more efficiency with enhanced branch automation processes. Some of the key features and benefits include:
- Dynamic administrative platform that enables you to balance risk mitigation and deposit channel performance
- Ability to recognize and process any image file created by ATM/ITM machines, alleviating the need to invest in additional software to create X9 files
- Auto release capability for uploaded image files, minimizing the need for organizational involvement
- Custom risk thresholds for review and management of deposited items
- Reduced fraud with duplicate file/check detection
- Robust review and reporting by terminal/location, batch count and batch amount
- Email notifications for deleted items