Interbank network
Encyclopedia
An interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the ATMs
of different bank
s and permits these ATMs to interact with the ATM cards of non-native banks.
While interbank networks provide capabilities for all ATM card
s within the same network to use other banks' ATMs that belong to the same network, the services vary. For instance, when a person uses their ATM card at an ATM that does not belong to their bank, the basic services, such as balance inquiries and withdrawals, are usually available. However, special services, such as the purchase of mobile phone
airtime, may not be accessible to ATM cardholders of banks other than the ATM cardholders of the acquirer (the bank that owns the ATM). Furthermore, banks may charge a fee to users of cards that do not come from their own bank (in addition to any fees imposed by the bank of the card the person is using).
Interbank networks are convenient because people can access the ATMs of other banks who are members of the network when their own bank's ATM is unavailable. Such is especially convenient for travelers traveling abroad, where multinational interbank networks, like PLUS or Cirrus
, are usually available.
Interbank networks also, through different means, permit the use of ATM cards at a point of sale
through the use of a special EFTPOS
terminal where ATM cards are treated as debit card
s.
Automated 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...
of different bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s and permits these ATMs to interact with the ATM cards of non-native banks.
While interbank networks provide capabilities for all ATM card
ATM card
An ATM card is a card issued by a bank, credit union or building society that can be used at an ATM for deposits, withdrawals, account information, and other types of transactions, often through interbank networks.Some ATM cards can also be used:* at a branch, as identification for in-person...
s within the same network to use other banks' ATMs that belong to the same network, the services vary. For instance, when a person uses their ATM card at an ATM that does not belong to their bank, the basic services, such as balance inquiries and withdrawals, are usually available. However, special services, such as the purchase of mobile phone
Mobile phone
A mobile phone is a device which can make and receive telephone calls over a radio link whilst moving around a wide geographic area. It does so by connecting to a cellular network provided by a mobile network operator...
airtime, may not be accessible to ATM cardholders of banks other than the ATM cardholders of the acquirer (the bank that owns the ATM). Furthermore, banks may charge a fee to users of cards that do not come from their own bank (in addition to any fees imposed by the bank of the card the person is using).
Interbank networks are convenient because people can access the ATMs of other banks who are members of the network when their own bank's ATM is unavailable. Such is especially convenient for travelers traveling abroad, where multinational interbank networks, like PLUS or Cirrus
Cirrus (interbank network)
Cirrus is a worldwide interbank network operated by MasterCard Worldwide, and was founded in 1986. It links MasterCard, Maestro, Diners Club credit, debit and prepaid cards to a network of over 1,000,000 ATMs in 93 countries....
, are usually available.
Interbank networks also, through different means, permit the use of ATM cards at a point of sale
Point of sale
Point of sale or checkout is the location where a transaction occurs...
through the use of a special EFTPOS
EFTPOS
EFTPOS is the general term used for debit card based systems used for processing transactions through terminals at points of sale. In Australia and New Zealand it is also the brand name of the specific system used for such payments...
terminal where ATM cards are treated as debit card
Debit card
A debit card is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution...
s.