View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
March 7, 1988


By CBR Staff Writer

Matrix – the automated teller machine network set up by Electronic Funds Transfer Ltd in October 1983 – and the Bank of Scotland have announced that a reciprocal linking of their cash dispensing networks will go into operation from March 21. This arrangement will bring together the 650 Matrix cash machines located in branches of the Nationwide Anglia, Woolwich Equitable, Alliance & Leicester, Leeds Permanent, National & Provincial, Bristol & West and Bradford & Bingley building societies with the 304 Bank of Scotland autotellers, to create the largest UK cash machine network available to building society cardholders. It will also mean that Bank of Scotland customers – who can already use Barclays Bank, Lloyds Bank and Royal Bank of Scotland cash dispensers – will have access to more automated teller machines in the UK than any other bank. From the companies’ point of view, the scheme has enormous geographical benefits: with the exception of 12 London and 11 provincial branches, Bank of Scotland’s cash dispensing activities are confined to Scotland, while 95% of Matrix cash dispensers are based in England and Wales. New shared transactions will be linked to home terminals through IBM’s Managed Network Relay centre at Warwick: joint one year development costs for the project have been put at UKP300,000. Matrix estimates that 1,300 cash dispensing units will be in operation by 1989 and claims that use of the network is growing by 15% per month, while the Bank of Scotland dispensed a total of UKP757m in 19.9m separate transactions during 1987. Keeping the things filled is a problem and the Bank ordered 11 high-note capacity NCR cash dispensers to replace existing IBM equipment in key outlets, and has been forced to abandon UKP5 notes throughout the dispensing process. The Bank of Scotland is the first bank to join the Matrix network, and proudly claims to be the only bank currently offering any kind of real-time balance updating: a customer with a cash limit of UKP100 who withdraws UKP50 will subsequently be told on a balance slip that a remaining UKP50 can be withdrawn during that particular banking day.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.