[LINK] OzIT: 'ASIC in call for extended EFT code'

[Eric Scheid]

On 7/10/08 12:47 PM, "Stilgherrian" <stil at stilgherrian.com> wrote:

> I'm guessing the cost of rebuilding the global banking system so that
> it implements appropriate fuzzy matching on account names (e.g. "Dr
> Susan Smith" matches "Dr. Susan Smith" and "Dr S Smith" and "Dr. S.
> Smith" and "Susan Smith", and following up problems with mis-typed
> account names beyond what the matching can cope with) would be much
> higher than just following up problems arising from the current system.

So much easier to just calculate checksums on the account numbers and let
users input them if they want to be certain they typed the account number
correctly. So, optional (but assuming the risk) on roll-out, with slow
migration to requiring use (like some banks now require SMS confirmations
for large transfers).

e.