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Electronic Banking

For many consumers, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or Direct Deposit of paychecks into checking or savings accounts. But electronic banking now involves many different types of transactions. Electronic banking, also known as electronic fund transfer (EFT), uses computer and electronic technology as a substitute for checks and other paper transactions. EFTs are initiated through devices like cards or codes that let you, or those you authorize, access your account. Many financial institutions use ATM or debit cards and Personal Identification Numbers (PINs) for this purpose. Some use other forms of debit cards such as those that require, at the most, your signature or a scan. The federal Electronic Fund Transfer Act (EFT Act) covers some electronic consumer transactions. Online-BANKING Online banking solutions have many features and capabilities in common, but traditionally also have some that are application specific. Features: on line bill payments transfer funds between account within community bank transfer funds to account at other financial institution make loan payments 24 hours service view and print account histories real time account access time saving no special software required AUTOMATED TELLER MACHINES: Automated Teller Machine (ATM) is a data terminal used for money transactions. Online Banks provides their customer with an ATM Card for this purpose. The card has all relevant account holder information and saved in a electromagnetic tap. When a customer want to make transaction, he enters his card in the ATM Machine and prompted for the pin code. After providing the correct pin code the machine verifies the it from its central database connected to with a telephone line. Main advantage of ATM is that you can withdraw money anytime, anywhere you need. You will not have to depend on banks to open. Speed. It saves time because we no longer have to take off school or work to go to the bank. And the service is available 24 hours a day, 7 days a week. It is like having your personal banker on call 24/7..

Telephone banking Telephone banking is a service provided by a financial institution, which allows its customers to perform transactions over the telephone.Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability. To guarantee security, the customer must first authenticate through a numeric or verbal password or through security questions asked by a live representative (see below). With the obvious exception of cash withdrawals and deposits, it offers virtually all the features of an automated teller machine: account balance information and list of latest transactions, electronic bill payments, funds transfers between a customer's accounts, etc. SWIFT The Society for Worldwide Interbank Financial Telecommunication ("SWIFT") operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions. The majority of international interbank messages use the SWIFT network. As of September 2010, SWIFT linked 9,000+ financial institutions in 209 countries.[1] SWIFT transports financial messages in a highly secure way, but does not hold accounts for its members and does not perform any form of clearing or settlement. SWIFT does not facilitate funds transfer, rather, it sends payment orders, which must be settled via correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features. Electronic funds transfer Electronic funds transfer or EFT is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems. The term is used for a number of different concepts:

Cardholder-initiated transactions, where a cardholder makes use of a payment card Direct deposit payroll payments for a business to its employees, possibly via a payroll service bureau

Direct debit payments, sometimes called electronic checks, for which a business debits the consumer's bank accounts for payment for goods or services Electronic bill payment in online banking, which may be delivered by EFT or paper check Transactions involving stored value of electronic money, possibly in a private currency Wire transfer via an international banking network (generally carries a higher fee) Electronic Benefit Transfer

Electronic Data Interchange Electronic data interchange (EDI) is the structured transmission of data between organizations by electronic means. It is used to transfer electronic documents or business data from one computer system to another computer system, i.e. from one trading partner to another trading partner without human intervention. Advantages of using EDI over paper systems EDI and other similar technologies save a company money by providing an alternative to, or replacing information flows that require a great deal of human interaction and materials such as paper documents, meetings, faxes, etc. Even when paper documents are maintained in parallel with EDI exchange, e.g. printed shipping manifests, electronic exchange and the use of data from that exchange reduces the handling costs of sorting, distributing, organizing, and searching paper documents. EDI and similar technologies allow a company to take advantage of the benefits of storing and manipulating data electronically without the cost of manual entry. Another advantage of EDI is reduced errors, such as shipping and billing errors, because EDI eliminates the need to rekey documents on the destination side. One very important advantage of EDI over paper documents is the speed in which the trading partner receives and incorporates the information into their system thus greatly reducing cycle times. For this reason, EDI can be an important component of just-in-time production systems. Example : 1link and MNET system. Credit Cards Credit card simply means to Buy now and pay later

Credit card provides a card holder credit to make purchase up to amount fixed by a card issuer. In B2C business, it continues to be the most used form of payment system given its high convenience. Entities that involve in the credit card payment system include

What is e-cash It is the Use of electronic means to convert current cash transactions.

Defined as the medium in which the value is recognised in a payment transaction Card-based such as Credit and charge cards buy now, pay later Debit cards buy now, pay now Cash cards, stored-valued, e-cash buy now, prepaid or pay before

Smart card A smart card, chip card, or integrated circuit card (ICC), is any pocketsized card with embedded integrated circuits. There are two broad categories of ICCs. Memory cards contain only non-volatile memory storage components, and perhaps dedicated security logic. Microprocessor cards contain volatile memory and microprocessor components. The card is made of plastic, generally polyvinyl chloride, but sometimes acrylonitrile butadiene styrene or polycarbonate . Smart cards may also provide strong security authentication for single sign-on within large organizations. Benefits Smart cards can provide identification, authentication, data storage and application processing. The benefits of smart cards are directly related to the volume of information and applications that are programmed for use on a card. A single contact/contactless smart card can be programed with multiple banking credentials, medical entitlement, drivers license/public transport entitlement, loyalty programs and club memberships to name just a few. Multi-factor and proximity authentication can and has been embedded into smart cards to increase the security of all services on the card. For example, a smart card can be programed to only allow a contactless transaction if it is also within range of another device like a uniquely paired mobile phone. This can significantly increase the security of the smart card. It provides increased security offered by smart cards. These savings are passed onto society through a reduction in the necessary funding or enhanced public services. Cyber Cash offers secure means through which credit card information can be exchanged over internet. CyberCash permits online payments without the fear of cyber fraud, expensive credit card approval equipment, and dedicated telephone lines. See also digital cash.

The Cyber Cash Model Cyber cash acts as a conduit for transactions among Internet, merchants, consumers and banking networks. Merchants wishing to use cyber cash to securely process credit card transactions must establish a merchant account with a bank offering cyber cash PAY button. When the customer completes a purchase and begins a cyber cash transaction by clicking on the cyber cash PAY button of a merchants World Wide Web site, the merchant receives information about the customers order, as well as an encrypted message from the customers cyber cash client. The payments are signed and encrypted then sent through merchant bank to cyber cash, which in turn passes the transaction to merchants bank for processing. The digital wallet initially supported only credit cards, but now for small dollar amounts for products and services that are too expensive to justify using a credit card. With cyber cash the wallet is used to manage your credit cards. In a sense cyber cash process electronically presents your credit card payments to the merchant in the process just like the last time we physically pulled the card out of our wallet and presented it to a merchant. Cyber coin money is placed in to an account at cyber cash and as we make cyber coin transactions money is pulled out from your wallet and sent to the cyber coin merchants wallet. Digital Payment Systems Digital Payment Systems Inc., provides a one stop shop for credit card processing services to Retail, Restaurants, Auto Repair/Auto Body/Gas Stations, Hospitality Industries and all new businesses. Digital Payment Systems supports the processing needs of Credit, Debit, Check Conversion, Gift and Loyalty Card Solutions, and every major ATM card network nationwide. We affirm our client dedication by offering industry expertise, innovative, and quality solutions, and a commitment to customer satisfaction. We have highly trained representatives with a strong focus on customer service. There are many digital payment systems like Visa, MasterCard Paypal, 2CO, E-Gold, MoneyBookers and Worldpay that allow you to send and receive the payments instantly and securely Stages of e-banking