Funds Transfer

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FUNDS TRANSFER  ATM :An automated teller machine (ATM), also known as a Cash Machine and by several other names (see below), is a computerized telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip, that contains a un
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  FUNDS TRANSFER Wednesday, May 02, 2012 FINANCIAL MARKETS & SERVICES 1    ATM  :An automated teller machine (ATM), also known as a Cash Machine and by several other names (see below), is a computerized telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a  cashier, human clerk or bank teller . On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smart card with a chip , that  contains a unique card number and some security information such as an expiration date or CVVC (CVV). Authentication is provided by the customer entering a personal identification number (PIN).Using an ATM, customers can access their bank accounts in order to make cash   withdrawals,credit card cash advances, and check their account balances as well as purchase prepaid cell phone credit. If the currency being withdrawn from the ATM is different from that which the bank account is denominated in (e.g.: Withdrawing Japanese Yen from a bank account containing US Dollars), the money will be converted at a wholesale exchange rate .Thus, ATMs often provide the best possible exchange rate for foreign travelers [1] and are heavily used for this purpose as well.  FUNDS TRANSFER Wednesday, May 02, 2012 FINANCIAL MARKETS & SERVICES 2 ATM CONTD  …..  ATMs are known by various other names including automatic banking machine (or automated banking machine particularly in the United States  ) (ABM), automated transaction machine,[2] cashpoint (particularly in the United Kingdom  ), money machine, bank machine, cash machine, hole-in-the-wall, autoteller (after the Bank of Scotland 's usage), cashline machine (after the Royal Bank of Scotland 's usage), MAC Machine (in the Philadelphia area), Bankomat (in various countries particularly in Europe and including Russia  ),Multibanco (after a  registered trade mark, in Portugal  ), Minibank in Norway , Geld Automaat in Belgium and the  Netherlands , and All Time Money in India .  FUNDS TRANSFER Wednesday, May 02, 2012 FINANCIAL MARKETS & SERVICES 3  PONT OF SALE (POS)DEBIT CARDS  Retail Payment System that substitutes an electronic transfer of funds for cash, checks, or drafts in the purchase of retail goods and services. In a POS system, sales and payment information are collected electronically, including the dollar amount of the sale, the date and place of the transaction, and the consumer's account number. If the transaction is done on a bank credit or debit card, the payment information is passed on to the financial institution or payment processor, and the sales data is forwarded to the retailer's management information system for updating of sales records. Much of the actual processing volume is for credit card sales. A POS transaction can be completed using either a debit card or, in many cases, an ATM card. These transactions are usually PIN-authenticated, and travel through ATM networks.Debit card transactions can include POS transactions competed with a debit card, but also include signature-authenticated purchase transactions that are switched via the national credit card networks.From a Regulation E perspective, the term debit card POS transaction includes any purchase made with an access device, whether it's authenticated using a PIN or using a signature   FUNDS TRANSFER Wednesday, May 02, 2012 FINANCIAL MARKETS & SERVICES 4  Home banking  Self-service banking for consumers and small business owners, enabling users to perform many routine functions at home by telephone, or cable modem connection. Home banking, also called on-line banking or PC banking, gives consumers an array of convenient services: they can move money between accounts, pay bills, check balances, and buy and sell mutual funds and securities. They can also look up loan rates and see if they qualify for a credit card or mortgage.Home banking services date to the early 1980s, and since then have grown enormously as home computers become more affordable and easier to use. The ability to transact banking accurately and in the privacy of the home any time of the day has made home banking an attractive alternative to visiting local financial institutions. In the 1990s, financial institutions broadened their home banking services by giving consumers direct access to banking information via the Internet enabling many to do their banking from anywhere in the United States or around the world.
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