A number of formal methods are available in literature for analysis and design of software as well as hardware systems. To choose a particular specification method, it depends on the character of the desired product. As the complexity of software increases, the need for reasoning about correct behaviour becomes more prominent. Formal methods are a set of techniques for analysis, verification, and
... [Show full abstract] development of any software system. In this paper, an attempt has been made to formally describe behavioural model of a real time system i.e., Automated Teller Machine (ATM). Formal models of ATM system are described using statebased languages such as Z, B, VDM++, and Alloy as well as event-based languages, such as Action Systems and Monterey Phoenix. Model checking is being carried out by automated tools, viz. Z/EVES, AtlierB, VDM++ ToolboxLite, and Alloy Analyzer for Z, B, VDM++, and Alloy specifications respectively. Furthermore, a comparative analysis of different characteristics shown by varied formal approaches has been presented.