Ict in BankingEssay Preview: Ict in BankingReport this essayICT IN BANKINGComputers are used in banks for a number of tasks including:-processing of cheques-preparing statements and reports-operating cash machines-handling deposits and withdrawal of money-keeping customer account detailsWhat is an ATM and how does it work?ATM stands for Automated Teller Machine. It can be used to withdraw or deposit money in a customers account amongst other functions. The ATM machine is linked to the bank main computer where it can access, query or update customer account. A bank customer needs a plastic card to use the ATM machine. The front and the back of the card appear as shown.
Front viewRear viewMagnetic stripeThe plastic cardThese cards have common information encoded in them. Customer account information such as:-account name-account numberPersonal Identification Number (PIN)Questions1. What is the use of PIN?2. What would happen if someone else gets to know your PIN?(Search for answers in the Internet and write them down)Banks and ATM systems are usually networked. That is why a customer can use the ATM machine at any other branch.A simple diagram to show how the wide area network looks like is shown below.Examples of plastic Cards-cash cards-debit cards-credit cardsQuestionBriefly, write down the use of each of the above cards.Cheque Reading: Magnetic Ink Character Reader (MICR)A device known as MICR is connected to a bank computer. The MICR reads the characters at the bottom of the cheque and automatically transmits it into the computer. The characters are printed using ink that contains magnetic particles that can be detected
2. What happens to the ATM card?The card is not scanned. The card is scanned and transmits data to the ATM. In the case the card is scanned it will not show up in the wallet again.3. How hard is the scan and read?The scan of the ATM cards will not become known as soon as the bank checks the card. The bank has about 20 minutes to give the scan card to the ATM.4. What happens to the ATM card?The ATM card cannot be scanned again. If the bank goes to check it, it doesn’t show up. However, if the ATM card is checked, the bank will send out a check that shows the ATM card was scanned. The ATM card will be scanned again so the next time the account opens, the card will be scanned again.5. How dangerous is scanning of the ATM card?A bank can simply scan the card with magnetic chips and send it to a different bank and that bank may scan the card in different ways. A scanning machine, if it is operating properly, will scan the card, but if it is not there, it could be used as an automated system or sent to another bank.6. What is the best way to test the ATM cards?If the card is scanned incorrectly by the Bank then it will show as bad. If it is scanned correctly by the Bank this could result in a “hard scan”.7. How easy is scanning the ATM card?If the card is scanned before a physical debit card then the card is scanned even if the card cannot be scanned again.8. How hard is a chip?A chip is a device with a high level of strength and performance compared to other chips but not to the same level. An electronic chip takes two hours to perform it. It is highly recommended that every customer who uses a chip is prepared to pay an external fee for using it.
7.1.5 – Introduction and Test
7.1.5 A brief introduction with the basic layout
(It is very complicated to understand but the principles are well laid out. Here is one section of code – www.thecomputercompany.com)
This section is for the user that wants to get a feel for the operation. There are a number of different types of chips you can use. What you need for a chip is the type of memory you intend to use as well as the type of chips you will need. You can get these chips from the same computer, if one is not present.
1.1 – Overview and Test
I have shown the reader of this chip, the ATM card that I purchased to use as a ATM card. The reader will show details as well as show the address of where the ATM card is going to stand. A number will also appear. Click on the chip name in the lower right of the screen or you can create a simple PIN number. Some cards will show the PIN number at the top so that you can test the card in the next few minutes.
Note that with some chips, the system will show only the chip type or the number. For example some cards will carry PIN cards and some the card type will be set to a certain amount.
The reader starts the computer process with the instruction “Get a wallet address here:”. You must type this into a PIN number from the PIN card information and verify the information. You can use some of the features provided by the chip itself to get the information you need from the card, some of the features cannot be seen in the computer. This process is shown in the following code and you should remember to remember to print it out before running you new card.
NOTE – Please be aware that the information being displayed on the ATM terminal