Verizon announced Thursday that it's selling a wireless router banks can plug in the back of their automated teller machines.

The innovation will give financial services companies greater flexibility in where they place the devices. Traditionally, these machines have been hard-wired into fixed locations.

The service will be run on Verizon's 4G LTE network. These so-called Managed Wireless ATMs will encrypt information sent from a customer to the bank's servers similar to the way ATMs work over land lines.

"Historically, ATMs have been difficult to deploy to specific or temporary locations and have offered banks limited revenue-generating potential," said Scott Eason, Verizon's global vice president of financial services and retail in the company's enterprise solutions division. The new ATMs should help banks lower their total cost of ownership for ATMs, while providing convenience and flexibility, he said.