What is meant by electronic funds transfer?

Electronic funds transfer is the transfer of money electronically through telephone and network. In this process, the amount of money is reconciled and modernized only through the account without exchanging the actual money between the accounts of different branches of the bank through electronic means. Banks use Automatic Teller Terminals or Machines (ATMs) for convenience and security in transactions. Bank cards with magnetic ink stripes are also used to perform bank transactions with data. Data is entered through a short key pad and inserted into the bank card terminal. Miniature video displays and printers are used for return signals. This card can be inputted in the bank or computer and can be withdrawn at any time of the day or night. The computer verifies the customer's signature, requiring no staff.

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What is information system and technology? What are manual and computer based information systems and their types?

Information Systems An information system is a system consisting of people and machines, which process data and makes it useful for users. That is, an information system is an integrated system of human resources, hardware, software, communication network and data resources, which collect, store, present, modernize and exchange and process information from one organization to another organization. The use of computers has made data processing much easier, error-free and faster, and the distribution of information between different users or organizations has become much easier. Below are some more definitions of an information system: An information system is a combination of human resources, hardware, software, network systems and data resources that collect, transforms and process the information an organization needs. Technically, an information system is a set of interrelated components that collect, (or retrieve), process, store and distribute information to support organizational ...

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