On Wed, Jun 27, 2012 at 10:52 AM, Phil Smith <[email protected]> wrote: > Bill Fairchild wrote: >>I understand why all accumulated transactions have to be processed in the >>correct sequence if they are batched up daily, but why is an individual >>transaction not instantaneously and permanently processed with the results >>being committed right then? Why is it necessary to run huge batches of >>transactions at night? I am guessing that committing the transaction >>instantly would take too long for the average customer's patience when >>standing at an outdoors ATM in the rain. Are there any other reasons? When >>I buy an airplane ticket online, I get my whole transaction complete in one >>sitting and do not have to wait until the next day to receive confirmation of >>my reservation, but it always takes several minutes to do it online. > > Besides/in addition to Mike Schwab's point, credit and signature debit > transactions aren't processed in real-time: an authorization is processed, > but the actual charge/debit doesn't go through until settlement. > > <plug>Come to session 11409: The Payments Ecosystem: Security Challenges in > the 21st > Century<https://share.confex.com/share/119/webprogram/Session11409.html> at > SHARE in Anaheim, Monday at 3PM, to learn more about how this</plug> > -- > ...phsiii
Depositing checks by using a smart phone camera to electronic process checks and image recognition by the bank is gaining traction. Clearing the check image through the paying bank still takes time. http://www.bankrate.com/financing/banking/more-banks-ok-smartphone-deposits/ Now, using a smart phone app to schedule an ATM withdraw instead of using ATM cards and PINs hopes to end ATM card skimming and recording the user entering the PIN. http://www.bankrate.com/financing/banking/atm-withdrawals-without-a-card/?ec_id=m1078093 -- Mike A Schwab, Springfield IL USA Where do Forest Rangers go to get away from it all? ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to [email protected] with the message: INFO IBM-MAIN
