STRATEGIC PARTNERS
March 21, 2002
SEATTLE, Wash. -- By Christmas, ATM cardholders may find their holiday payment options open up with the new UTM Machine.
Introduced recently by UTM Systems Corp., the UTM Machine is a hardware device that works similarly to an ATM machine.
UTM Systems is negotiating with national banks to provide the UTM machine free to their customers. A pilot program is set to kick off this fall, when the UTM will be introduced in time for the holiday shopping season. UTM intends to make announcements about its agreement with banks within the next several weeks.
To use the machine, Internet shoppers slide their credit or debit card into the UTM, then insert the device itself into the floppy drive of a computer. An ATM-like interface will then pop up on the computer screen and ask for the correct PIN code.
After verification of the code is complete, the account is accessed via the worldwide ATM network. The device is small enough to carry in a pocket or purse to use at any PC.
According to UTM Systems, the device offers security since it requires a PIN code in the same manner as an ATM. The device also serves to encourage more shoppers to check out on-line stores. Bankers and merchants may find the device appealing since no changes to an existing electronic commerce site is required.
No alterations to the existing ATM network need to be made.
