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Banking Applications
By Granieri, Ikeda and Jastrebow
Avatar de martina ikeda
martina ikeda
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7m

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A very common use of EFT is when a large business pays its employees’ salaries.

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Transfer instructions can come from other banks or from businesses.

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Where the computer system automatically transfers the specified amount from one account to another.

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Is a system that allows money transfer instructions to be sent directly to a bank’s computer system

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The  hole process took 3 working day

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A chque could be returned umpaid because...

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A chque could be returned umpaid because...

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the costumer has not got enough money in their account.

is has not been signed, dated or written correctly.

it is fraudulent for some reasson.

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The paying bank checks if there is all in conditions to continue with the process. Based on this information the bank desides whether to pay the cheque or return it.

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Once there the digital signature is checked and the cheque is passed through their own reader/sorter machine, to make sure the data matches with the IBDE file, it also sort the cheques into BRANCH ORDER

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6) The exchange center then passes the cheque back to the paying bank wich send it to its own clearing centre.

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5) the company's bank sent delivers the cheque to an exchange center.

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4) Every IBDE is signed by a digital signature so that the receiving bank could be sure that the data hasn't been tampered with.

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3) All cheques are then sorted using their sort codes, ready for sending it to the exchange center.  the data read on the cheque is converted into an encrypted file, known as IBDE.

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2) There the cheque is processed by first of all passing through a reader/sorter machine that automatically reads, The amount of the cheque and the code line.

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1) Once received The companies bank sent the cheque to a centralized clearing center.

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How the comppanie's bank acount credited with the payment?

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Imagine Someone pays a cheque, to for example a companie.

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1- The PIN is entered.
2- The card is checked to see its validity.
3- The PIN of the card is compared to the one keyed in.
4- If they are the same, the transaction proceeds.
- If they aren't the same after the third attempt, the transaction is terminated.
5- The restaurant's bank contacts the customer´s bank.
6- A check is made, if the customer has enough funds.
7- If there aren't enough funds, the transaction is terminated.
8- If everything is OK, the transactions is authorized.
9- An authorization code is sent to the restaurant.
10- The price of the meal is deducted of the customer's account.
11- That amount of money is added to the restaurant's account.
12- A receipt is produced as a proof of the transaction.

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It was created to enhance security

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Are found in many credit cards

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- Slow
- Complex to navigate

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-  No need to have a computer
- It's possible to talk with another person

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Similar advantages

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- The customer calls the bank
- The customer keys in their account number
- They have to enter or select numbers of their PIN
- Then they receive various options that are:
press 1, for their balance
press 2, for a money transfer
press 3, to pay a bill
press 4, to talk with a bank representative
- Finally, the customer chooses one of the options

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- check their balances anywhere around the world.
- pay bills or transfer money to another accounts.
- talk with a bank representative.

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It uses a telephone

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Similar

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-Companies can’t save money since few were staff is needed.
-The potential customer base is increased.
-There will be some increased costs due to the need of retrain staff.
-There will be costs due to the setting up and maintaining of websites.
-This could lead to a drop in customer loyalty as there are little interaction with customers.
-Robberies are less likely.
-If you were security staff need to be hired.

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Disadvantages of online shopping and banking

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Disadvantages of online shopping and banking

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-There’s a possibility of isolation and lack of socialization.
-There are possible health risks due to a lack of exercise.
-There are security issues concern to viruses and other malware.
-Using fraudulent bank or shopping sites is always a risk.
-It is necessary to have a computer and to pay for the Internet.
-It is only possible to see a picture of the good witch my not portray the exact product.
-Some shops are closing because of the increase in online shopping or banking.
-It is easier to make errors and transfer money incorrectly to different accounts.

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Advantages of online shopping and banking

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Advantages of online shopping and banking

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-Activities can be done from home.
-It helps reduce town center congestion and pollution.
-Users have access to a world wide market into cheaper products.
-It is less time consuming.
-Disabled and elderly people, can now access any shop or bank without leaving home.
-It can be done at any time.
-It gives you spare time.
-You don’t need to have a face-to-face discussion with bank stuff.
-The shops or banks save money as they dont have to hire many employees.

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It allows you to transfer money, pay bills, ordering of statements and so on.

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It requires good seurity

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-Located at places where theft can occur.
-Some banks charge costumers for using them.
-ATMs can be set up to gather information about the card and retain it.

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Place where a costumer can carry out certain banking activity using credit or debit card.

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Technology has revolutioned banking transactions.