ALTO
Encyclopedia
ALTO is an interbank network
in Indonesia
. It was founded on 1994. ALTO is owned by PT ALTO Network.
(ATM) was introduced to Indonesia, providing cardholders with around the clock banking services for the first time. Within a few years, many Indonesian banks had followed suit. The country's sole financial network provider at the time primarily serviced the central government
, which prompted the formation of the ALTO shared network, with the support of its founding members: Bank Lippo, Bank Bali, and Bank Internasional Indonesia. Utilizing methods and technologies similar to those employed by global giants MasterCard
and Visa, ALTO finalized its structure and process 1993 and began commercial operations in August of the following year, with approximately 180 ATMs plugged into its network. In September 1994, a banker's conference was convened to introduce the network to local industry leaders. The response was tremendous, and, within a year, ALTO took on an additional 11 members, bringing the total number of member banks to 14.
The Asia
n economic crisis of 1997 hit the banking industry with a vengeance, forcing many financial institutions to close their doors, merge, or be recapitalized
. Yet, despite the global recession, ALTO retained 9 of its 14 member banks, remained profitable, and, today, is an industry leader, with assets totaling IDR
40.8 billion as of December 2001.
, Bank Hana, Bank Harda, Bank International Indonesia Maybank, Bank Nusantara Parahyangan, Bank Panin, Bank Permata
, BPR Eka Bumi Artha, and Citibank Indonesia
.
Interbank network
An interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks....
in Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
. It was founded on 1994. ALTO is owned by PT ALTO Network.
History
In 1984, the automated teller machineAutomated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
(ATM) was introduced to Indonesia, providing cardholders with around the clock banking services for the first time. Within a few years, many Indonesian banks had followed suit. The country's sole financial network provider at the time primarily serviced the central government
Government
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
, which prompted the formation of the ALTO shared network, with the support of its founding members: Bank Lippo, Bank Bali, and Bank Internasional Indonesia. Utilizing methods and technologies similar to those employed by global giants MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
and Visa, ALTO finalized its structure and process 1993 and began commercial operations in August of the following year, with approximately 180 ATMs plugged into its network. In September 1994, a banker's conference was convened to introduce the network to local industry leaders. The response was tremendous, and, within a year, ALTO took on an additional 11 members, bringing the total number of member banks to 14.
The Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
n economic crisis of 1997 hit the banking industry with a vengeance, forcing many financial institutions to close their doors, merge, or be recapitalized
Capitalization
Capitalization is writing a word with its first letter as a majuscule and the remaining letters in minuscules . This of course only applies to those writing systems which have a case distinction...
. Yet, despite the global recession, ALTO retained 9 of its 14 member banks, remained profitable, and, today, is an industry leader, with assets totaling IDR
Indonesian rupiah
The rupiah is the official currency of Indonesia. Issued and controlled by the Bank of Indonesia, the ISO 4217 currency code for the Indonesian rupiah is IDR. Informally, Indonesians also use the word "perak" in referring to rupiah...
40.8 billion as of December 2001.
Members
Members of ALTO include Bank Artha Graha, Bank Bukopin, Bank Danamon, Bank Ekonomi, Rabobank IndonesiaRabobank
Rabobank is a financial services provider with offices worldwide. Their main location is in the Netherlands. They are a global leader in Food and Agri financing and in sustainability-oriented banking...
, Bank Hana, Bank Harda, Bank International Indonesia Maybank, Bank Nusantara Parahyangan, Bank Panin, Bank Permata
Bank Permata
- Bank Bali :PT Bank Permata Tbk was established in Indonesia on December 17, 1954 based on the notarial deed No. 228 of Eliza Pondaag, S.H., substitute of Raden Mas Soerojo, S.H., notary in Jakarta...
, BPR Eka Bumi Artha, and Citibank Indonesia
Citibank Indonesia
-History:Citibank has had a presence in Indonesia in one form or another since 1918 when its precursor, The International Banking Corporation, set up branches in Batavia and Surabaya...
.