e-PAYMENT; CHALLENGES AND EXPECTATIONS IN NIGERIA PUBLIC SECTOR.
INTRODUTION
Trade generally involves the exchange of goods and services for corresponding abstract value like money. [1] Money is been used as an abstract way to represent value and a system for making payments. Development brought about new abstract ways to represent value, [2] this progressive trend started from the barter through bank notes, payment order, cheques and later on credit cards which climaxed to the electronic payment system. A payment system is one used for the transfer of money. The emergence of computers and information systems brought about other alternate electronic payment systems such as debit cards, credit cards, Internet banking and e-commerce payments.
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• Various risks associated with carrying huge sum of money, such as threat from armed robbers, fraud, thefts and others.
• Improves the quality of financial reporting system in the public sector.
• Realization of an economy with a more efficient financial transaction system by government. Types Of e-Payment
Dankwambo [3] identified that there are two types of e-Payment in the Nigerian context, which includes:
1.End-to-End Processing
Here, all the processes from approvals to the receipt of
value by the beneficiary are completed electronically.
2.Manual e-Payment or use of Mandate.
It is the combination of manual and electronic process where the infrastructures present cannot support the End-to-End processing.
Challenges
The glitches militating against e-Payment as registered by Sumanjeet [4] mostly rotate around.
• Integrity: to determine that transmitted financial
information is unaltered in transit.
• Non-repudiation: to determine that each party has a non-
deniable evidence of receipt.
• Confidentially: to ascertain that transactions are
safeguarded from potential
51. Which is used to preserve the reliability of a document or a message. a) Message digest b) Encryption of message c) Encrypted message d) None of the mentioned Answer: c 52.
The substantive procedures will be performed for the above outlined parts, so that the irregularities within each section is detected and an appropriate audit program will be designed for each department. Substantive procedures include the following general categories of activity: Testing classes of transactions, account balances, and disclosures Agreeing the
The CAASC seeks to provide high standards of integrity while providing great flexibility
Soon, different ways to buy products were introduced, including buying on credit and the installment plan, this became very popular and they encouraged consumers to buy more than they could
We will observe the highest principles of honesty and fair practice in dealing with clients, candidates, employees and all regulatory authorities; and will respect the confidentiality of record in accordance with law and good business practices.
Pre-claims submission activities are a process that involves tasks such as scheduling and registration, verifying eligibility, getting authorization for services, collecting copayments or coinsurance, documenting charges, coding, grouping, scrubbing and editing claims. Admitting/registration and case management would be involved these tasks. Claims processing activities is the conversion of verbal descriptions into numbers, submission of supplemental claim attachments. Attachments include Certificates of Medical Necessity, discharge summaries and operative reports. Claims must comply with industry and government standards.
This benefited the industries by making payment cheaper, more manageable, and
It is a basic element that is involved between the two respective individuals in a business relationship. In this case, throughout the unethical performances conducted inside by Cendant Corporation’s top management, trust was broken. Aside from the trust being broken down, corporate governance had its shortcomings as well. EY had faith on the word placed by Cendant Corporation and wasn’t on their mind that they were going to be fooled in such way. Cendant made EY believe that their financial paperwork was complying with GAAP and not in an unethical manner as it was truly seen at the end of the case.
• Security that all transmissions are protected when being transmitted over the electronic communications
Clients must keep records and books of accounts including cash book, sales ledger, purchases ledger and general ledger. Supporting documents such as invoices, bank statements, pay-in slips, cheque butts, and receipts for payments, payroll records and copies of receipts issued should be retained. A valuation of the stock in trade should be made at the end of the accounting period and the appropriate records maintained. Company should record sufficient to explain each transaction and to enable a true and fair profit & loss account and balance sheet to be prepared. At the end of the accounting period, a physical stock-take should be made to ascertain the quantity and the cost of the stock in hand or the cost of work in progress statements and
For operational purposes, the company collects and stores confidential information about their customers, employees, suppliers, and vendors. For purposes of their rewards program, the company collects sensitive and confidential consumer information. Although security measures and information technology systems have been put in place to ensure secure transmission and storage of confidential information, security breaches, computer viruses, or even human error can occur. Any of these events could cause data to be lost or stolen, as well as disclosed and used with malicious intent. Such occurrence could lead to litigation, fines, increased security costs, and damage to
A.1.b. Records and documentation. A.1.d. Support network involvement. A.2.a.
Before I read Atlas Shrugged by Ayn Rand, I associated a love for money as greediness and materialism. “The words ‘to make money’ hold the essence of human morality.” This statement has changed my view of money and it’s impact on society. In Rand’s book, a character by the name of Francisco d’Anconia gives a speech on the virtue of wealth after being called out for being a depraved product of money. He is scorned for his profits through the downfall of his competitors, but then ultimately talks about the problems his own company faces.
Today nearly everyone has to have and use a credit card (credit card) as a medium of non-cash transactions. This is because the manufacturing process tends to be easier, offer a discount for its users as well as the practicality of use. But of course there are consequences to be paid when you use that bill pembayarannnya. For some people it does not matter, but for some others, sometimes it becomes a new problem. As a result, it is instead make your life easier, but instead burdening your life.
Insurance is the equitable transfer of risk of a loss, from one entity in exchange of money. In today’s world, it is difficult to find a person who is not fully insured. Thus, insurance is a means to manage possible risks, as no one wants to face any type of a loss. It is evident that the insurance companies are now profiting to a greater extent since everyone wants to be on a safer side and avoid risks. This has in turn helped in the economy’s development and growth.