Call for Paper

CAE solicits original research papers for the July 2021 Edition. Last date of manuscript submission is June 30, 2021.

Read More

A Single Integrated ATM Card Model for Efficient Financial Transactions

Adekunle Adeyelu, Innocent Ogwuche, Tivlumun Ge. Published in Information Sciences.

Communications on Applied Electronics
Year of Publication: 2017
Publisher: Foundation of Computer Science (FCS), NY, USA
Authors: Adekunle Adeyelu, Innocent Ogwuche, Tivlumun Ge
10.5120/cae2017652457

Adekunle Adeyelu, Innocent Ogwuche and Tivlumun Ge. A Single Integrated ATM Card Model for Efficient Financial Transactions. Communications on Applied Electronics 6(6):1-4, January 2017. BibTeX

@article{10.5120/cae2017652457,
	author = {Adekunle Adeyelu and Innocent Ogwuche and Tivlumun Ge},
	title = {A Single Integrated ATM Card Model for Efficient Financial Transactions},
	journal = {Communications on Applied Electronics},
	issue_date = {January 2017},
	volume = {6},
	number = {6},
	month = {Jan},
	year = {2017},
	issn = {2394-4714},
	pages = {1-4},
	numpages = {4},
	url = {http://www.caeaccess.org/archives/volume6/number6/694-2016652457},
	doi = {10.5120/cae2017652457},
	publisher = {Foundation of Computer Science (FCS), NY, USA},
	address = {New York, USA}
}

Abstract

In this work a model that integrates all the accounts statements and transactions of a client into a single Automated Teller Machine (ATM) access card was developed. This was with a view to address the challenges of the multiple cards carried by ATM card users operating accounts with different banks. The model harnessed the accounts of the customers using the Bank Verification Number (BVN), a unique identification code given to a customer holding at least one account with a bank. The algorithm for the model was developed and simulated using MATLAB 7.10. The results showed that the processing time and cost of maintenance for integrated card is less than that for multiple cards. The study concludes that the model will facilitate card safety, reduce the cost of issuing multiple cards by the banks and cost of maintenance of the card by the customers. Additional layer of security is also an advantage.

References

  1. Agboola, A.A 2003 Information Technology, Bank Automation, and Attitude of Workers in Nigerian Banks in Journal of Social Sciences, Kamla-Raj Enterprises, Gali Bari Paharwali, India.
  2. Woherem, E. W. 2000. Information Technology in the Nigerian Banking Industry, Spectrum, Ibadan.
  3. Ogwu L.O. Oyebisi T.O., Ilori M.O. and Adagunodo E.R. 2000. Organizational Impact of Information Technology on Banking and Insurance Sector in Nigeria TECHNOVATION Vol. 20, No 12.
  4. Irechukwu, G. 2000. Enhancing the Performance of Banking Operations Through Appropriate Information Technology, In: Information Technology in Nigerian Banking Industry, Spectrum Books, Ibadan.
  5. Hillier, D. 2002. Money Transmission and the Payments Market, Financial World Publishing, Kent UK, ISBN 0-85297-643-7.
  6. Di Angeli, A., Coventry, L., & Johnson, G. I. 2002. ATM’s adoption in developing countries: Déjà vu or not? Advanced Technology and Research, Dundee, UK: NCR Financial Solutions Division.
  7. Batiz-Lazo, B., and Barrie, A. 2005. The business and technological history of automated teller machines in the UK, 1967-2005, a Primer. Conference Abstracts, 16-17th June. Queen Mary, University of London.
  8. Hayashi F., Sullivan R. and Weiner S.E 2003. A Guide to the ATM and Debit Card Industry, Payments System Research Department. Federal Reserve Bank of Kansas City, Kansas City, Missouri, USA.
  9. Darch, U., & Caltabiano, N. J. 2004. Investigation of automatic teller machine banking in a sample of older adults. Australasian Journal on Ageing, 23(2), 100–103.
  10. Adetayo, J.O. Sanni, S.A. and Ilori M.O. 1999 The Impact of Information Technology on Product Marketing: A Case Study of Multinational Company in Nigeria’ Technovation, Elsevier Science Ltd.

Keywords

ATM, BVN.