Banks and credit unions are facing a significant overhaul in the near future, so it is important to assess current ATM capabilities. Microsoft ended support for Windows XP on April 8, which will impact thousands of ATMS around the world, according to eWeek. Financial institutions will have to migrate data to Windows 7.
In addition to this significant change, some banks and credit unions are assessing whether they should transition to EMV chip cards for their customers and members, Payments Journal reported. Based on evidence from financial institutions in Europe, ATM fraud was cut by more than one-third after the implementation of EMV chip and PIN credit cards. As adoption of these cards increases in the U.S., banks and credit unions will need to watch for new developments in this area. The article pointed out that some financial institutions are teaming up with retailers. Consumer-facing businesses will need to implement EMV systems as well, and banks can create a similar timeframe.
ATM upgrades are significant, but not a crisis for banking industry
While many see the migration to Windows 7 as a complete overhaul for the financial industry, it should not be seen as a cause for panic, eWeek stated. Microsoft adheres to the strict compliance standards of the Payment Card Industry.
Additionally, many banks and credit unions already run their ATMs on highly secure networks, which means that changing machines over from XP to Windows 7 will be safer than migrating other connected devices, the article pointed out.
Windows is an industry standard, and financial institutions can receive a great deal of support from the system because of its multi-vendor capabilities. While banks and credit unions are still concerned with the ATM migration to Windows 7, following the correct protocols can make the process easier. While it will take some time to switch all ATMs to the new operating system, the changeover will be partially controlled by financial requirements and compliance.
May 21, 2014