In 1997, Asian Economic Crisis invaded Indonesian banking industry. Many banks closed, merged or recapitalized.
In 2007, ALTO expanded the business to Money Transfer Operation. In 2009, ALTO developed Mobile Air Time Top Up for all telecommunication provider in Indonesia. The newest business start up from ALTO is Boston School of Banking and Finance, which focused in education for the future banking employers. The other start up is a payment service named ALTO Cash.
In November 2013, ALTO made a joint venture with Seven Bank, who is a Japanese ATM network, named PT. ATM. The goal is to developing ATM business in Indonesia.
The members in ALTO Network are every financial institution or bank which registered as member in ALTO Network. The membership is open for all Bank Indonesia clearing participant.
The partners in ALTO Network are every companies which provide biller service and delivery channel service owner.
The merchants in ALTO Network are every business entity or individual which participated in Debt Card Service Facility utilization and incorporated in ALTO Network.