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.
The shop presents my cheque (and many others) to its bank.
The shop's bank transmits a file containing a batch of transactions to a central clearing house. A central ...