ATM Full Form
What is the full form of ATM?
The main full form of acronym ATM is "Automated teller Machine"
ATM is an acronym for Automated teller machine or cash machine. It is an electronic device which enables the customer of a financial institution to execute a financial transaction, including : cash withdrawals, fund transfers, deposits, fund transfers, account information inquiries, balance inquiries at any time, without any direct interaction with the bank staffs.
There has been seen a considerable growth of ATM networks in India. ATMs are the preferred and most convenient mode for cash withdrawals and other banking services. With a rise of 355 million new customers since 2014, the installation of ATM system has become really essential.
The RBI or Reserve Bank of India claims a 23% - 25% year-on-year growth in the number of ATM installation across the country. The deployment of ATMs have been predominantly seen in tier-1 and tier-2 cities.
As the ATM or the 'any time money' allows the users to withdraw cash 24/7, these machines are crucial for the growth of any banking system around the world and this has given rise in the expansion of this network.
❖ How is ATM installed?
• An ATM is installed by first locating a site for the machine.
• The ATMs must be in very close proximity to the phone as well as the power outlets.
• It should be installed in a place with proper ventilation, preferably with air-conditioning.
• Once the location is spotted and confirmed, the machine is bolted to the ground with the help of 16,000 pound (7257 kg) bolts. This helps to secure the ATM and makes it nearly impossible to steal.
❖ How are the location selected for ATM installation?
Predominantly, the bank starts with locating the ATMs in their branches. This establishes the primary ATM or core network. While off-site ATMs are installed at locations having high foot-traffic.
These parameters are taken into consideration :
• Estimated traffic per day.
• Popularity of the location.
• Traffic on weekend or weekdays (or both)
• The round estimation of transaction size in the location.
• Other ATM services in the vicinity.
• Nearest bank ATMs.
• Costs/issues of leasing space.
• Marketing potentials.
• Communication and Power infrastructure.
• Threat scale for vandalism or crime.
• Brand Management/Exposure.
• Vestibule Preferences.
• Competition factors (multiple ATMs in the same area).
These parameters are taken into consideration and prioritized. The next step involves to find out the operating costs of such an ATM, includes physical land lease space etc.
Based on these parameters, the bank makes a decision as where to install the ATM machines, where they would get most bang for their buck!
❖ How is funds transferred via ATM?
Through ATM funds can be transferred from one bank account to another. By following the below mentioned steps, you can transfer the money through an ATM :
• Visit an ATM and insert the ATM or debit card.
• Choose the preferred language.
• Enter the PIN of your debit card and click ‘Yes’ to continue.
• Choose the option “fund transfer” provided at the bottom most corner of the ATM’s display.
• Enter the holder’s bank and account number.
• Choose the type of account- Current account or savings account.
• Enter the amount to be transferred, click “correct”.
• To confirm the entered amount, click ‘Yes’.
• After providing the fund transfer amount, the money will be transferred successfully.
• Incase the transaction is not completed, time out message will appear on the screen. Click on that and repeat the process once again.
Let us now look at some other meanings of the acronym ATM,
❖ ATM full form in Chemistry
ATM full form in chemistry is "STANDARD ATMOSPHERIC PRESSURE". ATM in the world of science is defined as standard pressure which is a unit of pressure defined as 101,325 Pa. ATM is the symbol used to define pressure. It is used as a reference for pressure or standard pressure. It is proficiently defined as the pressure which is exerted by the weight of the atmosphere, which has a mean, at the sea level.
❖ ATM full form in Text
ATM full form in texting is "AT THE MOMENT". The generation and the social media is so fast forward, acronyms are a natural fit for the social world. ATM is one of those, and as far as texting or messaging is concerned, ATM stands for at the moment. For e.g. I am busy atm, which means he/she is talking about something which is currently happening or right now.
❖ ATM full form in Science
ATM full form in science is "ATAXIA TELANGIECTASIA MUTATED". ATM is the symbol used for ataxia telangiectasia mutated. The control rate at which the cell grows is functioned by the protein made by the ATM gene. The function is carried out by the ATM protein is done by sending signals and modifying these proteins in the cells.
❖ Tom ATM full form :
Tom stands for Teller Operated Machines which looks like ATM. Tom provides and offer more functionality. An educators credit union staff member assists us with our transactions and queries while using the Tom.
❖ ATM full form in Computers/Networking
ATM full form in Computers/Networking is "ASYNCHRONOUS TRANSFER MODE". It is a networking technology which transfers data in cells or packets of a fixed size. This technology was brought into function for high speed transmission of all forms of media from basic graphics to a full motion video. An ATM can transmit large amounts of data over a single connection.
❖ EMV ATM full form
EMV stands for Europay, MasterCard ® and Visa®. These cards are referred to the increased security of payment card transactions with the help of a chip which is embedded in credit, debit and prepaid cards. These chips are extremely arduous to duplicate and code. Additional layers of security such as encryption, tokenization and other authentication techniques are paired in these chips.
❖ Non-EMV ATM full form
Non-EMV ATMs , those which reads data through magstrip. They do not hold ATM cards during the transactions. Banks like PNB has decided to eliminate the use of old IFSC and MICR codes with incorporating non-EMVs.
❖ Pin full form in ATM
PIN full form in ATM is "PERSONEL IDENTIFICATION NUMBER". Basically, it is a numerical code which is issued with a payment card which is entered to complete various financial transactions. Transactions cannot be done with the unique 4-digit code. ATM cards can only be accessed with the activation of the PIN
Other full forms of ATM
|ATM||Air Traffic Management (ATM)||The process, procedures and resources for aircraft|
|ATM||Association of Teachers of Mathematics (ATM)||An organization for improving mathematical education|
|ATM||Asynchronous Transfer Mode (ATM)||A network technology based on transferring data|
|ATM||Altamira Airport (ATM)||An airport in Altamira, Brazil|
|ATM||Anti Tank Missile (ATM)||A guided missile for destroying heavily-armored military vehicles|
|ATM||Angkatan Tentera Malaysia (ATM)||A professional army of Malaysia|
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