Process - Westpac
Collecting:
Name, age, identification, address, phone number and email. They do this to be able to create an account for the person and have an easy way to identify them and contact them.
Debit or credit card information, amount of debt allowed, business information (person you’re making transaction with), amount being taken out, card ID and pin number. This data is collected so the user can actually make the transaction. They need both transaction details so they can take and send the money through different accounts and they need the details of the card so they can validate weather it corresponds to an account and weather the card is actually the buyer's card.
How the transaction happened (Tap and go, swipe, card information manually put in). This data is collected to mainly be used as information to further improve how their system works.
Organising:
Put data into list/database. With all the information under the name/Customer ID of the person with the amount of money, debt they have. This is done as it makes information easy to find and sift through, making transaction faster. Also, having information organised makes it more likely that there wont be any useless information stored.
Analysing:
Gets the cost of a g/s from seller, gets amount from bank account, whether the card id matches the pin number entered. The transaction costs are needed to make sure that the computer is able to take away money from the buyer's account and move it to the seller's. The card ID needs to match the pin number to make sure the buyer is the actual account holder.
Storing and Retrieving:
Transactions: cost, date, place, name, card id/information. This is needed so that there is proof as to why the amount in the account holders account has changed. It can also be used if their has been any fraudulent transactions.
Debts, interest, movement of money (through different accounts)
Processing:
Adds up any interest they receive, subtracts from account when buying stuff, adds to the account of the person you made the transaction with, calculates amount of debt you have after each month, calculates interest rate after reserve bank of Australia updates their minimum interest rates.
Transmitting:
Order needs to be transmitted to server, payment request/authorisation from the bank. Money is needed to be sent from buyers account to sellers account. Information of this transaction/process is then sent to the buyer and sellers account to make sure they have a record.
Displaying:
Receipts, confirmation, amount in account, amount of pending transaction, transaction history, account name, debts and interest rate. This is need to be displayed so the user can see all the information they have and make financial decisions based off it.