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Write a 2 page essay on Automatic Teller Machine.Download file to see previous pages... This research will begin with the statement that the Automatic Teller Machine (ATM) is a blessing in a modern ag
Write a 2 page essay on Automatic Teller Machine.
Download file to see previous pages...This research will begin with the statement that the Automatic Teller Machine (ATM) is a blessing in a modern age. In order to authenticate the financial transaction, ATMs are implemented that require two-step authorization mechanism. One input is done through ATM card – a plastic card having a magnetic stripe that holds the customer’s information like name etc. ATMs have special card readers installed as part of the system that accepts and read the card. The second input is done through keypad or touch screen that is integrated part of the ATM machine. It is used to enter PIN (Personal Identification Number) to authorize the transaction. In addition, it is used to take inputs like transaction type, amount and other information from the users. The processing of the ATM initiates when both card and PIN are entered into the machine. The core processor that controls the operations of the system sends this data to the central computer of the bank where all information about users is maintained. This is done using telephone lines as shown in the figure above. Once the bank computer verifies the identity of the person, the user inputs, with regard to transaction type, amount, and other details are processed by core processor and are sent to a central computer for verification. After ensuring that user has enough balance in his/her account, the central computer sends a signal to the core ATM processor which then signals the cash dispenser to pick the currency notes and push these outside the machine. The amount is deducted from the user account.
