Is it possible to talk about ATMs in the digital banking transformation?

GMV is collaborating in ATMIA Next Gent Champion, giving its view of what cybersecurity should look like in this new model, where the mutual interoperability of ATMs and cell phones opens the door to new risks that we must know how to tackle from day one.

We are now living in a digital era in which organizations have to cope with an ever-changing environment bristling with challenges and opportunities. Businesses and companies across the board are joining in the digital revolution, creating new ecosystems based on disruptive business models and groundbreaking technological solutions adapted to suit their particular needs in each case. In the financial sector, the first ever ATM was installed over 50 years ago in a branch of Barclays Bank; since then it has been able to keep up with generational changes in order to offer customers the best possible service.

At the moment, and probably for the foreseeable future, the cell phone is the number-one consumer technology, and ATMs risk losing part of their attractiveness for millions of consumers unless they are capable of connecting up with these handhelds. Mindful of this, the ATM Industry Association (ATMIA) has set in motion a project to create a next gen API App with worldwide ATM interoperability. This initiative will usher in a complete reinvention and rebirth of the ATM industry, with the overarching aim of pulling off a synergy between the world’s 3.2 ATMs and over 5 billion cell phones.

The project, known as ATMIA Next Gen Champions, comprises a consortium of over 200 ATM deployers, vendors and suppliers. We at GMV are collaborating in this initiative, inputting our view of what cybersecurity should look like in this new model, where the mutual interoperability of ATMs and cell phones opens the door to new risks that we must know how to tackle from day one.

The aim is to ensure that ATMs can play a full part in of the digital banking transformation without forfeiting innovation or curbing competitiveness while also addressing any obstacles on the strength of research, analysis and consensus-building.

For years now we at GMV have been giving banks a practical vision of how to assess, design, set up and vet the most advanced and cost-effective cybersecurity measures. More than a decade ago now GMV was given a challenge; provide ATMs with a software to protect them from cyberattacks, which, back then, were then just beginning to rear their heads. Peerless research, development and collaboration then gave birth to checker ATM Security, the specific ATM solution that is now protecting over 160,000 ATMs of 60 clients from 30 countries around the world.

ATMIA NEXT GEN CHAMPIONS (VIDEO)