Learning path

Learn the ATM, and the money behind it

There is no school for this industry. People arrive from a bank branch, a field-service van, a card network or a software vendor, and pick up the rest by being on call. So start where the money does. A card transaction is approved in about a second; the money behind it may not move for three days, and that delay is the design rather than a fault. Everything the industry calls the back office exists to manage what happens in the gap.

Newest part

What to Carry Away

Three things: the end of the float, and what RTP and FedNow do and do not do to the card rails; the great risk trade-off, which relocates risk rather than removing it; and the primacy of data over speed.

The series

Follow one transaction all the way to the money

14 parts · 39:53 in full
Where it comes from

Every part is cut from a written analysis, and links back to the section it came from, so anything the video moves past quickly is there in full. Behind both sits the research on this site: the plants, the patents and the primary sources for how these machines and the money behind them actually work.