30.2. Introduction to some electronic funds transfer (EFT) applications
An outline of some of the transaction processing which is carried out within EFT systems is now given.
30.2.1. Paying by cheque
Figure 30.4 outlines what is involved when goods are paid for by cheque.
Figure 30.4. Payment 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 ... |
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