By Kent W. Colton
Electronic cash move (EFT) platforms contain quite a lot of computer-based money structures and assets that replacement digital and electronic transfers for pursuits of money and paper exams. many years in the past a few humans have been expect ing that EFT could substitute paper funds and cash totally and that we might quickly be a "checkless" and' 'cashless" society. Such sweeping adjustments haven't happened, yet a slower evolution is obviously underway. even though assessments, cur rency, and coin usually are the following for a few years to come back, EFT is turning into a longtime a part of our around the globe fee move procedure, and the consequences and results of this expertise are genuine. They comprise: • changes in own finance and within the means of buying and buying shopper items and prone. • adjustments within the constitution of economic and retail organisations and their mode of interplay on the market. • adjustments within the movement of money in our society and within the interactions between monetary associations. • changes within the customers for invasion of non-public privateness, perpetration of fraud and robbery, and violation of antitrust laws. • alterations within the regulatory and aggressive stability one of the quite a few monetary associations within the usa. Such changes foretell vital affects on humans and society. merits are approaching, however the bills can be real.
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Additional resources for Computers and Banking: Electronic Funds Transfer Systems and Public Policy
1 provides an overview of the historic and expected growth of the various kinds of banking facilities in the United States. An increased trend toward sharing EFf systems terminals and switching networks is expected after 1979. For example, rather than a half-dozen separate pas switches in a metropolitan area, the shift to fewer, larger switches will Part II • 32 I I I \ \ I /' / --- ........... 000 \ I E \ \ I \ EFT Technology / ~ '-_/ "'- ............. -- J I / .......... 1. Growth of consumer banking facilities.
The extension of the use of funds transfer terminals into the retail environment further alters the traditional functional concept of these financial institutions. S. financial institutions now operate is fast becoming outdated for coping with this emerging technological force for change. Ultimately, therefore, federal and state legislatures will be forced to amend the existing regulatory structure to deal with the EFT systems. First, let us review the existing regulatory structure. 1. Regulatory Changes.
As a result of these changes, related aspects such as personal privacy, security, and antitrust issues will have to be considered. Chapter 3 Status of EFT: An Assessment of Services and a Review of EFT in the Fifty States PETER D. LOUDERBACK It is a difficult assignment to cover the current status of EFT within the time alloted. A complete job would involve covering each of the four principal service delivery techniques: Automated Clearing House Associations, ATM Related Services, pas's and Check Authorization/Guarantee Services, and Automated Telephone Payment Services.