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  • Level: GCSE
  • Subject: ICT
  • Word count: 1641

Automated Teller Machines

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Task One Automated Teller Machines 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. Other services are available are withdrawal of cash, ordering of statements, requests for new chequebooks and obtaining the balance of the account. ...read more.


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 re-keying. Advantages Disadvantages * 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. Differences Debit card Takes the money straight from the account. ...read more.


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 Money Dance Protects privacy 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 Quicken 2003 Analyst estimates, mutual fund ratings, different impacts on personal life. 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. Money Shopping and Banking Joynal Ahmed Page 4 Money and banking word frame.doc ...read more.

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