Interbank network

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An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institutions which is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network.

However, the functions which may be performed at the network ATM vary. For example, special services, such as the purchase of mobile phone airtime, may be available to own-bank but not to network ATM cardholders. Furthermore, the network ATM owner may charge a fee for use of network cards (in addition to any fees imposed by the own-bank).

Interbank networks enable ATM cards to have access to ATMs of other banks who are members of the network when their own bank's ATM is unavailable. This is especially convenient for travelers traveling abroad, where multinational interbank networks, like Plus or Cirrus, are widely 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 cards.

Around the world[edit]

Brazil[edit]

In Brazil, the major interbank network is the Banco 24 Horas network.

Caribbean[edit]

In the Caribbean, the major interbank network is the ATH network. Most banks issue dual ATH and MasterCard/Visa cards, using the ATH network for ATM transactions and MasterCard/Visa for EFTPOS transactions. Some banks (such as BanReservas) issue ATH-only cards which use the ATH network for both ATM and EFTPOS transactions.

Indonesia[edit]

In Indonesia, there are a number of ATM networks. Transfers between accounts is also possible by using these networks, even to an account in a different network; all one needs is the Bank code of the destination bank and the account number.

Japan[edit]

In Japan, many Electronic funds transfer interbank networks exist.

Inter-network banking funds transfer is case-by-case. Yucho is the only network that accepts worldwide interbank network such as Cirrus and PLUS and so.[1]

Portugal[edit]

Main article: Multibanco

Multibanco is the single unified interbank network in Portugal, that links the ATMs of all Portuguese banks. This network has existed since 1985 and is owned by SIBS (Sociedade Interbancária de Serviços). Multibanco is a fully integrated interbank network and offers many more services than those usually found in other countries' networks.

Multibanco also has a full-fledged EFTPOS network, the Multibanco Automatic Payment, and is also a provider of mobile phone and Internet banking services through the TeleMultibanco and MBNet services, respectively. It is also the provider of the Via Verde electronic toll collection service.

See also[edit]

References[edit]

  1. ^ Japan Post Bank. "Internal ATM Service". Retrieved 3 December 2011.