Electronic Monetary Processing



Applications of ICT

Year 12

Revision Exercises

Topics covered:

• EFT

• ATM

• Batch processing

• Virtual Reality

• Simulations

• Computers in Control

• Data Logging

• Robots

• On-line Services

Electronic Monetary Processing

Electronic Funds Transfer (EFT) – funds are transferred electronically between bank accounts. During a typical EFT transaction a customer pays for goods/services to a retailer using a credit/debit card. Swiping the card using a special magnetic stripe reader captures the card details needed to communicate with the customer’s bank. Once contacted, the authority to transfer funds is given by the customer’s bank and the funds are then transferred automatically from customer to retailer bank account.

Point of Sale (POS): this is the location in the shop where the customer pays for goods/services. Modern POS terminals are EFT enabled – resulting in EFT-POS systems

Questions

1. Name three locations where you would find EFT-POS systems

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2. State 2 items of equipment that you would require to successfully communicate with a customers bank computer.

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3. State 2 advantages and 2 disadvantages of EFT-POS to the customer and the retailer

|Customer | | |Retailer | |

|Advantages |Disadvantages | |Advantages |Disadvantages |

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4. Word Processing: Visit a supermarket. Study the EFT-POS system in action. Describe in ................
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