Abstract:
The payment-processing system in the banking industry consists of deposits, withdrawals, and transfers of monies through the use of cash, checks, magnetic tapes, and elec...Show MoreMetadata
Abstract:
The payment-processing system in the banking industry consists of deposits, withdrawals, and transfers of monies through the use of cash, checks, magnetic tapes, and electronic transactions. Most transactions are realized by batch-mode processing. Batch-mode processing suffers from many limitations, the principal ones being that 1) users are denied real-time access to their money and that 2) a user's banking privileges cannot be extended anywhere in the USA-a facility that is increasingly being demanded by users. It is observed that the banking process may be mathematically mapped to a discrete-event simulation system with feedback loops wherein deposits, withdrawals, and transfers may be modeled as events that are introduced into the system asynchronously, i.e. at irregular intervals of time. A new architecture, NOVADIB, is proposed for the check processing subsystem of the Federal Reserve System that distributes the processing operations to multiple, concurrent, cooperating geographically distributed computers, i.e. at many sites, to achieve real-time transaction processing. NOVADIB utilizes the principles of asynchronous, distributed, discrete-event simulation algorithm for cyclic circuits, YADDES, and mathematically guarantees the accuracy of every transaction.<>
Published in: IEEE Transactions on Systems, Man, and Cybernetics ( Volume: 23, Issue: 3, May-June 1993)
DOI: 10.1109/21.256566