20 June 2018

Machine to Machine technology in banking sector

Machine to Machine technology in banking sector

M2M is an acronym for Machine-to-machine which is used to describe any technology that enables automated wired or wireless communication between mechanical or electronic devices.  It allows networked machines to exchange information and perform actions without the manual assistance of humans.

As per the report given by Connected World Magazine, from the past few years, M2M technology is helping machines get more efficient refrigerators, HVAC i.e. heating, ventilation, air conditioning systems, and laundry appliances which are benefited from embedded sensors and electronically controlled  motors to run faster and perform better, at a lower cost. At present, M2M promises to do the same for companies by giving them a way to manage their machines more efficiently. Companies and service providers have access to key data that makes them more productive, cost efficient and also improve the way they respond to their customers’ needs. For example, a vending machine operator can find out exactly when its machine ran out of peanuts.

According to the report, M2M are used in industries like banking, where data security and control are of critical importance. One latest example comes from a company called WebNMS, www.webnms.com, which has brought M2M to the banking industry with a management solution for ATM machines called as the ATM Site Manager, which monitors both the ATM machines and passive infrastructure like air conditioners, cameras, lighting systems, battery banks, and door lock systems remotely and also generates actionable information in real-time.

RTU i.e. remote telemetry unit is a product, which communicates to machines through sensors and relays, and central management software based on the WebNMS framework. The RTU communicates to the central management system using multiple communication methods which include fixed line via Ethernet and cellular using GRPS i.e. general packet radio service and can also control SMS messages to communicate with the central management system.

The report says that, the remote management solution can capture real-time data such as daily customer usage patterns at the ATM based on the number of door openings, and also provides reports such as energy usage across sites or regions. Additionally, the system also allows operators to remotely set temperature ranges for air conditioners, control lights, and fans, and receive alerts about everything from smoke and intruder detection to power outages and room temperature. The operators must immediately access the key maintenance data on assets like breakers, switches, and transformers to address service issues immediately and correctly.

There is a huge rise in banking industry in ATM transaction costs that cover property, telecom, security, power management and cash management, which has resulted in lower operational savings and pressurized profitability. With an M2M solution like WebNMS, operators can take control of their assets over the air and get data out of communications between machines according to Prabhu Ramachandran, director of WebNMS and the banking industry can now use ATM machines to not only dispense money, but also use them to save some money as well.

Source: connectedworldmag.com

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