Uses of Telecommunications & ICT Banking

Automated Teller Machines (ATM) carry out some of the tasks of cashiers (tellers) withdraw cash (with or without receipt) requesting a mini-statement request a balance request new cheque book changing PIN deposit cash or cheques (some machines) card can be used at any ATM in the world withdraw cash in local currency

Credit/debit card used for Electronic Funds Transfer at the Point Of Sale EFTPOS goods paid for at point of sale using credit/debit cards money transferred directly from the buyer’s account to the vendors account transaction will be refused if not enough money in account with credit cards, buyer given a temporary loan to pay computer system at POS checks card not lost or stolen chip and pin reader reads account number and expiry date from the chip on the card customer enters PIN to confirm card belongs to them

Automated Teller Machines (ATM) ATM Process card inserted in ATM ATM reads sort code & account number from card stored on magnetic stripe card checked to ensure not reported lost or stolen ATM will requests customer’s bank record from the main database across telecommunications link ATM checks PIN in database matches PIN entered

Credit/debit card used for Electronic Funds Transfer at the Point Of Sale EFTPOS goods paid for at point of sale using credit/debit cards money transferred directly from the buyer’s account to the vendors account transaction will be refused if not enough money in account with credit cards, buyer given a temporary loan to pay computer system at POS checks card not lost or stolen chip and pin reader reads account number and expiry date from the chip on the card customer enters PIN to confirm card belongs to them

Cheques

Cheques used by retailers who don’t want to pay card fees used for sending money in the post uses Magnetic Ink Character Recognition (MICR) characters at the bottom of a cheque cheque number, sort code, account number uniquely identifies the account & the individual cheque cheques automatically processed by a ‘clearing house’ OCR used to read the amount on the cheque MICR used to read the cheque no., sort code & account no. cheques sorted to be grouped by the originating bank transaction is recorded & money transferred

Internet Banking Lloyds TSB demo: www.lloydstsb.com/ib_demo/flash/index.html