Is Your ATM Prepared for the Windows 10 Migration?

ATM software experts warned that the Windows 7 migration was sure to be short-lived. And as predicted, Microsoft made the official announcement early last year – Windows 7 extended support will end on January 14, 2020. Learn what you need to be doing now to prepare for the migration to Windows 10.

Authorization Strategies to Help Banks & Credit Unions Prevent Fraud & EMV Fallback Transactions

Authorization Strategies to Help Banks & Credit Unions Prevent Fraud & EMV Fallback Transactions

Fraudsters continue to target the U.S. market by manipulating card information and the card-insertion process via skimmers.  Using these best practices, bank and credit unions can prevent fraud and EMV fallback transactions.

ATM Outsourcing Contributes to Better Efficiency Ratios for Banks and Credit Unions

ATM Outsourcing Contributes to Better Efficiency Ratios for Banks and Credit Unions

Due to low interest rates, persistently stagnating opportunities to improve profitability through returns on assets and other factors, financial institutions have turned elsewhere to generate revenue growth – focusing instead on lowering their efficiency ratio.

Education is the Key to Making the EMV Transition Smoother at the ATM

Education is the Key to Making the EMV Transition Smoother at the ATM

Consumers have been frustrated by the EMV process at the POS because they are unfamiliar with the way the transaction works and it is not universal at all POS terminals. The result is confusion and longer transaction times as both merchants and cardholders wade their way through the learning process. While cardholders may be disappointed at the length of time an EMV transaction takes, the process will speed up once they are more familiar with the steps and know exactly when it should be used. The key to avoiding these problems for a smoother ATM transition is to create a unified experience. It is up to FIs and their ATM networks and suppliers to make this happen.

Holding Out on Your ATM EMV Upgrade Could Lead to Real Losses

Holding Out on Your ATM EMV Upgrade Could Lead to Real Losses

EMV has put a heavy burden on financial institutions. New chip-ready cards have increased the costs of running credit and debit programs not to mention the headaches of slow turnaround on the development and issuing of the new plastic.

What many banks and credit unions may not realize is the additional risks they may be taking by waiting to upgrade – including a significant increase in monetary risk.

Security and Safety for ATM Users: 5 Ways to Safeguard Your ATMs

Security and Safety for ATM Users: 5 Ways to Safeguard Your ATMs

In today’s high-tech society, personal security has become a real concern for consumers. The rise of identity theft and financial fraud has begun to regularly make the news – from small financial institution (FI) debit/PIN hacks to major retailer breaches such as Target and Neiman Marcus. A recent study from LexisNexis reports annual fraud reached $32 billion in 2014, a 38 percent increase from 2013.

4 Benefits of ATM Managed Service for Financial Institutions

4 Benefits of ATM Managed Service for Financial Institutions

There are many ways financial institutions currently define their ATM network. Some may call them “costly.” Others label them as an “account holder expectation” or a “hassle.”

Many banks and credit unions don’t realize that selecting the right ATM Managed Services vendor streamlines the channel operations and can turn a network from “costly” to “convenient.” ATM Management companies can easily provide this much-needed relief – providing financial institutions and their cardholders with a wide range of benefits.

Why Financial Institutions are Opting for ATM Outsourcing

ATM equipment can be expensive. The typical capital investment for ATM hardware ranges from $6,000 to $40,000 – depending on the size and operations capability of the machine. In addition to initial expense, financial institutions must perform ongoing operations and management to connect, maintain and service each ATM.

In some cases, regular operation requires contracts with third-party vendors. The institution will also likely incur personnel expenses to arrange and monitor each of the ATM functions. Finally, banks and credit unions must maintain ATM compliance for each machine – including hardware and software upgrades to meet security compliance, ADA (Americans with Disabilities Act) compliance and EMV chip-card compatibility.

Credit Union Times: 5 Ways to Reduce EMV Migration Costs

EMV migration is going to be an expensive endeavor for credit unions. Card issuance will require licensing of authentication IDs, and production of new plastics will now cost two to three times more than magnetic stripe cards. ATMs will also need new hardware and software. On top of all of this, credit union members will need to be educated on the new payments process.

Reducing the Cost of US EMV Migration

EMV migration is going to be an expensive endeavor for every player in the payments ecosystem — processors, card Issuers (banks and credit unions), ATM operators and merchants.

Card issuers must license application IDs and produce new plastics that will now be two to three times more expensive than mag stripe card costs. ATMs will need new hardware and software. And on top of all of this, consumers will need to be educated on the new process.

Credit Union Times: ATM Stress Prompts Outsourcing

When it comes to ATM-related headaches, Tony Black, president of Baylor College of Medicine Federal Credit Union, has experienced a few migraines.

“We were sued once for allegedly not having a [fee disclosure] sticker on an ATM and we also had an ATM stolen out of the lobby of an office building,” Black, president of the $37 million, Houston-based institution, said.

Ready or Not: EMV is on its way to the US

We all know about the increasing amount of card fraud occurring in the United States. Home Depot, Target, Neiman Marcus, Kmart, Staples, popular Asian-style restaurant P.F. Chang’s and Goodwill Industries are only a few of the most recent card breaches consumers have seen in the past year.

Banker’s Digest Feature: Outsourcing ATM Management

Paul Albright believes that talking to community bankers about reclaiming capital tied up in their ATM networks is an educational opportunity. During their conversations. Albright says he detects a “light bulb going off” moment when the banker says. “why had I not thought of that before?”