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1. See diagram over page for Input and output devices
This kind of interface is an interactive interface with buttons. I
think this would be improved considerably and the ways that I think
will be improved by more security on the machines. I think they will
have devices like retina scans, voice activation and thumbprints. At
the moment the only security is PINS and cards but they can be stolen
and I think they will improve the security more.
2. The process for a customer obtaining cash is called transaction
processing in real time.
This kind of processing is called transaction processing. If the cash
withdrawal is required, the customer enters the amount they want from
the machine. This is then checked against the balance of the account
and if funds are available of the account, the machine dispenses
money. Also at the same the amount from the account is subtracted from
the balance on the customer's record on the bank computer. When it's
finished the card releases back the card to the customer.
[IMAGE]Other services are available are withdrawal of cash, ordering
of statements, requests for new chequebooks and obtaining the balance
of the account.
To the Bank
Employs fewer people
High level of security needed
It is cheaper than paying staff
Hackers could break into the machines
Less need to build banks and money could be used elsewhere
Employees loose their jobs.
To the customer
It is fast.
Credit cards could be stolen
It can be accessed anytime
The magnetic strips can be damaged by the ATM
They can get it anywhere
The card has to be replaced from time to time
3. Bank cards, credit and debit cards
Diagram front and back
PIN stands for Personal Identification Number, it acts like a
password, and the user enters it to the ATM keypad to verify that they
are the account holder. The PIN helps to reduce fraud.
The information stored on the magnetic strip is account numbers, bank
sort code, system number, cheque digit
Task two - Cheque clearing
There are three sets of numbers printed along the bottom of the cheque
using magnetic ink and machines can automatically read these numbers.
MICR stands for Magnetic Ink Character Recognition, it works by
inputting special ink onto cheques and the ink then is magnetised. The
limits are that very few characters could be recognised but it can be
read quite fast. The special ink then is recognised by using a process
called MICR. It's used on cheques because it has high security and if
the special has been tampered on, the computer can still read the data
on the special magnetised ink.
The cheque clearing process is called Transaction Processing; it
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together. But in terms of cheque clearing it means storing loads of
cheques together for a day, then processing the data on the cheques
using a computer.
Stages of Cheque clearing
1. A cheque is given off from one person to another.
2. The person who receives the cheque turns the cheque into the bank
3. The bank prints the amount of money using MICR on the right hand
side if the bottom line of the cheque.
4. If the cheque comes from an account belonging to the sane branch as
the person who gave the cheque, the cheque details are entered into
the branch computer, where the amounts in both bank accounts involved
are adjusted accordingly.
5. If the cheque comes from a different bank or another branch then a
process called clearing takes place.
This is basically what happens: -
· Cheque goes to the banks main clearinghouse, used by all its
· Cheques are swapped with those from other banks, so that each bank
receives all its own cheques.
· The bank computer reads all the cheques and sorts them out in
· The cheques are sent back to branches where the accounts are held in
order to check details, such as signatures.
· If any problems aren
Cheques are processed using BATCH PROCESSING
Task Three - Electronic Funds Transfer
1. EFT stands for Electronic Transfer Funds and this is when someone
gives credit without giving cash and they use a card instead.
BACS stands for Bankers' Automated Clearing System. BACS is when
someone swipes a card and data is transferred to the banks main
computer and that computer authorises if that person is eligible to
the amount desired and this is done very quickly and it's
automatically cleared by the banks system. This is linked to EFT by
the cards, the shopkeeper swipes the card and data goes to the main
computer and authorisation of withdrawal is given.
EDI stands for Electronic Data Interchange and its computer to
computer exchange of data in standard format. Information is organised
to a specified format set by both sides, which allows off line
computer transaction, which requires no human intervention or
· Reduces cycle times
· Increases Productivity
· Reduces costs
· Improves Accuracy
· Increased Cash Flow
· Minimises paper uses and storage
· Expensive to set up
· People loose their jobs
· Computers could be hacked
· Expensive to maintain
2. Debit credits and switch cards how they differ.
Takes the money straight from the account.
Money is taken from the account monthly
Cards can be programmed
Money is taken straight away from account
Money is limited.
High loans can be given.
There are high interests rates
You can have cash back option
It could be stolen
EPOS stands for Electronic Points of Sale
How money is transferred from the customer to the bank accounts?
The card is first swiped, then the information on the card is sent to
the banks main computer, and then the computer then checks if the
personal is eligible for the transaction. Then it sends back
information shopkeeper and prints out a receipt if it's authorised,
but if it weren't the shopkeeper would ask for another card.
EFT and shopping
People will be dependant on cards
No need to the bank and withdraw money.
Cards can be imitated
Less needs to carry cash.
Cards can be stolen
Its easy to use
Less money in circulation
Social issues are that there will be less money in circulation and
soon they will be 'extinct' because the all the money is being
transferred electronically. Also people are getting too dependant on
technology, if something goes wrong, more hassle will be caused. But
with money it's hard to go wrong except forgery.
Task Four - Shopping
1. Shopping over the Internet
To the customer
Can shop from home at their convenience.
Hackers could obtain account details
Easier to compare prices
There are some bogus companies
You don't always know how the product looks like
To the shops
Less staff needed to maintain company
More security is needed to stop hackers
Less money needed to maintain company
2. Loyalty Cards
What are they? Loyalty cards are given to customers who buy something
from their outlets and whenever they buy something, the card is
swiped. The customer is usually rewarded with discounts and vouchers
when their spending rises at a certain level. Also the store keeps a
database of what the person has bought and they can use the
information to send personalised mailshots.
To the customer
Vouchers would be given
There would be more junk mail
Discounts would be given
Customer would only go to that shop.
Customer gets addicted to the rewards
To the shops
They can identify potential customers for certain products
The cards need to be replaced from time to time
There would be more customers
Cards can be reproduced
Task Five - Home Banking and Personal Finances
Tele-banking - touch tone
Uses the buttons like * # on a phone to banking.
Touch tone recognition software
Tele-banking - voice
This is done by when the person talks to staff and banks.
On -line view data
This is done from home with a personal computer
To the customer
Can be accessed anytime
PIN and account details can be stolen
Can be used from Home
Dependant on a phone line
Can be used anywhere
Hard to use
To the banks
Paper costs are lower
Staff loose their jobs
Less storage space needed
High level of security needed
Less staff needed
Accounts are still broken into and used by hackers
2. Personal finance software
Name of software
Features of software
Online banking/bill payment
Schedules -future transaction
Managing Budgets-built in graphs
Reports: Account balance, currency history, income VS expenses, cash
flow, missing cheques, Net worth, VAT/GST and transaction
Analyst estimates, mutual fund ratings, different impacts on personal
Tax sorting, schedules, transactions, number of shares.
Gross proceeds, online accounts, capital loss/gain.
3. The main difference between managing a personal finance and
modelling personal finance software is that the managing does what is
told to do. For example: the cash flow of an account. Modelling
finance is completely different to a managing one because the
modelling one always plans ahead and it always gives the possible
outcomes of certain decisions and the managing one doesn't.
I think the sort of application would be suitable is Quicken 2003
because it has features on it that which plans ahead or predicts the
possible outcomes. The features, which made my decisions, were
analytic estimates, schedules, estimated federal tax, effects of
income VS expenses etc.