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Banking System - Essay Example

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Summary
Money, it is said, makes the world go round. This has never been truer in context of the global banking industry and financial markets, which are becoming more inter-linked and integrated, creating the need for a new generation of solutions that, operate in real time with impeccable reliability.
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Banking System
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Download file to see previous pages When it comes to wire transfers, the most annoying thing in it is with regard to the lengthy and painstaking procedures involved in authentication and also the cost factor is a major concern. The cost of initiating a wire transfer of money say, between America and England would cost a minimum of $15, which is quite costly.
Another major factor of concern is the accessibility. Even today, the common man has to go to any branch of a bank even if there are cases where there is only a single branch in most of the cities. Such a limitation makes it difficult for effective and smooth business, when other modern technologies are at hand.
The modern era has seen an increase in wireless communication along with the advent of the age of the Internet and the WWW (world wide web). As such, banks today feel the need to take advantage of these developments and modify their current operations in order to incorporate such new technologies and practices.
1) System Startup: The system is started up when the operator turns the operator switch to the "on" position. The operator will be asked to enter the amount of money currently in the cash dispenser, and a connection to the bank will be established. Then the servicing of customers can begin.
2) System Shutdown: The system is shut down when the operator makes sure that no customer is using the machine, and then turns the operator switch to the "off" position. The connection to the bank will be shut down. Then the operator is free to remove deposited envelopes, replenish cash and paper, etc.
3) Session: A session is started when a customer inserts an ATM card into the card reader slot of the machine. The ATM pulls the card into the machine and reads it. (If the reader cannot read the card due to improper insertion or a damaged stripe, the card is ejected, an error screen is displayed, and the session is aborted.) The customer is asked to enter his/her PIN, and is then allowed to perform one or more transactions, choosing from a menu of possible types of transaction in each case. After each transaction, the customer is asked whether he/she would like to perform another. When the customer is through performing transactions, the card is ejected from the machine and the session ends. If a transaction is aborted due to too many invalid PIN entries, the session is also aborted, with the card being retained in the machine.
The customer may abort the session by pressing the Cancel key when entering a PIN or choosing a transaction type.
4) Transaction: A transaction use case is started within a session when the customer chooses a transaction type from a menu of options. The customer will be asked to furnish appropriate details (e.g. account(s) involved, amount). The transaction will then be sent to the bank, along with information from the customer's card and the PIN the customer ...Download file to see next pagesRead More
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