Banking is changing: Electronic cheques on their way |
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By Mario deSantis, December 15, 1999 |
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Last week, I reported an incident on how the communication between banks and their customers | |
can become confused and motivate additional service charges by = the banks(1). The date of the | |
cheque is an essential legal feature of the cheque, however, today fewer banks pay attention to this | |
date and they prefer to batch all the received cheques in one bundle and cash them. If there is any | |
problem in cashing such cheques, anonymous service charges are decided by the computer system | |
and the customers pay. Banks do business using statistics, so if only a fraction of the customers | |
realize of the computer system mistakes there is still plenty of gold to be made by the banks. | |
But things are changing(2), business is changing, and the business use of statistics against | |
consumers is changing as well. In fact, money has become an image(3) travelling at the speed of | |
light and pretty soon the business of banking will change to include this "new reality" and provide | |
better and direct communication between banks, businesses and their clients. This morning, I | |
came to know that the implementation of electronic cheques(4) is around the corner: just think, | |
less banking mistakes, less service charges, and the possibility of immediate world wide | |
clearing of cheques. | |
------------Endnotes: | |
It is the system's fault: an incident with banking transactions, by Mario deSantis, December 9, 1999 | |
Watch Television On Your Computer, by Timothy Shire, December 4, 1999 | |
The New Economy and reflections on the meeting of August 10/98 with Timothy (Tim) Shire, by Mario deSantis, August 16/98 | |
Checks take first steps onto Internet, by Lorrie Grant, USA TODAY, USA Tech Report 12/10/99- Updated 11:56 AM ET http://www.us= atoday.com/life/cyber/tech/ctg868.htm | |