DESIGN AND IMPLEMENTATION OF REAL TIME CURRENT ACCOUNT TRANSACTION PROCESSING SYSTEM

INTRODUCTION: In the twentieth Century, the banking world has seen a continuing process towards fully computerized operations.  At the start of the century there were few mechanical aids with all ledgers, passbook and account statements being written by hand.  By 1920s the banks had graduated to mechanical accounting combined with an increase in business, this trend towards mechanization was continuous process, the staffing and expansion difficulties were tackled more forcibly on the 1950 with assistance from electronic data processing techniques.  It was on the period that banks ordered their first computers.

The early installations were of a batch processing nature of data that had to be sent for processing at the computer centre and reports produced.  Throughout the 1960s more of the clerical work was computerized and eventually by the end of 1960s all accounts were computerized.

In the middle of 1960s the utilization of branch terminal equipment which linked directly to computer centre was becoming a feasible proposition.  This culminated in the early 1970s with the introduction of a sophisticated real time system in current Account Transaction Department.

This project aim is to produce an indigenous software package, which will be used to improve the efficiency of the CURRENT ACCOUTN TRANSACTION PROCESSING SYSTEM for Nigeria Banking Industry.  Although banks have developed packages, however, because of the following reasons they have failed to meet the need of the Nigerian Banking Industry.  Firstly, guidelines and policies for banks in Nigeria are controlled by central banks of which they revise annually thereby resulting in unsteady policies as a result; there is no standard whatsoever set for the banking industry thus banking policies are flexible.

Most of these banks use packages without modification hence the result is not what they desire.  The modification of these packages to suit the Nigeria Banking Industry will cost expenditure to be wasted.

Efficiency in the banks has always been the foundation underlining the effectiveness of banks operation.  Quick and accurate settlement of customers withdrawals, fast depositing system and procedures and the over acknowledged information process with which customers usually regard are also problems which computerized current transaction processes wishes to address by introducing Nigeria software packages.

This package will help Nigerian banks to obtain the efficiency in their current accounting transaction hence draw more customers and more money.  It is menu driven and features top-down and structured programming techniques.