News

Skim-readings: ATM industry news and notes for August

In this roundup: Polls, applause, and a painful lesson in payback.

September 1, 2015

Never welch on a loan from a linebacker. Jets QB Geno Smith got a lesson in payback from (now ex-)Jets linebacker IK Enemkpali, who was miffed that Smith had stiffed him on a $600 debt. CBS news analyst Bart Scott observed that Smith could've avoided the schooling with a stop at the ATM in the players' lounge. "It’s just bam, bam, get the money,” Scott said. As opposed to, "BAM!" get your broken jaw set.

CFM, a cash automation software provider, is one of the fastest-growing companies in the U.S., according to Inc. Magazine. The 2015 "Inc. 5000" ranks the company as No. 1,820 among 5,000 privately owned businesses on the rise, and No. 39 among 109 Arizona-based enterprises that made the cut. The company says it has grown 219 percent within the past three years.

The European ATM Security Team is conducting an online poll (through Aug. 31) that asks the question,"What impact do you think contactless transactions will have on cash withdrawals and payments?" To take the poll and see results from past surveys, visit the EAST ATM Research Page.

Fiserv Inc., a provider of financial services technology solutions, has received honors for the outstanding performance of its anti money-laundering solutions. The company recently announced that its AML Risk Manager solution was singled out in the Aite Group 2015 Global AML Vendor Evaluation as "Most Extensible Solution."

Morphis has published a case study detailing how the company helped Armoured Car Services Bahamas Ltd. overcome accounting issues. By migrating its billing program from manually maintained spreadsheets, ACS improved operational efficiency, eliminated billing errors and increased cash flow velocity, a press release from Morphis said.

Nxt ID Inc., a biometric authentication company focused on mobile commerce, has joined The Smart Card Alliance and the EMV Migration Forum. Nxt ID is the maker of the Wocket mobile wallet, a secure device that stores data from multiple cards in one place. The slim device houses a single smart card that can emulate any stored card and can be swiped on an ordinary POS device.

Payment Alliance International, a Louisville, Kentucky-based processor, has been honored by Louisville Business First as one of the city's top 5 "Best Places to Work" among companies with 100 employees or more. Of more than 100 local PAI employees who received an online survey in the competition, 76 responded, resulting in top 5 placement, PAI said in a press release.

WalletHub has released its Checking Account Cost and Transparency studies, which compared offerings from 35 of the largest FIs. Key findings:

• The less money you have, the more a checking account will cost you — $470 in fees annually, on average.
• The average checking account packs around 25 fees; traditional banks were generally more transparent about account terms than online-only FIs.