Comment: Link’s decision to withhold a cut to the fees ATM operators receive from banks
In response to Link’s decision to withhold a cut to the fees ATM operators receive from banks, Jim Tomaney, chief operating officer at global payments specialists Renovite Technologies, said:
“Much of the technology that currently underpins the ATMs we use on the high street is outdated, having largely been developed in the 1980s. This makes adding any new functionality to ATM machines a less appealing prospect for suppliers as the cost of adding anything innovative is perceived as too high. However, the fact of the matter is if they updated their technology, they could do more at a lower cost than under the current infrastructure.
“If current ATM technology was more appropriate to the kind of services consumers have come to expect in 2018, far beyond simply withdrawing cash, it is likely we’d see ATM usage increase. The consumer experience could be as good as going into the bank itself and speaking with someone who actually works there.”