TPS or Transaction Processing System is everywhere these days in the digital banking industry. Furthermore, it’s so much useful in the ATM sector where thousands of transactions are made every day. Thus, complementing the many advantages associated with transaction processing systems or TPS. A TPS or Transaction processing system is a set of information. Ironically, that processes the data operation in a DBS or database system. This is useful information that controls the transaction programs. Very useful in the ATM industry. An industry that is a key part of FINTECH or Financial Technology.
How did a transaction program work? It works by using already stored data. That is, it makes use of stored information only. It plays a key role when accessed by multiple users. Not limited to application programs, although the TPS is not. The role becomes more useful & handy when the access is made by multiple users. This is in the process of simultaneous use. Thus, the users of the TPS may range from one at a time, to groups or thousands of users using the program simultaneously. Undoubtedly, there are many examples of transaction processing systems in today’s digital world. TPS is a key part of the concurrent systems. Obviously, with its very vital application & functions in the ATM industry in the world of finance.
KEY & MOST VITAL CHARACTERISTICS OF TPS- ‘SAME APPLIES IN ATM INDUSTRY’:
Today with a perspective that applies to the ATM industry. Obviously, we shall go to discuss the key characteristics of a TPS. Something, that applies to the ATM industry as well. Another example of the transaction processing system is via online payments. Also, airline reservation system. Obviously, transaction processing is taking place every day in ATMs.
CHARACTERISTICS THAT A TRANSACTION PROCESSING SYSTEM SUPPORTS:
The following are the system characteristics that a transaction processing system supports;
- Responsiveness- The responsiveness of a TPS is fast & swift. Especially, in online transaction processing systems as their fast performance is very vital for the consumers of the program. It determines the turnaround time from the transaction input to the production output. Obviously, which must be for a few seconds or even less than that.
- Inflexibility- It shouldn’t be flexible. In fact, it needs to be very strict, and i.e. a TPS must exhibit strict adherence. Precisely, towards data processing. Also, in other many areas where a transaction processing system supports. Furthermore, it must also make sure that all the transactions should be processed. That is, in the same way for the sake of reducing error occurrence. The same goes for the TPS in the ATM sector.
- Highly Controlled Processing- The characteristic that says controlled processing means that TPS should meet the organization’s operations. Especially, if it is just specific for the running of the operations. Two factors are key in this regard. That is, cost-effectiveness & the second most vital factor is time. Both factors as key characteristics apply by reducing the number of times the data must be processed. Both factors hold vital importance in the ATM industry.
- Most Dependable: In terms of dependability. Especially, in online transaction processing systems & even in the ATM sector. A TPS must be reliable & dependable with very low failure rates. Even, if it’s a processing error. It must have a quick & most accurate recovery system. Especially, when applied to the ATM sector where TPS failure rates should be very low. That is, less than 5%.
THE KEY ADVANTAGES ASSOCIATED WITH THE TRANSACTION PROCESSING SYSTEM:
The following are some of the most important advantages. These are the advantages, that are associated with TPS & its applications in different areas. Also, includes the ATM industry as being a key part of the finance world.
- It keeps a very stable DBS or database which is a requirement of the TPS integrated in ATMs. Also, as part of a key advantage reduces the risks of loss of user information. That is, information leaking or getting hacked. This is during the occurrence of terminal or network failure.
- TPS can process large amounts of data in real time or batches.
- Its application in organizations is an absolute key. Thus, as it highly improves the elements of customer service & satisfaction levels associated with the customers.
- Very swift, i.e. fast & very cost-effective.
- It is available for users in both batch & real-time processes.
- It is designed for the users to be very user-friendly. Whether it’s in the interface of an ATM software. Otherwise, anywhere else in an organization & even online.
- In terms of the versatility, it is really versatile. Thus, there is a massive encouragement regards to the use of the online payment system. A system where TPS advantages & its key features are most evident. Also, it increases payment methods.
- In terms of the functioning of the TPS or Transaction Processing system. There are no Geo-restrictions. Thus, it can function anywhere irrespective of location or the methods.
- The usage that relates to TPS obviously lacks a standard format. Hence, formats changes dynamically in terms of their applications & functions.
THE MULTIPLE MODES OF TPS:
The TPS or Transaction processing systems has many other advantages. In addition to this, it also has got a number of disadvantages at the same time. However, in both the modes of TPS. That is online transaction processing system & batch modes. Certainly, it is very worthwhile for its millions of daily consumers & users. Don’t forget, the true success of technology comes with experience & consistency.
