As anyone in the ATM business knows, the “death of cash” has been greatly exaggerated. A new quantitative study from the Federal Reserve Bank of San Francisco confirms that cash remains the most commonly used consumer financial instrument, and it is used for more than half of all transactions of $25 or less. Also, running counter to their “tech savvy” reputation, it’s the Millennial demographic that shows the highest preference for cash.
In other words, ATMs aren’t going away anytime soon. In fact, we’re seeing ongoing investments in new features and capabilities like cardless cash access and biometric authentication. This means it’s more important than ever for ATM operators to adopt next-generation ATM testing techniques, enabling them to test more cost-effectively while addressing upgrades in security and satisfying the consumer demand for new features.
Working smarter, with the right tools
There are next generation products and practices that were developed to specifically address this type of environment. Paragon Application Systems will host a free one-hour webinar, Let’s Get Virtual with ATM Testing, on Tuesday, Dec. 13 at 10:00AM EST to share market-leading insights on state-of-the-art ATM software testing practices. The webinar will be presented by Kathy Cameron, one of the industry’s leading experts in utilizing virtualization to lower costs and improve productivity.
This informative session will be of interest to any operator of ATMs – whether banks, independent networks or providers of supporting technology. The discussion will include an overview of continuous testing techniques as well as specific use cases demonstrating efficiencies that can be realized through network virtualization.
And who could forget EMV compliance?
The highest-profile upgrade presently facing ATM networks is EMV compliance. Following the well-publicized rollout of chip card security protocols at retail point of sale terminals in late 2015, MasterCard mandated similar enablement for ATM machines by October 2016 – with liability for fraudulent transactions shifting to the ATM operator for those not meeting the deadlines (Visa’s equivalent deadline will occur in October 2017).
Non-compliant ATM operators will not only face additional fraud exposure, but also risk becoming a magnet for fraudsters once they are found to be one of the remaining weak links in the chain. However, the effort to achieve EMV compliance is painstaking and costly. It’s also far from cookie-cutter. Consider the variety of workflow options to alert users to the new process and ensure users do not leave their cards in the ATM. During the webinar, one use case that will be demonstrated will show how virtualization can facilitate reaching EMV compliance.
It ain’t over until it’s over
There’s an understandable temptation to believe today’s current big project is the final hurdle before a blue sky of system stability; however, continuous innovation is now the standard and more likely to accelerate than abate. To obtain valuable information on how to plan accordingly for testing your ATM systems, register for the webinar, Let’s Get Virtual with ATM Testing.