In the age of modern technological improvement, banking industry of Bangladesh has stepped into a new horizon for banking, namely Electronic Banking. ATM (Automated Teller Machine) is one of the most demanding and latest technologies introduced in Electronic Banking system. A shared ATM / Point of Sale (POS) switch is of significant convenience to customers of its member banks by providing anytime, anywhere banking. This paper focuses on different aspects, problems, prospects and development of E-cash, a shared networking of ATM used by six banks in Bangladesh and maintained by Electronic Transactions Network Ltd (ETN). Strategies and directions for the development of this ATM network in Bangladesh are also highlighted here.