Information technology is crucial tobanking sector. Its primary function to take action andmake recommendations on applicationwith respect to individual customers. IT applications used in banking sectorare as follows.......
It enables customers to view their bankonline. The consumer banking solution is also acomprehensive application which is relatedto the web based account and paymentmanagement system. Corporate banking solution is a web basedcash management system and globalpayment system that allows financialinstitutions and their customers to managecash positions & manage payments
EFT provides fast, efficient, and successfultransaction chain system that enablesclient to collect, process, and depositelectronic and paper based transactiononline. This ensure rotations over network moreaccurately, securely and quickly amongseveral business communities andconsumers.
Every type of business small or bigexchanges its traditional paper-basedpayment and billing with electronicprocess so that money can betransacted quickly. In EFT, the payment gateway is designedto combine services for a complete andquick money transaction by using eithercredit card or smart card or third partysuch as PAYPAL. It is surveyed that payer & beneficiariestransact about 10-40% of retail paymentthrough EFT tools and channels.
Intra Bank Fund Transfer Inter-bank electronic Fund Transfer Internet based payment systems
Account-to-account transfer of servicefor account holders. It facilitates cash management andeffective payment systems. Rotates one time or recurring moneytransactions among customers of variousorganisations or institutions which are inthe same domain.
Routine transfer of funds betweenaccounts of different financialorganisations. It involves repetitive payment at highlevel, such as direct credit for the transferof wages and recurring bill payments byelectronic cheque or cardless POS(Pointof Sales/Service).
Customers uses a bank card or debitcard to carry out banking operationssuch as withdrawals, deposits, transfersand bill payments. It is called a plastic card holding bankbalance. It is a 24x7 service. Each bank has its own ATM system butcertain features are commonan account, an access card, an ATM.
An ATM system act as a computerterminal connected to the bank’s mainsystem. When the access card is inserted theATM initiates communication over anetwork of communication linesdedicated for this purpose. After providing welcome screen thesystem will request PIN number. We can find out our balance, transferfunds from one account to another andmore additional features.
Issuing electronic cheque is anotherimportant application of informationsystems in banking services. Bank register users with Netchequeaccounting servers. Users who are registered with Netchequeare able to write electronic cheques toanother users. These cheques may be sent through ane-mail or payment of services providedthrough other network protocol.
The Netcheque system is well suited forclearing micropayments. It enables such information technologytechniques as popular Internet servicesthat charges a small fees to access theinformation, processing, queries andconsumption of resouces.
Electronic Fund Transfer:-Inter bank fund transferIntra bank fund transferAutomatic Teller MachineElectronic ChequeAmbadi.S