Online
banking is an electronic payment system
that enables customers of a financial institution to conduct financial transactions on a website
operated by the institution, such as a retail bank, virtual bank, credit union
or building society. Online banking is also referred as internet banking, e-banking,
virtual banking and by other
terms.
The common features fall broadly into
two categories:
1)
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.
2)
Bank customers can
transact banking tasks through online banking, including -
·
Funds transfers between
the customer's linked accounts
·
Paying third parties,
including bill payments (see, e.g., BPAY) and third party fund transfers (see, e.g., FAST)
·
Investment purchase
or sale
·
Loan applications and
transactions, such as repayments of enrollments
·
Credit card
applications
·
Register utility
billers and make bill payments
·
Financial institution
administration
·
Management of
multiple users having varying levels of authority
·
Transaction approval
process
·
Increase customer
satisfaction – and reduce service costs – with online self-service
·
Maximize ease-of-use,
create differentiation, and speed customer service initiatives
Online Business Banking
·
Easily and
effectively manage an entire organization's cash position
·
Move to
electronic processing to eliminate inefficiencies and errors
·
Ensure service
with support for transaction-intensive deployments
·
Leverage services
for small, midsize, and large businesses with a single solution
·
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