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Digital banking

Electronic payments and their innovations.

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Electronic Payment Systems
AMAL BENNY
Banking
 Banking can be defined as the business activity of accepting and safeguarding money
owned by other individuals and entities, and then lending out this money in order to earn
a profit.
However, with the passage of time, the activities covered by banking business have widened
and now various other services are also offered by banks. The banking services these days
include issuance of debit and credit cards, providing safe custody of valuable items, lockers,
ATM services and online transfer of funds across the country / world.
Centralized Online Real time Electronic Banking
 Core banking is a banking service provided by a group of networked bank branches where
customers may access their bank account and perform basic transactions from any of the
member branch offices.
 Core banking is often associated with retail banking and many banks treat the retail customers
as their core banking customers. Businesses are usually managed via the Corporate
banking division of the institution. Core banking covers basic depositing and lending of
money.
Normal Core Banking functions will include transactions
accounts, loans, mortgages and payments. Banks make these services available across
multiple channels like ATMs, Internet banking, mobile banking and branches.
The core banking services rely heavily on computer and network technology to allow a
bank to centralize its record keeping and allow access from any location. It has been
the development of banking software that has allowed core banking solutions to be
developed.
Virtual Banking
A financial institution that handles all transactions via the Web, e-mail,
mobile check deposit and ATM machines. By not having the overhead of
physical branches, people expect a virtual bank to offer higher interest
rates on their accounts.
Payment Systems

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Digital banking

  • 2. Banking  Banking can be defined as the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit. However, with the passage of time, the activities covered by banking business have widened and now various other services are also offered by banks. The banking services these days include issuance of debit and credit cards, providing safe custody of valuable items, lockers, ATM services and online transfer of funds across the country / world.
  • 3. Centralized Online Real time Electronic Banking  Core banking is a banking service provided by a group of networked bank branches where customers may access their bank account and perform basic transactions from any of the member branch offices.  Core banking is often associated with retail banking and many banks treat the retail customers as their core banking customers. Businesses are usually managed via the Corporate banking division of the institution. Core banking covers basic depositing and lending of money.
  • 4. Normal Core Banking functions will include transactions accounts, loans, mortgages and payments. Banks make these services available across multiple channels like ATMs, Internet banking, mobile banking and branches. The core banking services rely heavily on computer and network technology to allow a bank to centralize its record keeping and allow access from any location. It has been the development of banking software that has allowed core banking solutions to be developed.
  • 5. Virtual Banking A financial institution that handles all transactions via the Web, e-mail, mobile check deposit and ATM machines. By not having the overhead of physical branches, people expect a virtual bank to offer higher interest rates on their accounts.
  • 7. PAYMENT SYSTEMS  Payment is an integral part of mercantile process, electronic payment system is an integral part of ecommerce.  Payment for the products and services purchased is a vital step in the electronic commerce transaction process.
  • 8. Electronic Payment System  ATM Cards  Credit Cards  Debit cards  Electronic cheque payment  Digital Wallets  Net Banking  Mobile Banking  Electronic Fund Transfers.
  • 9. 1.ATM CARD An ATM card is any payment card issued by a financial institution that enables a customer to access an automated teller machine (ATM) in order to perform transactions such as deposits, cash withdrawals, obtaining account information, etc. ATM cards are known by a variety of names such as bank card, MAC (money access card), client card, key card or cash card, among others.
  • 10. 2.CREDIT CARD A credit card is a payment card issued to users (cardholders) as a method of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them. The issuer of the card (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
  • 11. FEATURES  Card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services  User can borrow money for payment to a merchant and then pay it later with an amount of interest charged  Issued to an account holder who has a regular income not less than 15k
  • 12. TYPES  Standard Credit Card  Premium Credit Card  Limited Purpose Credit Card  Specialty Credit Card
  • 13. 3. DEBIT CARD A debit card (also known as a bank card or check card) is a plastic payment card that can be used instead of cash when making purchases. It is similar to a credit card, but unlike a credit card, the money comes directly from the user's bank account when using a debit card.
  • 14. FEAUTRES  Plastic card - provides a alternative payment method to cash when making purchases  Electronic check - the funds are withdrawn directly from the account  BANK CARD or CHECK CARD  Instant withdrawal of cash, acting as the ATM  No annual fee
  • 15. TYPES  Pin only debit cards  Dual-use cards  Prepaid debit card  Online /offline debit cards and others
  • 16. 4.Electronic funds transfer (EFT) Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff. EFTs are known by a number of names. In the United States, they may be referred to as electronic checks or e-checks.
  • 17. 5. Electronic Wallet  A digital wallet refers to an electronic device that allows an individual to make electronic commerce transactions. This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store. An individual's bank account can also be linked to the digital wallet.  They might also have their driver’s license, health card, loyalty card(s) and other ID documents stored on the phone. The credentials can be passed to a merchant’s terminal wirelessly via near field communication (NFC). Increasingly, digital wallets are being made not just for basic financial transactions but to also authenticate the holder's credentials. For example, a digital-wallet could potentially verify the age of the buyer to the store while purchasing alcohol. The system has already gained popularity in Japan, where digital wallets are known as Osaifu-Keitai or "wallet mobiles".
  • 19. 5.Mobile Banking  Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct a range of financial transactions remotely using a mobile device such as a mobile phone or tablet, and using software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted.
  • 20.  The types of financial transactions which a customer may transact through mobile banking include obtaining account balances and list of latest transactions, electronic bill payments, and funds transfers between a customer's or another's accounts Some also enable copies of statements to be downloaded and sometimes printed at the customer's premises; and some banks charge a fee for mailing hardcopies of bank statements.
  • 21. Online Shopping  Online shopping (sometimes known as e-tail from "electronic retail" or e-shopping) is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser. Alternative names are: e-web-store, e-shop, e-store, Internet shop, web-shop, web-store, online store, online storefront and virtual store. Mobile commerce (or m-commerce) describes purchasing from an online retailer's mobile optimized online site or app.
  • 23. Advantages  High brand recognition  A guarantee provided by highly reliable or well-known vendors  Digitized format  Relatively inexpensive items  Frequently purchased items  Commodities with standard specifications  Well-known packaged items that cannot be opened even in a traditional store
  • 24. ONLINE BOOKING  An online booking tool is a tool used by organizations to manage their business travel online. As well as making bookings, online booking tools usually allow organizations to view real-time data on their business travel spend, track their travelers online and enforce business travel policy.  Online booking tools were introduced as an add on to many travel management companies‘ (TMCs) services as technology developed. Therefore, most TMCs utilize 3rd party software and resell it to their customers. However, there are a small number of innovative TMCs that develop their own software, which can deliver an improved user experience.
  • 25. OTHER BOOKINGS  VARIOUS TICKETS  HOTEL  APPOINTMENTS  VARIOUS SHOWS  SERVICES
  • 29. Internet Banking Online banking, also known as internet banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.
  • 30. History The concept of Internet banking has been simultaneously evolving with the development of the World Wide Web. Programmers working on banking data bases came up with ideas for online banking transactions, sometime during the 1980's. In 1983, the Nottingham Building Society, commonly abbreviated and referred to as the NBS, launched the first Internet banking service in United Kingdom. This service formed the basis for most of the Internet banking facilities that followed. The facility introduced by Nottingham Building Society is said to have been derived from a system known as Prestel that is deployed by the postal service department of United Kingdom.
  • 31. ICICI was the first bank to initiate the Internet Banking Revolution in India as early as 1997 under the brand name Infinity. ICICI kicked off online banking way back in 1996. But even as a whole, 1996 to 1998 marked the adoption phase, while usage increased only in 1999-due to lower ISP online charges, increased PC Penetration and a Tech Friendly atmosphere.
  • 32. Procedure Before you can access your account online, you’ll need to register with your bank for Internet banking. Your bank will give you a registration number or login ID. You’ll also need a password (IPIN). Your Internet password is different from the PIN you use with your debit card. Once your bank has approved your registration, you’re able to access your accounts online.
  • 35. Merits Convenience: Unlike your corner bank, online banking sites never close; they're available 24 hours a day, seven days a week, and they're only a mouse click away. Ubiquity: If you're out of state or even out of the country when a money problem arises, you can log on instantly to your online bank and take care of business, 24/7. Transaction speed: Online bank sites generally execute and confirm transactions at or quicker than ATM processing speeds.
  • 37. DEMERITS Start-up may take time: In order to register for your bank's online program, you will probably have to provide ID and sign a form at a bank branch. If you and your spouse wish to view and manage your assets together online, one of you may have to sign a durable power of attorney before the bank will display all of your holdings together. Learning curve: Banking sites can be difficult to navigate at first. Plan to invest some time and/or read the tutorials in order to become comfortable in your virtual lobby. Bank site changes: Even the largest banks periodically upgrade their online programs, adding new features in unfamiliar places. In some cases, you may have to re-enter account information. The trust thing: For many people, the biggest hurdle to online banking is learning to trust it. Did my transaction go through? Did I push the transfer button once or twice? Best bet: always print the transaction receipt and keep it with your bank records until it shows up on your personal site and/or your bank statement.
  • 38. Uses  A bank customer can perform non-transactional tasks through online banking, including –Viewing account balances  Viewing recent transactions  Downloading bank statements, for example in PDF format  Viewing images of paid cheques  Ordering cheque books  Download periodic account statements  Downloading applications for M-banking, E-banking etc.
  • 39.  Funds transfers between the customer's linked accounts  Paying third parties, including bill payments and third party fund transfers Investment purchase or sale  Loan applications and transactions, such as repayments of enrollments  Credit card applications  Register utility billers and make bill payments
  • 41. E Tariff  E tariff is used to describe any list of prices of any products on net. Components of tariffs Tariffing systems vary from country to country and company to company, but in general they are based on several simple principles. Tariffs are generally made up of two components:  Standing charges: these are fixed charges that are used to pay for the cost of the connection to the nearest exchange and the equipment to monitor that customer's phone line or service connection. They are usually paid on a monthly basis, and called rental.  Usage charges: these charges are variable and are used to pay for the cost of the equipment to route a call from the caller's exchange to the recipient's exchange. These data charges can be calculated on a fixed per data basis, a variable basis depending on the time or distance of the call, or a combination of the two. data charges can even vary at different times of the day.