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Interbank network

An interbank network, also known as an ATM consortium or ATM network, is a computer-based system that interconnects the automated teller machines (ATMs) and electronic funds transfer (EFT) infrastructure of multiple financial institutions, enabling customers to access their accounts, withdraw cash, make deposits, and perform other transactions at ATMs operated by banks other than their own.^[1] These networks function by routing transaction requests from an ATM to the card-issuing bank for authorization, followed by settlement of funds between the involved institutions through clearinghouses, thereby supporting seamless cross-bank operations while adhering to regulatory standards like the Electronic Fund Transfer Act (EFTA).^[1]^[2] Interbank networks play a critical role in modern payment systems by promoting financial inclusion, reducing operational costs for banks, and handling billions of transactions annually—such as the 3.7 billion ATM withdrawals processed in the United States in 2021.^[1]^[3] They also mitigate risks through standardized rules for participation, fee structures, and error resolution, ensuring consumer protections against unauthorized transactions and surcharges.^[2] The origins of interbank networks trace back to the late 1960s with the advent of ATMs, but widespread sharing emerged in the 1970s through interbank communications that allowed cards from one institution to be used at another's machines, evolving into formalized consortia by the 1980s to address growing demand for convenience.^[4] By the 1990s, the number of ATMs in the U.S. had expanded dramatically from about 165,000 in 1997 to over 420,000 by 2012, driven by network expansions and technological advancements in EFT processing; as of 2023, the U.S. had approximately 520,000 to 540,000 ATMs.^[1]^[5] Prominent examples include Visa's Plus network, which connects over 2 million ATMs worldwide for cash access with Visa debit and credit cards, and MasterCard's Cirrus network, the largest global ATM network acquired by MasterCard in 1988 to facilitate international withdrawals.^[4]^[6] In the United States, regional networks like STAR—the largest domestic interbank network with access to millions of ATMs and cardholders—exemplify how these systems enhance accessibility without requiring proprietary infrastructure for every bank.^[7] Overall, interbank networks have transformed retail banking by fostering interoperability, though they continue to adapt to challenges like cybersecurity threats, the shift toward digital payments, and a global decline in ATM numbers to about 2.9 million as of 2024.

Overview

Definition

An interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the automated teller machines (ATMs) of different financial institutions, enabling customers to use ATM cards issued by one bank at ATMs owned by participating banks. This system allows for cross-institutional access to basic banking services without requiring customers to visit their own bank's branches.^[8] These networks are structured cooperatively among financial institutions, often formed by groups of banks to share infrastructure and expand service reach. They employ standardized protocols, such as ISO 8583 for transaction message formatting, to ensure interoperability and secure data exchange across diverse systems. The focus remains on retail-oriented transactions, including cash withdrawals, balance inquiries, and limited deposits, prioritizing consumer convenience over complex financial operations.^[9]^[10]^[11] In contrast to broader interbank payment systems like wire transfers, which handle direct, large-value fund movements between banks through networks such as Fedwire, interbank ATM networks are confined to facilitating low-value, card-based ATM interactions. These networks generally operate on a national or regional basis, with shared branding evident through logos on ATMs that signal participation and acceptance. Such systems emerged in the 1970s alongside the proliferation of ATMs, marking a shift toward shared electronic access in retail banking.^[12]^[11]^[13]^[4]

Purpose and Benefits

Interbank networks primarily serve to expand access to automated teller machines (ATMs) and related services across participating financial institutions without requiring each bank to build and maintain its own extensive infrastructure. By enabling shared usage, these networks allow banks to pool resources for ATM deployment and operations, thereby reducing individual capital expenditures on hardware, installation, and ongoing maintenance. This collaborative approach promotes customer convenience by permitting cardholders to withdraw cash, check balances, and perform other transactions at any affiliated ATM, regardless of the issuing bank, fostering greater competition among institutions to offer superior services rather than solely competing on physical presence.^[14]^[15] For banks, the benefits include significant cost-sharing in network maintenance, security protocols, and technological upgrades, which lowers operational expenses per transaction as usage volumes increase across the shared system. Participation also drives higher card utilization, generating additional revenue through interchange fees earned when customers from other banks use a given institution's ATMs. Furthermore, networks facilitate risk diversification by enabling collective fraud detection mechanisms, where real-time data sharing among members helps identify and mitigate suspicious activities more effectively than isolated systems could achieve. In the United States, for instance, major networks like STAR and Pulse have historically supported this by extending each bank's effective ATM footprint without proportional investment increases.^[15] Customers gain from round-the-clock access to their funds at a wider array of locations, minimizing the need to travel to their home bank's branches and often reducing or eliminating out-of-network fees through surcharge-free arrangements. This is particularly advantageous in rural or underserved regions, where shared networks bridge gaps in service availability, enhancing overall financial accessibility. Systemically, interbank networks bolster financial inclusion by integrating smaller banks and credit unions into broader ecosystems, supporting economic mobility for underserved populations who rely on cash-based transactions; in Malaysia, for example, the national ATM network has contributed to bank account ownership reaching 93% of adults (as of 2021) by providing equitable access points.^[16] Additionally, these networks promote economic efficiency by encouraging electronic payments over cash and checks, potentially saving costs equivalent to up to 1% of GDP annually in participating economies.^[17]^[18] While interbank networks offer these advantages, they introduce challenges such as the potential for widespread outages that could disrupt services for all participants if a central component fails. However, such risks are mitigated through built-in redundancies, including backup communication lines and failover protocols, ensuring resilience and minimizing downtime impacts.^[14]

History

Early Developments

Precursors to modern interbank networks can be traced to pre-digital correspondent banking relationships established in the 19th and early 20th centuries, where rural and smaller banks maintained deposit accounts with larger metropolitan institutions to facilitate manual check clearing and settlement across regions.^[19]^[20] These arrangements, which evolved from bank drafts to widespread check usage by the 1850s, enabled efficient inter-regional payments but relied on physical transport and manual reconciliation, limiting scalability.^[21] Following World War II, surging check volumes and a booming middle class overwhelmed traditional systems, prompting the development of electronic bookkeeping technologies like the Electronic Recording Machine, Accounting (ERMA) in the 1950s to automate processing and address operational bottlenecks.^[22]^[23] A pivotal milestone came on June 27, 1967, when Barclays Bank installed the world's first automated teller machine (ATM) at its Enfield branch in London, allowing customers to withdraw cash using a voucher encoded with radioactive carbon-14 for authentication.^[24] This innovation, initially proprietary to individual banks, spurred the deployment of isolated ATMs across institutions in the late 1960s and 1970s, as banks sought to extend service hours and reduce branch staffing needs.^[25] In the United States, the formation of initial interbank networks emerged in the early 1970s through regional consortia of financial institutions sharing ATM infrastructure to mitigate rising deployment costs and expand customer access.^[26] These early shared systems, often joint ventures or proprietary extensions like the precursor to the Plus network originating from Colorado National Bank, connected multiple banks' machines via centralized processing, with regions such as Illinois and Kansas hosting multiple such consortia by the mid-1970s.^[15] Precursors to larger networks like Star also arose from California regional alliances in this period, focusing on cost-sharing amid economic pressures.^[15] The push for these networks was driven by the 1970s oil crises and high inflation, which eroded bank profitability and heightened demand for efficient, round-the-clock cash access to support consumer needs during economic uncertainty.^[27] Regulatory environments promoting bank competition further encouraged consortia formation to lower operational expenses.^[26] Globally, early adoption included France's Bankomat system, introduced in 1969 through collaboration with Swedish and French firms like Transac, deploying over 1,100 units by the late 1970s for shared cash dispensing. In Japan, early shared ATM systems took shape in the 1980s via interbank exchange networks like BANCS, interconnecting urban banks to broaden access beyond proprietary machines.^[28]

Global Expansion

The 1990s marked a significant boom in the expansion of interbank networks, driven by deregulation in the United States that facilitated interstate banking and branching. The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 removed key restrictions on banks operating across state lines, enabling greater consolidation and the growth of national-scale ATM and electronic funds transfer networks.^[29] This legislative change spurred the development of regional networks into broader systems, such as NYCE, which merged with New England Network in 1994 to form NYCE Corporation and expanded into the Midwest through a 1999 merger with Magic Line, Inc., increasing its transaction volume from 63.8 million in 1990 to over 317 million by 2002.^[11] Similarly, the MAC network, a major Mid-Atlantic player, saw accelerated growth and ownership shifts in the 1990s, including its 1999 acquisition by Concord EFS, which positioned it for integration into larger national frameworks like STAR, enhancing cross-regional access for millions of cardholders.^[11] Technological advancements further enabled this global scaling by standardizing communications across networks. The adoption of the ISO 8583 messaging standard, introduced in the 1980s and widely implemented through the 1990s, provided a common format for financial transaction messages, allowing seamless interoperability between disparate systems and supporting cross-border compatibility in interbank exchanges.^[30] This standard's structured fields for authorization, financial, and network data reduced errors and facilitated the integration of ATMs and point-of-sale terminals into expansive shared networks, laying the groundwork for international alliances.^[31] Internationally, interbank networks proliferated through strategic formations and expansions in the late 20th century. In Europe, Europay International emerged in 1992 from the merger of Eurocard International and Eurocheque International, creating a unified platform for card-based payments that served as a precursor to the EMV chip standard by fostering collaborative technical specifications among banks and processors.^[32] This alliance enhanced cross-border transaction efficiency across European financial institutions. In the United Kingdom, the LINK network, established in the early 1980s as a shared ATM interchange, expanded rapidly through the decade to achieve nationwide coverage by the 1990s, connecting over 3,000 machines by 1988 and integrating major banks to provide ubiquitous cash access without proprietary restrictions.^[33] From the 2000s onward, interbank networks evolved to incorporate advanced technologies amid economic challenges. The widespread integration of EMV chip standards in the early 2000s upgraded card security and network compatibility, with domestic debit systems like those in Europe and Canada adopting EMV specifications, enhancing security and compatibility.^[34] Concurrently, networks began linking with mobile banking platforms, enabling real-time authorizations and expanding access through telecommunications integrations that bridged traditional interbank rails with emerging digital channels.^[35] The 2008 financial crisis prompted further enhancements, as networks implemented stricter risk management and security protocols to mitigate interconnected vulnerabilities, including improved monitoring of interbank exposures and liquidity safeguards.^[36] As of 2025, interbank networks are shifting toward contactless payments and digital wallet interoperability to meet rising demand for seamless, non-card transactions. This trend emphasizes open architectures for cross-platform compatibility, reducing friction in global commerce. Networks like Visa Plus have expanded their international ATM and debit footprint through initiatives such as the Network of Networks, integrating stablecoins and AI-driven tools to support digital wallet linkages and real-time cross-border flows.^[37]^[38]

Functionality

Technical Components

Interbank networks rely on specialized hardware to facilitate secure and reliable access points for users. Automated teller machine (ATM) terminals serve as primary endpoints, equipped with card readers for magnetic stripe or chip authentication, PIN pads for user verification, and cash dispensers for dispensing currency. These components are connected to central switches through dedicated communication channels, such as leased lines using protocols like SNA/SDLC for high-volume, point-to-point reliability, or modern IP-based networks leveraging TCP/IP over Ethernet for cost-effective integration into existing infrastructure.^[39]^[40] At the software level, interbank networks employ centralized switches, often implemented as host computers, to route authorization requests from originating terminals to issuing banks. These switches process incoming messages and forward them efficiently across the network. The core protocol for transaction messaging is ISO 8583, an international standard that defines the structure, format, and data elements for financial transaction messages, including bitmaps to indicate present fields and support for various message types like authorizations and financial requests. This protocol ensures interoperability among diverse systems in interbank environments, such as those operated by Visa and Mastercard.^[41]^[40]^[42] Security is integral to interbank operations, incorporating multiple layers to protect sensitive data. Encryption standards like Triple Data Encryption Standard (3DES) in legacy systems or Advanced Encryption Standard (AES) with 128- or 256-bit keys secure data in transit across channels such as TLS or IPsec VPNs. For chip-based cards, EMV standards provide dynamic authentication through cryptograms generated during transactions, reducing fraud risks. Tokenization further enhances protection by replacing primary account numbers with unique, limited-use tokens, particularly in mobile and digital integrations, thereby minimizing exposure of actual card details during interbank routing.^[43]^[44] The network architecture typically follows a hierarchical model to optimize routing and scalability. Regional gateways aggregate traffic from local ATMs and point-of-sale devices, linking to national switches that handle broader interbank coordination and settlement. This structure enables low-latency routing by directing requests through efficient paths, with central switches like those in EFT networks (e.g., NYCE or Star) managing the flow to the appropriate issuing institution.^[42] Integration with core banking systems occurs via standardized interfaces for real-time processing. Interbank networks connect to issuers' core platforms to perform immediate authorization checks against account balances and limits, while settlement occurs in batches through clearing mechanisms. This linkage supports seamless transaction validation without disrupting internal bank operations.^[42]

Transaction Processes

In an interbank network, a typical transaction process, such as a cash withdrawal at an ATM operated by a bank different from the cardholder's issuing institution, follows a structured sequence to ensure secure and efficient handling. The process begins with initiation, where the user inserts their debit or credit card into the ATM slot, and the device reads the card's chip or magnetic stripe to capture essential data including the primary account number (PAN), expiration date, and service code. The user then enters their personal identification number (PIN), which the ATM verifies either online by sending it to the issuer for authentication or offline using cryptographic checks embedded in the card. Once verified, the user selects the withdrawal option and specifies the amount, prompting the ATM to generate an authorization request that is transmitted to the network switch via the acquiring bank's processor.^[45] The routing and authorization phase involves the network switch directing the request to the issuing bank based on the card's issuer identification number (IIN), often through regional or international gateways. The issuing bank performs real-time checks, such as validating the card's status, confirming sufficient account balance, assessing daily limits, and screening for fraud indicators. These messages are formatted according to standards like ISO 8583, which defines the structure for exchanging transaction data between systems. The issuer responds promptly with an approval or decline code—typically within seconds, with average processing times around 130 milliseconds for authorization—to the ATM via the same routing path, enabling quick decision-making.^[46]^[47] Upon approval, execution occurs as the ATM dispenses the requested cash to the user, while the issuing bank immediately debits the cardholder's account and places a hold on the funds. The acquiring bank, which owns or operates the ATM, records the transaction details for later reconciliation but does not yet transfer funds at this stage. If the request is declined, the ATM displays an error message, retains the card if necessary for security reasons, and does not dispense cash.^[45] Settlement follows as an end-of-day batch process managed by the network operator or a central clearinghouse, where transactions from multiple parties are aggregated and netted to reduce the volume of actual fund transfers—issuers pay acquirers only the net difference after offsetting debits and credits across all transactions. This clearing involves the exchange of non-monetary transaction data first, followed by monetary settlement via systems like Fedwire or automated clearing house (ACH) networks, usually completing within one to two business days. For instance, in dual-message systems common for debit transactions, batches are submitted daily, with netting applied to minimize liquidity needs.^[46] Error handling protocols are integral to maintain integrity, addressing issues like communication timeouts, incomplete transactions, or suspected fraud through automated reversals and alerts. Authorizations must typically complete in under 10 seconds to avoid timeouts, after which the system may initiate a reversal to credit back funds if the dispense fails or the user cancels. In cases of network disruptions or fraud detection, transactions are flagged for manual review, with reversals processed within defined timelines—often 48 hours for provisional credits—and chargebacks routed through the network for resolution, ensuring the cardholder is not unduly penalized.^[46]^[48]

Examples by Region

North America

In the United States, interbank networks for debit and ATM transactions emerged from regional systems developed in the 1970s and underwent significant consolidation starting in the mid-1980s, leading to major players like STAR, Pulse, and NYCE. STAR, operated by Fiserv, is the largest such network, providing access to millions of debit cardholders and supporting widespread ATM and point-of-sale transactions across the country. Pulse, a subsidiary of Discover Financial Services, focuses on community banks and credit unions, enabling secure debit processing and global ATM access, including connections to Canada and Mexico. NYCE, owned by FIS, offers real-time payment solutions with access to hundreds of thousands of ATMs and millions of point-of-sale locations, emphasizing innovation in electronic funds transfer for financial institutions nationwide.^[11]^[49]^[50]^[51] In Canada, the Interac network dominates interbank debit and ATM sharing, originating in 1984 as a cooperative among major financial institutions to create a national automated banking machine system. Today, Interac connects over 300 financial institutions, facilitating more than 20 million daily transactions, including 6.6 billion Interac Debit transactions in 2023 alone. It supports seamless debit payments at point-of-sale terminals and ATMs across the country, with cross-border integration allowing Canadian debit cards to function on U.S. networks like Pulse through shared international affiliations, enabling Canadian users to withdraw cash or make purchases in the U.S. without major disruptions.^[52]^[53]^[54] These North American networks operate in a highly competitive environment, where multiple providers vie for participation, often resulting in surcharge fees for out-of-network ATM use—averaging around $3 per transaction—to offset costs and maintain profitability for operators. Regulatory oversight by the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) ensures interoperability, with Regulation II mandating that debit card issuers enable at least two unaffiliated networks for routing transactions, promoting choice and preventing monopolistic restrictions. This framework supports secure, efficient transaction processing while protecting consumers and institutions.^[55]^[56]^[57] As of 2025, North American interbank networks have expanded to include contactless payment capabilities via EMV standards, allowing tap-to-pay debit transactions at compatible terminals for faster, more secure interactions. Additionally, pilots for real-time settlement integration, such as linkages with the Federal Reserve's FedNow Service, are underway to enable instant interbank transfers, enhancing liquidity and reducing settlement times from days to seconds in select U.S. and cross-border scenarios.^[58]

Europe

In Europe, interbank networks have evolved under the framework of EU regulations to promote seamless cross-border payments and consumer access, with a strong emphasis on harmonization through initiatives like the Single Euro Payments Area (SEPA). SEPA, launched in 2008, standardizes euro-denominated transactions across 36 countries, facilitating interoperability among ATM and payment systems by abolishing barriers such as differing card standards and fee structures. This has enabled networks to support efficient cash withdrawals and transfers, reducing costs for users while adhering to directives on payment services.^[59] The United Kingdom's LINK network, established in 1985, connects approximately 60,000 ATMs nationwide, allowing cardholders from participating banks to withdraw cash surcharge-free at most machines.^[60] Initially focused on interbank sharing to expand access without proprietary restrictions, LINK maintained a free-to-use policy for domestic transactions until the early 2000s, when independent ATM deployers began introducing surcharges amid rising operational costs, though approximately 95% of withdrawals remain free as of 2023. Post-Brexit, UK cards face additional fees at some EU ATMs, with certain French banks imposing up to €5 per withdrawal on British cards since 2021, prompting adjustments in bilateral agreements for cross-border access.^[61]^[62]^[63] In Germany, the Cash Group exemplifies collaborative interbank infrastructure, comprising four major institutions—Deutsche Bank, Commerzbank, HypoVereinsbank, and Postbank—that share nearly 9,000 ATMs without fees for their customers, promoting widespread access in a market with around 75,000 total machines as of 2024.^[64] This fee-free model aligns with EU consumer protection rules and underscores an emphasis on privacy, bolstered by the General Data Protection Regulation (GDPR) since 2018, which limits transaction data collection for cash withdrawals to essential details only.^[65]^[66]^[67]^[68] Portugal's Multibanco network, operational since 1985 with significant expansion in the 1990s, provides national coverage through over 20,000 ATMs and POS terminals shared by all major banks, enabling fee-free interbank transactions for domestic users. Integrated with SEPA since 2008, Multibanco supports eurozone payments by standardizing formats for credit transfers and card initiations, allowing seamless withdrawals across borders without additional charges for SEPA participants.^[69]^[70]^[71] Broader EU trends reflect SEPA's role in enhancing ATM network interoperability, with adoption of EMV chip standards ensuring secure, uniform card acceptance across member states. However, challenges persist, including a decline in ATM usage driven by digital banking growth; cash transactions at POS fell to 52% in 2024 from higher levels a decade prior, prompting networks to pivot toward POS interoperability by 2025 through real-time payment schemes and AI-enhanced fraud detection.^[72]^[73]

Asia-Pacific

In the Asia-Pacific region, interbank networks reflect a mix of mature systems in developed economies and rapidly expanding infrastructures in emerging markets, facilitating ATM access, fund transfers, and digital payments amid varying levels of financial inclusion and technological adoption. These networks address local challenges such as geographic fragmentation and high cash reliance while supporting regional economic integration. Japan's interbank ATM networks originated in the 1970s, with Nippon Cash Service launching cash dispenser operations in 1975 to connect ATMs to bank host computers, marking an early step toward automated banking in a society where cash remains dominant.^[74] By the 1980s, systems like BANCS for urban banks expanded interoperability, enabling shared access across institutions. Today, these networks, including those integrated with JCB—the dominant domestic card scheme—prioritize reliability and uptime, handling millions of transactions daily in a cash-heavy environment where only 42.8% of payments were cashless in 2024, underscoring the need for robust fallback options during peak usage.^[28]^[75] In Indonesia, ATM Bersama, established in 1993 and managed by PT Artajasa Pembayaran Elektronis, connects over 70 banks and approximately 17,000 ATMs nationwide, promoting seamless cash withdrawals and transfers modeled after early Philippine systems.^[76] Initially linking 21 banks, it has grown to support rural financial inclusion through agent banking models, where non-bank agents use the network for basic services like deposits and withdrawals in underserved areas lacking full branches.^[77] This expansion has been vital in a archipelago nation, reducing costs and extending reach to remote communities. The Philippines' BancNet, operational since 1990, stands as the largest interbank network in the country, interconnecting 110 member banks with over 27,600 ATMs and 607,000 POS terminals, serving a card base exceeding 121 million.^[78]^[79] Launched to consolidate fragmented ATM services, it now integrates with digital wallets like GCash via InstaPay for real-time transfers and ATM cash-outs using GCash Mastercard, accelerating the shift from cash to mobile payments amid rising e-commerce.^[80]^[81] Sri Lanka's LankaPay, formed in 2002 as LankaClear under Central Bank oversight and rebranded in 2013, operates as the national payment switch linking all 25 licensed commercial banks for ATM, POS, and electronic fund transfers.^[82] Following the 2022 economic crisis, LankaPay enhanced system stability through global partnerships initiated that year, including with NPCI International, and expanded digital capabilities, processing over Rs. 45 trillion in transactions by 2024—surpassing the prior year's GDP equivalent in value—to bolster resilience and promote cashless adoption.^[83]^[84] Regionally, ASEAN initiatives like the Regional Payment Connectivity (RPC) framework, launched in 2022, foster cross-border ATM and payment access by linking national systems in local currencies, reducing fees and settlement times for travelers across member states.^[85] Complementing this, QR code interoperability has surged by 2025, with bilateral links such as Singapore's PayNow-Thailand's PromptPay enabling instant, low-cost transfers via mobile apps, projected to grow transaction values by 300% across Asia-Pacific by 2029 and supporting tourism and trade.^[86]^[87]

Latin America and Caribbean

In Latin America and the Caribbean, interbank networks have evolved to promote regional financial integration and inclusion, particularly by enabling shared access to ATMs and point-of-sale (POS) terminals amid diverse economic landscapes. These networks address barriers such as uneven banking infrastructure and promote interoperability to serve underserved populations, with Brazil's systems exemplifying large-scale adoption that facilitates over three billion monthly digital transactions through integrated platforms.^[88]^[89] In Brazil, the Rede network, established in the 1990s and affiliated with Visa, operates as a major multi-brand acquirer handling credit, debit, and benefit card transactions across more than 200,000 POS points nationwide, enhancing merchant acceptance and consumer access. Complementing this, Banco24Horas, managed by TecBan since 1996, provides the country's largest shared ATM network with over 24,000 machines in more than 1,500 municipalities, offering 24/7 access in remote and underserved areas to support financial inclusion for low-income and rural users. By 2025, these networks have integrated with the Central Bank of Brazil's PIX instant payment system, allowing seamless QR code-based withdrawals and transfers at ATMs and POS terminals, which has boosted transaction volumes and reduced costs for users. Brazil's interbank systems process a leading share of ATM transactions in the region, accounting for billions annually and underscoring their scale in Latin America's payment ecosystem.^[90]^[91]^[92]^[93] The Caribbean's interbank networks emphasize island-to-island interoperability to overcome geographic fragmentation, with examples including Jamaica's reliance on shared banking consortia for ATM access and Barbados' transition to Visa-linked systems following the 2020 shutdown of the regional CarIFS network, which previously connected 104 ATMs across multiple islands. These Visa-integrated setups enable cross-border usability for debit cards, supporting tourism-driven economies and basic financial services in remote areas. Historical high inflation in the region, peaking in the 1980s and 1990s, has driven the development of secure, resilient networks to maintain transaction stability and trust.^[94]^[95]^[96] Challenges like archipelagic isolation in the Caribbean and urban-rural divides across Latin America are mitigated through alliances, such as Central America's 5B network, the largest ATM consortium with over 2,500 machines promoting shared access and inclusion for unbanked populations. Overall, these efforts have expanded financial reach, with interbank networks contributing to a regional account ownership rate nearing 70% among adults by facilitating low-cost, interoperable services.^[97]^[98]

Middle East and Africa

In the Middle East and Africa, interbank networks have evolved to support financial stability in resource-rich economies and promote inclusion in diverse markets, often leveraging state oversight and innovative integrations to overcome infrastructural hurdles. These systems emphasize secure, compliant transactions tailored to regional needs, such as adherence to Islamic principles in the Gulf and mobile-driven access in sub-Saharan areas. Government involvement has been pivotal in scaling networks amid geopolitical shifts and economic reforms. In Egypt, Network International has emerged as a dominant provider of interbank payment processing since the 1980s, offering outsourced services for ATMs and point-of-sale terminals to major banks. The company, which acquired NPC Egypt—a specialist in ATM and POS management—now supports a significant portion of Egypt's approximately 23,000 ATMs nationwide, facilitating widespread cash access and digital shifts.^[99] Post-2011 revolution, the Central Bank of Egypt bolstered these networks through regulatory measures and stability initiatives, ensuring uninterrupted operations during political transitions and promoting economic resilience.^[100]^[101]^[102]^[103] Saudi Arabia's interbank infrastructure centers on the Saudi Arabian Riyal Interbank Express (SARIE), established in 1997 as a real-time gross settlement system linking all commercial banks for efficient fund transfers. In the 2000s, SARIE integrated with the Saudi Payments Network (SPAN), enabling seamless cross-bank ATM and electronic funds transfer at point-of-sale (EFTPOS) transactions across the kingdom. This linkage supports approximately 15,000 ATMs while ensuring compliance with Islamic finance standards, such as Sharia-prohibited interest in settlement processes, aligning with Vision 2030's push for a cashless economy.^[104]^[105]^[106]^[105] South Africa's BankservAfrica, with origins tracing to the 1965 establishment of early clearing mechanisms by the South African Reserve Bank, has grown into the continent's largest automated clearing house since its formal inception in 1973. It processes approximately 90% of the nation's electronic transactions, including cheques, cards, and real-time payments, handling billions of rands daily through platforms like PayShap. As a regional hub for the Southern African Development Community (SADC), BankservAfrica operates the Transactions Cleared on an Immediate Basis (TCIB) scheme, connecting 15 countries for instant low-value cross-border payments and supporting SADC-RTGS settlements.^[107]^[108]^[109]^[110] Across Africa, interbank networks increasingly integrate with mobile money platforms to enhance financial inclusion, exemplified by Kenya's M-Pesa linking with the PesaLink interbank system in 2025, allowing seamless transfers between mobile wallets and over 80 financial institutions. Pan-African efforts like the Pan-African Payment and Settlement System (PAPSS), launched in 2022 by the African Export-Import Bank, enable instant local-currency settlements across 15 central banks, with partial rollout achieved by November 2025 including an FX platform launched in March, aiming for full continental expansion to reduce forex dependencies and boost intra-African trade.^[111]^[112]^[113]^[114]^[111] Infrastructure challenges, particularly unreliable electricity in rural areas, are being addressed through solar-powered ATMs, which enable off-grid operations in regions like Nigeria and Kenya, reducing downtime and extending access to unbanked populations. These innovations, such as Diebold Nixdorf's solar models, tackle energy gaps while incorporating satellite connectivity for secure transactions, though scalability remains limited by high initial costs and maintenance needs.^[115]^[116]

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[23]
None
### Summary of Early 1970s Shared ATM Networks in the US
[24]
The Great Inflation | Federal Reserve History
The Great Inflation, from 1965-1982, was a defining macroeconomic period with excessive money supply growth, reaching over 14% in 1980, and caused by Federal ...
[25]
[PDF] PAYMENT SYSTEMS IN JAPAN
The network systems of each bank, such as ATMs, fund transfer and firm banking, are interconnected through a shared industry network for each financial industry ...
[26]
Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994
The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 removed many of the restrictions on opening bank branches across state lines.
[27]
The Network Becomes the Core of the ATM | Cash and Dash
This chapter deals with the growth of shared ATM networks during the 1980s, to explain how the rise of reciprocity and sharing effectively marked the end of the ...Missing: interbank | Show results with:interbank
[28]
[PDF] From ISO 8583 to 20022: Modernizing the card payment messaging ...
ISO 8583, used since the 1980s, has limitations like limited data capacity, lack of flexibility, and inefficient processing, making it less suitable for modern ...
[29]
A brief look at EuroPay - JLE Consultants
Jan 2, 2018 · Europay International was formed from the merger of two other companies, Eurocard International and Eurocheque International in 1992. Eurocard ...Missing: history precursor
[30]
[PDF] Emergence and Evolution of ATM Networks in the UK, 1967-2000
During the late 1970s and early 1980s proprietary ATM networks developed in the UK while the machines themselves transformed from simple cash dispensers to ...
[31]
[PDF] The Role of the EMV® Specifications | EMVCo
The EMV Chip Specifications have been implemented by various domestic debit networks. For example,. Interac in Canada reported over 6 billion EMV-enabled ...
[32]
[PDF] A Bibliometric Analysis Overview (2000–2020) - ZU Scholars
Aug 26, 2022 · This paper analyzes mobile banking development from 2000-2020, using 1206 research papers, and identifies mobile telecommunication systems as a ...
[33]
[PDF] Risk Management Lessons from the Global Banking Crisis of 2008
Oct 21, 2009 · The events of 2008 clearly exposed the vulnerabilities of financial firms whose business models depended too heavily on uninterrupted access to ...
[34]
[PDF] Visa-2025-Investor-Day_Segment_1.pdf
Feb 20, 2025 · Visa is a leading global payment network of choice for high-value consumers ... To expand Visa's reach, we launched our Network of Networks ...
[35]
BPC: Why 2025 will see more digital wallet interoperability
Jan 27, 2025 · In 2025, instant payments will continue transforming global commerce, offering instant, low-cost transactions across borders.Missing: Plus | Show results with:Plus
[36]
4 Types of ATM Communications
Jun 19, 2020 · Leased Line. Protocols such as SNA/SDLC utilize integration into your existing network. The machine connects directly to the host processor ...
[37]
How Automated Teller Machines (ATMs) Work - CONTROLTEK
The host processor acts as the intermediary between the ATM and the bank computer, and these three points are connected through a telephone network. Parts of an ...Missing: interbank | Show results with:interbank<|control11|><|separator|>
[38]
A Guide To ISO 8583: What You Should Know | IR
ISO 8583 is an international messaging standard for payments initiated with financial transaction cards, used for card-originated transactions.Missing: interbank 1990s
[39]
Network Topology for ATM and POS Systems
Jul 11, 2018 · I'm looking to understand the high-level architecture, topology, protocols and componentry of ATMs and POS systems work with banking institutions worldwide.<|control11|><|separator|>
[40]
Cryptographic Stack in Modern Interbank Payment Systems
Symmetric encryption standards are typically AES with 256-bit keys for new systems, while some legacy systems might still use Triple DES (168-bit) especially ...4. Swift Interbank Messaging... · Conclusion · Cryptographic Components...
[41]
EMV® Payment Tokenisation - EMVCo
EMV Payment Tokenisation enhances security by replacing primary account numbers (PANs) with unique, limited-use tokens, protecting payment data.
[42]
Flow exchanges for Cash Withdrawal with Payment Card - Paiementor
Dec 20, 2017 · In this article, we will look at a cash withdrawal transaction from the initiation to the funds transfer between issuer and acquirer.
[43]
https://postquantum.com/post-quantum/cryptograpy-interbank-payment/
[44]
What is ISO 8583 in banking? - Episode Six
Aug 6, 2024 · ISO 8583 is an international standard that defines the format and structure of electronic financial transaction messages.
[45]
All You Need to Know About ATM Processing | Edge One
Dec 27, 2022 · This post details how ATM transactions work, what transaction processing entails, what to expect regarding ATM processing costs, a brief word about ATM history.<|control11|><|separator|>
[46]
Star and Accel | Fiserv
STAR and Accel provide the anytime access to funds and payments consumers want – wherever and however they choose.
[47]
An independent, forward-thinking debit network - PULSE Network
PULSE is an independent debit network, not owned by a processor, that provides ATM access, powers the global ATM network, and is part of Discover Global ...Missing: Fifth interbank
[48]
About Us - NYCE
The NYCE Network provides consumers with secure, real-time access to their money, offering hundreds of thousands of ATM locations and millions of point-of-sale ...Missing: Discover | Show results with:Discover
[49]
About Interac Corp.
Transactions each day with Interac products. 300+. Financial institutions connected. #1. Most trusted financial company in Canada.*.Interac Debit · Interac Verified · Faster Forward Together · Our History
[50]
Faster Forward Together: A Vision for Canada - Interac
See our full history. Interac founded. Canada's major financial institutions join forces to establish a national network of automated banking machines (ABM's) ...Missing: ATM integration
[51]
PULSE ATM Network
PULSE is a domestic ATM network with global connections, providing access to over 400,000 U.S. ATMs, and also in Canada, Mexico and the Caribbean.Missing: Fifth interbank<|separator|>
[52]
Do Banks Need Surcharge-free Networks? - Profit Resources
Surcharge-free ATM access was an important competitive tool for smaller FIs including community banks and credit unions.
[53]
Survey: ATM Fees Hit Record High For Third Straight ... - Bankrate
Sep 10, 2025 · ATM fees are at a record high. The average total cost of using an out-of-network ATM is now $4.86. It consists of the average surcharge of $3. ...Key insights · ATM fees hit record high · ATM fees highest in Atlanta...Missing: interbank | Show results with:interbank
[54]
Regulation II (Debit Card Interchange Fees and Routing)
May 17, 2024 · Federal Reserve Board requests comment on a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit ...
[55]
North America Levels Up Real-Time Payments With Bigger Limits
Aug 6, 2025 · Real-time payments are gaining depth as U.S. and Canadian networks expand transaction limits, risk controls and real-world use cases.Missing: Interbank contactless settlement
[56]
[PDF] CARD PAYMENTS IN EUROPE – A RENEWED FOCUS ON SEPA ...
Apr 23, 2014 · This project has become known as the Single Euro Payments Area (SEPA) and has focused, above all, on credit transfers, direct debits, and card ...
[57]
Who invented the ATM? - Payments:Unpacked
Jul 9, 2020 · 1985: LINK cash machine network established. 1986: Matrix cash machine ... The LINK Network is a fundamental part of the UK's payments ...
[58]
How people use cash - Link Scheme
Around 95% of cash withdrawals are free of charge, but the number of withdrawals has fallen sharply in recent years. Consumers are choosing to use contactless ...
[59]
French bank imposes withdrawal fees for UK cards post-Brexit
Mar 21, 2022 · Several Connexion readers have reported that Crédit Agricole ATMs are now adding a €5 charge for withdrawals using UK cards, a fee which was ...
[60]
ATMs in Germany: locations, fees, and tips - Wise
Read our essential guide to ATMs in Germany, including where to find them, exchange rates, withdrawal limits and how to avoid fees.Missing: GDPR | Show results with:GDPR
[61]
ATM Pooling: Enhancing Efficiency and Reducing Costs in Cash ...
Jul 17, 2024 · Germany's Cash Group: A network of several major banks that share ATMs, providing customers with access to thousands of machines nationwide ...
[62]
https://www.link.co.uk/data-research/how-people-use-cash/
[63]
Cash empowers the individual through data protection
Jul 2, 2019 · Cash helps the individual to protect his privacy, even though it does not guarantee full data protection given today's digital environment.
[64]
Multibanco — Portugal's Banking Network | Qasa Qomigo
Oct 31, 2025 · Launched in 1985, Multibanco connects nearly every bank in the country into a single, shared system. What looks like a simple cash machine is, ...
[65]
Portugal's Payment Rails & How They Work – SEPA, Multibanco ...
Aug 26, 2025 · Portugal payment rails include SEPA, Multibanco, and MB Way. SEPA handles domestic and cross-border euro transfers. Multibanco Portugal is the ...
[66]
SEPA credit transfers | Banco de Portugal
Jan 28, 2008 · SEPA credit transfers allow bank customers to make credit transfers in euros anywhere in SEPA countries in the same way as they do at present in their own ...
[67]
Cash remains a key payment method in Europe, but its share ...
Jan 21, 2025 · More than half (52%) of all POS transactions were paid in cash in 2024. In the Netherlands, this figure is considerably lower at around one in five.Missing: interoperability | Show results with:interoperability
[68]
European Payments Study 2025 - zeb Consulting
Cash usage is steadily declining, while digital methods such as cards, mobile wallets, and account-to-account (A2A) payments are becoming the norm.
[69]
part 12 | OKI
In November 1975, Nippon Cash Service ("NCS"), a company established jointly by city banks, local banks, and mutual banks, began operating cash dispensers (CDs) ...
[70]
2024 Ratio of Cashless Payment Among the Total Amount Paid by ...
Mar 31, 2025 · The cashless payment ratio in 2024 was 42.8%, and the government goal of 40% has thus been achieved. METI will continue to make necessary improvements to boost ...<|separator|>
[71]
Pioneer in the Payment Industry in Indonesia - ATM Bersama
The ATM Bersama network is managed by Artajasa, which for more than 22 years has contributed and dedicated in building an electronic payment ecosystem in ...
[72]
ATM Bersama - Wikiwand
ATM Bersama is an interbank network in Indonesia, connecting the ATM networks of twenty-one banks. It was established 1993 and is based on the model adopted ...
[73]
[PDF] CGAP Regulation of Branchless Banking in Indonesia
Artajasa, a payment technology company, owns approximately 14,000 ATMs in the Bersama network; almost all of the remaining ATMs belong to Bank Central Asia's ( ...
[74]
Corporate Profile - Bancnet
It started operations on July 17, 1990. BancNet is the clearing switch operator for real-time electronic funds transfer, dubbed InstaPay, under the National ...Missing: size | Show results with:size
[75]
BancNet transactions hit 2B in 2024, up 41% - The Digital Banker
Feb 10, 2025 · BancNet has 110 members with a combined card base of over 121.2 million, and an extensive network of more than 27,600 ATMs, about 607,000 POS ...
[76]
Cash Out - When you need cash, GCash got your back
Use your GCash Mastercard at any Bancnet or GCash-affiliated ATM to withdraw. More. Right. Cash Out. Cash Out easily at a GCash partner near you. Order a GCash ...
[77]
[PDF] The evolution of real-time payments in the Philippines | Mastercard
BancNet has over 30 years of payments experience in the Philippines. Initially providing ATM services, they subsequently developed the Interbank Fund Transfer ...
[78]
About Us - LankaPay
From humble beginnings as an interbank cheque-clearing entity in 2002, LankaPay has evolved to become the operator of Sri Lanka's national payment network ...Life at LankaPay · Our Management · Our Directors · Corporate Details
[79]
Digital Transactions via LankaPay Outpace GDP of Sri Lanka
Dec 3, 2024 · In 2023, LankaPay's digital transactions exceeded the nation's GDP, emphasizing the transformative impact of digital payments on the economy.
[80]
Not the App but the Engine: LankaPay – The Network Driving the ...
Jul 9, 2025 · With over Rs45 trillion in transaction value processed in 2024, LankaPay is now targeting a shift of 30% of all cash transactions to digital.
[81]
Enhancing Regional Payment Connectivity Across ASEAN+3 ...
Apr 17, 2025 · By enabling payments in local currencies, the RPC initiative eliminates unnecessary steps, reducing both costs and transaction time.
[82]
How ASEAN is making instant cross-border payments a reality
Nov 17, 2023 · Their PromptPay and PayNow systems now enable instant, low-cost mobile transfers between the countries using just a recipient's phone number. ...
[83]
QR Code Payments: Asia Continues to Lead Global Surge in Usage
Apr 8, 2025 · Juniper Research found that the value of QR code payments in Asia Pacific will grow by 300% by 2029.
[84]
Pix En - Banco Central do Brasil
Pix is a Brazilian instant payment scheme created by BCB, enabling fast, easy, and affordable transfers, available 24/7, with no fees for people.
[85]
How digital payments drive Brazil's economic transformation - Thunes
Mar 19, 2024 · About 80 per cent of adults in Brazil use it, contributing to over three billion monthly transactions. Pix will soon offer the option to pay in ...
[86]
Use our ATMs in Brazil - Banco24Horas
Banco24Horas is the ATM network of major banks and brands in Brazil. There are more than 24,000 devices , located in more than 1,500 Brazilian ...Missing: coverage | Show results with:coverage
[87]
[PDF] Annual Report 2024
Created together with TecBan, Banco24Horas emerged as an innovative solution to consolidate multiple banking institutions into a single ATM. From then on, the ...Missing: underserved | Show results with:underserved
[88]
Brazil's Itau Unibanco and Rede announce October launch of ...
Jul 31, 2024 · Brazil's Itau Unibanco and Rede announce October launch of contactless Pix on 'Laranjinha' terminals (Portuguese) · Other Related News · Friday, ...
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https://www.thunes.com/insights/trends/how-digital-payments-drive-brazils-economic-transformation/
[90]
Financial institutions move to VISA and MasterCard as CariFS ...
Sep 2, 2020 · This country's five commercial banks and at two of the biggest credit unions are set to launch a new VISA/MasterCard automated banking machine (ATM) cards ...
[91]
Global ATM Locator - Visa
Discover the closest Visa ATM to you anywhere around the globe. Just type in your location and get a complete view of all the ATMs near you.
[92]
Latin America's Inflationary Past Draws Lessons About Fiscal and ...
Dec 6, 2023 · Historically marked by high inflation, Latin America offers a lesson on the effects of fiscal and monetary extravagance during crises.Missing: secure interbank networks
[93]
Auriga Helps Central America's Largest ATM Network
May 22, 2024 · Auriga, announced a new agreement with 5B, the largest ATM network in Central America, to modernise the network's fleet of over 2500 ATM's.Missing: Redclic | Show results with:Redclic
[94]
[PDF] BIS Papers - No 153 Fast payments and financial inclusion in Latin ...
This paper assesses how fast payment systems (FPS) promote financial inclusion in Latin America and the Caribbean, finding FPS go hand-in-hand with greater ...Missing: interbank | Show results with:interbank
[95]
Network International introduces direct to merchant payments ...
Feb 13, 2023 · For the past 20+ years, Network has been providing outsourced merchant and issuer payment processing services in Egypt to leading banks and ...Missing: history | Show results with:history
[96]
[PDF] Investor presentation Africa business line - Network International
Egypt. ✓ Acquired NPC Egypt, a specialist in ATM and POS management. ✓ Signed new customers across a further. 15 African countries (outside Egypt) for. Issuer ...Missing: interbank | Show results with:interbank
[97]
Network International invests EGP 1bn in Egypt's digital payments ...
Aug 27, 2023 · Network International will upgrade its payment technology and capabilities in Egypt to facilitate the shift from cash to digital payments. The ...
[98]
Egypt: Banking on a revolution - Euromoney
Sep 12, 2011 · Egypt's top bankers took extreme measures to ensure that the country's financial infrastructure did not break down as the Mubarak government ...
[99]
The Saudi Arabian Riyal Interbank Express (SARIE)
SARIE, or Saudi Arabian Riyal Interbank Express, is a system for Saudi banks to make and settle payments, linking all banks in the Kingdom.
[100]
[PDF] Payment, clearing and settlement systems in Saudi Arabia - CPSS
The Saudi Payments Network (SPAN) system handles all cross-bank ATM transactions and all POS transactions. The volume and value of transactions processed over ...
[101]
[PDF] Annual Economic Report 1965 - South African Reserve Bank
R93 million at the end of June, 1965. Some of these transactions were effected at rates. Page 34. exceeding the Bank's pattern by as much as. 0.25 per cent. An ...
[102]
[PDF] BankservAfrica and Lusis
Established in 1972, BankservAfrica's primary objective is to function as a clearing house for the South African banking and financial sectors. BankservAfrica ...Missing: history 1965 origins percentage
[103]
[PDF] BUSINESS REPORT - BankservAfrica | Business report 2024
This report outlines how BankservAfrica supports the stability of South Africa's National Payments System (NPS) and advances financial inclusion through ...Missing: 1965 origins
[104]
BankservAfrica TCIB
WHAT IS TCIB? Making it easy to digitally send and receive money instantly across the Southern African Development Community (SADC), the Transactions ...
[105]
Kenya's Payment Rails & How They Work – M-PESA, PesaLink ...
Aug 23, 2025 · In 2017, the Kenya Bankers Association created PesaLink Kenya to make it easier to move money across banks. The most popular mobile wallet in ...
[106]
M-Pesa to integrate with PesaLink, driving growth and financial ...
Jan 21, 2025 · Seeks to integrate M-Pesa, Kenya's leading mobile money platform, into the national interbank payment system, PesaLink.
[107]
PAPSS - Make instant and secure cross-border payments in local ...
PAPSS is a cross-border system enabling instant payments in local currencies across Africa, simplifying the complexities of cross-border transactions.How it works · About us · Network · Get connected
[108]
African payments system PAPSS plans to launch FX market platform ...
Mar 12, 2025 · The Pan-African Payments and Settlement System (PAPSS), backed by 15 central banks on the continent, expects to add the platform later this year.
[109]
Enhancing Africa's ATM Infrastructure: Centralized Management ...
Sep 4, 2025 · Additionally, the integration of solar power addresses the continent's energy challenges, allowing ATMs to operate independently of the grid and ...
[110]
ATMs still have a future in Africa, says Diebold
Oct 29, 2014 · Diebold's solar-powered ATM was created to address the problem of power outages in emerging markets. Major reasons cited for this large unbanked ...