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how your money travels (Should read this)
How your money travels STEP 1 Machine function. You’ve used an ATM.Now you’ll get to know what goes on inside it. Once you enter your card into the ATM, the card reader captures the information from the magnet strip on the card. In a tape recorder, the motor rotates the tape, whereas in this case, your hand replaces the motor. When u swipe the card, the card, The card reader picks up your account information from it: The system number, the bank number, the account number and the most crucial check digits. STEP 2 Host processor The age old science of cryptography is used to encrypt data that travels from the ATM to the host processor. The processor propels this data further to the customer’s (card holder’s) back verification. For financial transactions, ATMs need authentication from the card issuer or the authorizing institution. The authentication happens in ISO 8583 message format, a standard that enables other intermediating networks to use the data. STEP 3 Customer’s bank (Card issuer) Once the data is verified and if the requested funds are available, the host processor electronicially transfers the requested funds from the customer’s accounr to its own account.Thereafter it authorizes the ATM to dispense the cash.Finally the customer’s account gets debited for that amount,and the merchant’s (ATM owner’s)account gets credited on the following working day (ACH – see ‘ATM technology revealed’). ATM technology revealed The magnetic strip on the ATM card shares physical properties with cassette tapes that we use for listening and recording sound on to. The data on this strip is encoded and can be decoded by the card reader in the machine.
A host processor is like your ISP (internet service provider). Just like an ISP connects you to servers all over the world, ATMs are connected to the host processor.
“The ACH network is a highly reliable and efficient nationwide batch-oriented electronic fund transfer system governed by the NACHA OPERATING RULES which provide the interbank cleaning of electronic payments for participating depository financial institution”
Hope you all like it
For more please visit www.mspowerpoint.info
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