March 1 - ATMIA has published a best practice guide aimed at the new era of ATM integrated payments and customer experience made possible by extended functionalities and converging technologies in the payments space.
“The ATM can evolve into a secure payments hub linked to established and emerging devices for accessing payments,” commented Mike Lee, ATMIA’s CEO. “Our new guide provides principles and suggestions as to how that shift can happen in a secure way.”
This guide follows the association’s recent publication of “Best Practice for Developing and Deploying the ATM in a Multi-Channel Retail Banking Delivery System,” which looked at multi-channel integration and management of cross-channel customer experience of both self-service and customer-owned devices.
After surveying the range of payment methods available today, including cash, the new guide defines and discusses the main processes and transactions-for-value handled by an ATM, including withdrawals and deposits (of notes, coins and checks), inter-account transfers, media dispensing, promotional offers and even purchases through an ATM. Each transaction type is analyzed, accompanied by recommendations for optimizing these transactions.
Then the manual focuses on ways to make the customer’s experience of each transaction type as secure, convenient and fast as possible, including for physically challenged cardholders. The critical success factors for increasing the migration to ATMs as the terminal evolves into a payments hub are outlined. Security and risk factors are then addressed in detail. Finally, an Appendix sums up all the terminology currently in use in the industry to describe this new payments environment.
“The ATM is poised to become the financial services cross channel integrated payments hub and this guide sets the bar for an industry standard,” explained Lyle Elias, chairman of the IPayments Forum and the report sponsor. “But unlike traditional static best practice documents, these recommendations will be continuously updated by a dedicated community of industry experts on WikiATM.com, and will be the definitive ATM integrated payments roadmap moving forward.”