Transaction Network, Telephones, and Terminals: Overview

Data communications began to gain momentum around 1962 with data transmission channels provided over the voice network using both switched and private line facilities. Many uses for data channels were developed, including widespread use of switched network channels for very short data messages. Such short messages are termed "transactions" in this issue of the B.S.T.J. A transaction consists of an inquiry message followed by a re3325 sponse message, each of which is typically less than 100 characters long (less than two lines of a typed page). Such transactions may be used in a variety of applications--for example, in verifying the credit of a customer in the course of a purchase or in actually moving funds from the buyer's bank to the seller's bank. This second example is from the world of electronic funds transfer, which has been generating much interest among members of government, the banking industry, and their customers.