Academic journal article ABA Banking Journal

Tech Tip: Banks Find Savings in the Sky

Academic journal article ABA Banking Journal

Tech Tip: Banks Find Savings in the Sky

Article excerpt

Upgrading your communications systems? Don't rule out satellite-based services, which may be cheaper to use than land-based ones. Banks large and small are installing satellite systems for transmitting automated teller machine and other electronic funds transfer data and for linking branches over a large geographical area.

First National Bank in Alamogordo, N.M. ($125 million in assets), for example, will link its seven ATMs via a satellite with the Moneymaker EFT service from outsourcer Affiliated Computer Services (ACS), Inc., Dallas. Pete Cook, First National's president, says the bank is considering using ACS for its data processing as well. That arrangement would use the same satellite, he notes.

Additional services could be brought into the bank through the same satellite. ABA, for example, offers a satellite-based information service called Skylink that transmits regulatory and legislative news as well as training and management information to banks around the country.

Users of the ACS satellite service either purchase or lease a satellite dish that sends and receives signals. ACS says the link is operational 100% of the time, assuming the dish is kept free of ice and snow. …

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