How a private ATM works:
1. ATM connects to the Transaction Processor and transmits card & transaction information and encrypted PIN.
2 & 3. Transaction Processor selects network based on the information encoded into the card and forwards the data though the network to the card holderís financial institution.
4 & 5.
Card holderís financial institution decrypts the PIN information, memo-debits*
the cardí holderís account, and transmits the authorization though the same
network back to the Transaction Processor.
* A memo-debit it a tentative debit to the account. It becomes a permanent debit at the end of the baking day when the accounts are settled if it has not been reversed.
6.. The Processor transmits the transaction information through an Automated Clearing House (or the Federal Reserve) to the cash providerís financial institution.
7. The Processor transmits the authorization to the ATM and the ATM dispenses the money.
8. the following business day the cash providerís Financial institution downloads the credits file from the Automated Clearing House and credits the cash providerís account..
The whole process of steps 1-7 takes approximately 8-13 seconds.
If the ATM fails to dispense any portion of the money, it immediately transmits that information back to the processor and the whole process is reversed before the final funds are settled.
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