March 2003
Intermediate to advanced
912 pages
27h 17m
English
An outline of some of the transaction processing which is carried out within EFT systems is now given.
Figure 30.4 outlines what is involved when goods are paid for by cheque.

I have bought a television and have paid the shop by cheque. My handwritten signature on the cheque is used to authenticate me, but only in the event of a dispute at a later stage.
1. | The shop presents my cheque (and many others) to its bank. |
2. | The shop's bank transmits a file containing a batch of transactions to a central clearing house. A central ... |