Editing ATM (section)

=== Invention ===
In 1966, a Japanese device called the "Computer Loan Machine" dispensed cash as a three-month loan at an annual interest rate of 5% upon inserting a credit card.<ref>'Fast Machine With a Buck', "Pacific Star and Stripes", 7 July 1966</ref><ref>'Instant Cash with a Credit Card', "ABA Banking Journal", January 1967</ref> However, little is known about the device.<ref name="Atlantic"/>

[[File:RegVarneyATM.jpg|thumb|Actor [[Reg Varney]] using the world's first cash machine at [[Barclays Bank, Enfield]], north London on 27 June 1967]]
A cash machine was installed at [[Barclays Bank, Enfield]], North London in the United Kingdom, on 27 June 1967. This is generally considered the world's first ATM.<ref>{{Cite news |last=Murray |first=Amelia |date=2017-06-25 |title=The story behind the world's first cashpoint |language=en-GB |work=The Telegraph |url=https://www.telegraph.co.uk/personal-banking/current-accounts/story-behind-worlds-first-cashpoint/ |access-date=2023-04-10 |issn=0307-1235|postscript=none}}; {{Cite news |last=Alberge |first=Dalya |date=2023-04-10 |title=Bank that opened world's first ATM given heritage status |language=en-GB |work=The Telegraph |url=https://www.telegraph.co.uk/news/2023/04/10/barclays-bank-first-atm-listed-status/ |access-date=2023-04-10 |issn=0307-1235}}</ref><ref name=":0">{{cite web|last1=Batiz-Lazo|first1=Bernardo|last2=Reid|first2=Robert J. K.|title=Evidence from the Patent Record on the Development of Cash Dispensing Technology|url=http://mpra.ub.uni-muenchen.de/9461/1/MPRA_paper_9461.pdf|publisher=Munich Personal RePEc Archive|access-date=27 April 2015|date=30 June 2008|page=4|url-status=live|archive-url=https://web.archive.org/web/20150904045127/https://mpra.ub.uni-muenchen.de/9461/1/MPRA_paper_9461.pdf|archive-date=4 September 2015}}</ref> This machine was inaugurated by English actor [[Reg Varney]] as part of the launch publicity.<ref>{{cite web | url = http://www.bbc.co.uk/london/content/articles/2007/06/26/cash_machine_feature.shtml | title = Enfield's cash gift to the world | publisher = [[BBC London]] | date = 27 June 2007 | url-status = live | archive-url = https://web.archive.org/web/20151103030534/http://www.bbc.co.uk/london/content/articles/2007/06/26/cash_machine_feature.shtml | archive-date = 3 November 2015 }}</ref> This invention is credited to the engineering team led by [[John Shepherd-Barron]] of printing firm [[De La Rue]],<ref name="milligan">{{cite news | url = http://news.bbc.co.uk/2/hi/business/6230194.stm | title = The man who invented the cash machine | work = BBC News | date = 25 June 2007 | access-date = 26 April 2010 | first = Brian | last = Milligan | url-status = live | archive-url = https://web.archive.org/web/20091226192112/http://news.bbc.co.uk/2/hi/business/6230194.stm | archive-date = 26 December 2009 }}</ref> who was awarded an [[Order of the British Empire|OBE]] in the [[2005 New Year Honours]].<ref>{{cite news| url = http://news.bbc.co.uk/2/hi/uk_news/scotland/4135269.stm | title = ATM inventor honoured | work = BBC News | date=31 December 2004 | access-date=26 April 2010| archive-url= https://web.archive.org/web/20100608040555/http://news.bbc.co.uk/2/hi/uk_news/scotland/4135269.stm| archive-date= 8 June 2010 | url-status= live}}</ref><ref name="Networld Media Group">{{cite book |first1=Tom |last1=Harper |first2=Bernardo |last2=Batiz-Lazo |title= Cash Box: The Invention and Globalization of the ATM |publisher= Networld Media Group |date=2013 |isbn=978-1935497622}}</ref> 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).<ref name="milligan" /><ref name="latimes1">{{cite news | title = ATM inventor John Shepherd-Barron dies at age of 84 on 20th May 2010 | newspaper = Los Angeles Times| url = http://latimesblogs.latimes.com/afterword/2010/05/atm-inventor-john-shepherdbarron-dies-at-84.html | date = 19 May 2010 | url-status = live | archive-url = https://web.archive.org/web/20100523172520/http://latimesblogs.latimes.com/afterword/2010/05/atm-inventor-john-shepherdbarron-dies-at-84.html | archive-date = 23 May 2010 }}</ref> Shepherd-Barron stated: {{blockquote|"It struck me there must be 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."<ref name="milligan" />}}

[[File:Atmplaque.jpg|thumb|left|upright|[[Blue plaque]] on the Enfield Barclays commemorating the world's first cash machine]]
The Barclays–De La Rue machine (called De La Rue Automatic Cash System or DACS)<ref>{{Cite web|title=History of Automatic Teller Machines or ATM|last=Bellis|first=Mary
| date= 15 April 2019
|url=https://www.thoughtco.com/automatic-teller-machines-atm-1991236|access-date=2023-03-27|website=ThoughtCo|language=en}}</ref> beat the [[List of banks in Sweden|Swedish saving banks]]' and a company called Metior's machine (a device called Bankomat) by a mere nine days and British [[National Westminster Bank|Westminster Bank's]] [[Smiths Group|Smith Industries]] [[Chubb Locks|Chubb]] system (called Chubb MD2) by a month.<ref>{{cite journal | url = https://ideas.repec.org/p/pra/mprapa/3689.html | title = The emergence and evolution of ATM networks in the UK, c. 1967–2000 | author = B. Batiz-Lazo | journal = Mpra Paper | date = June 2007 | publisher = Business History, 2009 (51:1). Taylor and Francis, 2009. | url-status = live | archive-url = https://web.archive.org/web/20141103165250/https://ideas.repec.org/p/pra/mprapa/3689.html | archive-date = 3 November 2014 }}</ref> 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 Banking Group|Lloyds Bank]] in 1971,<ref>{{cite journal | url = http://www.ebhsoc.org/journal/index.php/journal/article/view/274 | title = The origins of the cashless society: cash dispensers, direct to account payments and the development of on-line real-time networks, c. 1965–1985 | journal = Essays in Economic & Business History | volume = 32 | pages = 100–137 | author = B. Batiz-Lazo, T. Karlsson and B. Thodenius | publisher = Essays in Economic and Business History, 2014 (32). The Economic and Business History Society, 2014. | url-status = live | archive-url = https://web.archive.org/web/20140714184815/http://www.ebhsoc.org/journal/index.php/journal/article/view/274 | archive-date = 14 July 2014 |date=24 April 2014 }}</ref> and [[OKI (company)|Oki]] in 1970.<ref>{{cite web |title=Automated Teller Terminal AT-20P |url=http://museum.ipsj.or.jp/en/heritage/AT-20P.html |website=IPSJ Computer Museum |publisher=[[Information Processing Society of Japan]] |access-date=22 July 2019}}</ref> 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. 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 [[radiation|Carbon-14]] and low-coercivity [[magnetism]] in order to make fraud more difficult.

The idea of a [[Personal identification number|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]]<ref>{{cite web|url=https://www.bbc.co.uk/programmes/b013n554|title=James Goodfellow, Series 2, Pioneers - BBC Radio 4 Extra|website=BBC|access-date=29 March 2018}}</ref> (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 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".<ref name=":0" />