Banking Applications
EFT: A system that allows money to be transferred directly to a banks
computer system. When instructions are received, money is transferred
from one account to another
ATMs
These devices are used mostly to withdraw cash from a bank. This is done
by the person who needs the money inserting a bank card into the ATM.
The Machine reads the information encoded on the Magnetic Strip via a
MSR. The customer then types in a PIN Number to confirm they are the
real owner of the card.
Withdrawing Cash: Money can be taken out of the ATM and used as cash
by the user.
Depositing Cash/Cheque: Money or a cheque can be inserted into an ATM
to make secure deposits into your account without having to deposit
money using something such as envelope.
Checking account balance: ATMs have interfaces with many options such
as the ability to check the money in your account. The ATM collects data
from the magnetic strip on your card, sees how much money is in your
account, and displays it on screen.
Mini Statement: This shows you what you have used to purchases
something using either a credit or a debit card.
Mobile Phone Top-Up: When a card is inserted Into the ATM, select your
mobile phone operator and enter your phone number. Then select how
much money you want to put on your phone and it will take money out of
your account and top-up the phone.
Paying Bills: When the debit card is in the ATM you select Pay Bill and
scan the QR Code on the bill and then it will display the bill payment
details. Then confirm the payment and the bill will be paid.
Paper-based Statements: A Statement can be printed off from the ATM and
it shows you your full statement.
Credit/Debit Card Transactions
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Put your card in the machine
Transaction details are sent to payment processor
Details are passed on to credit card companys network
Card Company authorizes the purchase
The transaction is approved and sends notification back
Cheque Processing and Clearance
The information on the cheque has to be entered into the banks computer
system. Each cheque has to be put through an MICR to read the special
font on the cheque that holds the bank account and cheque number. The
handwritten part of the cheque is entered into the system using an OCR
Scanner.
Mobile Banking
This allows you to call a banks number and enter your account number
using the keypad on your phone, and then your PIN. Then pick the option
that suits your requirements and follow the instructions.
Internet Banking
Log onto the banks website using a username and password that you
have created. This allows you to check balances, pay bills and transfer
money using EFT.
Advantages of Internet Banking
24/7 use
Saves time and money since you dont have to travel
Data can be easily viewed and analysed as a spreadsheet.
Disadvantages of Internet Banking
Requires use of internet
People often prefer a personal service
If your account is hacked, money can be stolen from your account
PIN
Card
Number
Expiry
To see if the date is correct on the card
If the person is the rightful owner/ correct password
To see if the PIN number is correct
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The advantages of using online banking are that the banks are
online 24/7 meaning you can always use the bank without a
branch having to open. Also, this means that you dont even
need to leave the house to bank, as it can all be done
remotely from you home which save people travelling costs.
Finally, all data can be viewed easily and analysed using
things such as spreadsheets.
However, there are disadvantages to online banking as people
require the internet to use, which some people dont have
access to. Most people often prefer a more personal banking,
meaning that some people will not want to online bank due to
the actual experience. Also, your account could be hacked
online, and this means that money could be easily stolen out
of your account.
The customer is first asked to type in their PIN. If the PIN
is correct then the transaction takes place and the
customer is asked what service is required. If they ask to
withdraw cash, the card is checked to see if the account
has sufficient funds. If the amount is checked and is ok,
then notes are released and the card is returned
