ATM named one of 20th century's top money-related innovations

LOUISVILLE, Colo. -- The ATM appears on a list of the last century's top 10 money-related innovations compiled by the DaVinci Institute, a think tank that is hosting a Future of Money Summitin Denver on Oct. 27.

The other items on the list are the electronic cash register, electronic money, the armored car, the credit bureau, the credit card, the barcode, the smart card, the spreadsheet and RSA encryption.

The DaVinci Institute credits Luther George Simjian with creating the ATM concept in 1939. He filed 20 separate patents related to the device and convinced what is now Citicorp to give it a trial -- although the project was dropped six months later. George Wetzel of Docutel is credited as the co-patentee and chief conceptualist of the modern ATM.

Such significant technologies as vending machines, travelers checks and slot machines didn't make the list because they were developed in the late 1800s, according to the Institute.

The list's author, Thomas Frey, the Institute's senior futurist, said many of the technologies -- including the ATM -- took quite some time to win general market acceptance.

Public policy decisions, general economic conditions, financial backing and the sheer determination and resolve of the startup team are the primary factors that will separate the winners from the losers as new payment technologies emerge, Frey said.

The Summit of Money presentations include: "Innovations in Biometric Technology," "Digital Identity -- Changing the Shape of Your Wallet," "Successes and Failures in Alternate Digital Currencies and the Prospects for P2P" and "mCommerce: Lessons from Asia."