Currency Users

Japanese company unveils multiple currency ATM

The world's first ATM was unveiled in London, England in 1967.

The world's first ATM was unveiled in London, England in 1967.

It’s been over 40 years since the world was first introduced to the convenience of an automatic teller machine (ATM).

Invented by inventor John Shepherd-Barron, the ATM first made its appearance in London in 1967. Though the machine used PIN (personal identification number) codes it was dependent on checks impregnated with the (slightly) radioactive isotope carbon 14 to initiate a withdrawal, as the magnetic coding for ATM cards had not yet been developed.

ATM technology certainly has come a long way in the past 40 years, but there are still some pitfalls to using automated tellers and machine over human tellers and banks – one of which is the fact that a majority of ATMs only accept and dish out one kind of currency.

Some companies are aiming to change that.

Last week OKI, a company based in Tokyo, Japan, announced it had developed ATM-Recycler G7, a cash recycling ATM for the worldwide market that enables banknotes from multiple currencies to be handled by a single ATM.

This isn’t the first machine OKI has developed to meet the challenge of multiple currency deposits/withdraws. In the past few years, the Japanese company has launched similar ATMs – ATM 215 and ATM21SX – for markets in Japan, China, Korea and other parts of Asia.

OKI says the new model will be targeting larger markets such as Europe and North America.

The company expects to roll out the ATM-Recycler G7 by March 2010.

SOURCES:
Time Magazine: The World’s First ATM
OKI Unveils ATM-Recycler G7, a Cash Recycling ATM for the Worldwide Market

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