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What Are Credit Cards?
Banks and Computers
Rise of Electronic Trading
Paying for Internet Purchases
The Future of Payments
Banks and Computers: A Match Made in Cyberspace – Banking is about information: How much money is in a depositor's account? Has the current payment on a loan been received? How much is still owed on a loan? How much interest does the bank owe on an account? To answer any of these questions requires access to current information and the ability to make calculations based on the result.
Before computers, banks entered and maintained this information in books. Bank employees had to look up the required information and perform any calculations. Computers are extremely good at storing and retrieving large amounts of information and at making calculations. Thus, computers quickly found applications in banks.
Electronic Funds Transfer: Money Becomes Electrons >>>