These days everyone has a mobile phone and they can use it to make a fast and efficient payment for their SBI credit card bills. To do that, a user has to send an SMS containing the text ‘MBSREG’ to the number: 922 344 000 to receive user ID and default MPIN. The user can then install the SBI Freedom app on their mobile phone and pay the bill using their SBI debit card or another bank’s debit card. • Electronic Bill Payment: Electronic Bill Payment or EBP can be used for paying credit card bills directly from your bank account. The service can be availed through net banking, ATM, or the mobile app of SBI, Indian Overseas Bank, Citibank, and Bank of India.
Online Payment Options For Paying HDFC Credit Card Bills HDFC bank provides a number of platforms, both online as well as offline to pay the outstanding credit card bills for its customers. So, customers can employ any of the convenient platforms out there to make their quick payments devoid of any hassles regarding failures or delays. HDFC does not charge you any addition fee for using the online credit card payment mode and users can therefore choose any mode, which best suits their requirements. Account holders of both HDFC and non HDFC can make use of any method for paying the outstanding dues over their HDFC credit card account. In case of non-HDFC banks, account holders can make their payments from nearly 49 other bank accounts by using this facility.
c. Advanced transactional websites allow customers to execute financial transactions for example transferring funds from one account to the other, including to third parties and bill payments. Since there is no face-to-face conclusion of transactions and they are authenticated by directives or instructions over non-personal means, the risk profile on this platform is the highest and it needs careful and well planned monitoring as it can result in a total bank collapse if not given due attention. 22.214.171.124 Benefits of electronic banking Electronic payment platform is likely to impact importantly in the expansion of electronic business; retail electronic banking services and products, which comprise of electronic money and it provides substantial innovative prospects for banks. Electronic banking allows banks to expand their markets for ordinary deposit-taking and credit allowance undertakings, to propose new products and services or reinforce their economic position in offering existing payment services. Moreover, electronic banking reduces operating costs for banks but there are always consequences for that in the form of amplified exposure to risks which needs sufficient attention to avoid banks
The token was increased and the cost of manufacturing and maintaining them is difficult for both organization and customers. The proposed work focuses on the implementation of User having bank account and have net transfer facility can make transactions in online. This project is developed in 2 stages. The first stage is maintains bank customers, their deposits and withdrawal details and the net banking facility provided for individual users. Another one is developed for user’s online money transfer.
E-banking is the use of electronic methods to deliver traditional banking services such as taking deposits, making loans and clearing payments using any kind of E-channels. It is about using the infrastructure of the digital age to create opportunities- both local and global. It enables the dramatic lowering of the transaction costs and the creation of new types of banking opportunities that address the barriers of time and distance. Banking opportunities are local, global and immediate in e-banking. The current web based variant of banking is the latest of several generations of systems: ATM was the first well known machines to provide electronic access to customers of retail banks.
After that, the host processor will checks all the user details with authorized bank. If the details are matched, the host processor will accepted and send the confirmation code to ATM then the transaction will successful. There are two type of type of ATM which is leased-line or dial-up machine. Leased-Line: “The leased line machines connect direct to the host processor through a four wire point to point dedicated telephone line. These types of machines are preferred in place.
It is like e - business in banking industry. E-banking is a result of the growing expectations of bank's customers. E-banking involves information technology based banking. Under this I.T system, the banking services are delivered by way of a Computer - Controlled System. 2.
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• Fraud Avoidance: Customers who use mobile banking have a better knowledge of their financial transactions and day to-day balances and hence are more likely to catch incorrect or fraudulent transactions. • Increased efficiency: Mobile banking is functional, competitive and efficient. It reduces the amount of paperwork and decongests the banks. Issues and Challenges Security Encryption Mobile banking has two zones, one is the handset held by the user and the other is the bank zone. For secure data transmission between the two zones, the encryption process is used.
Furthermore, as a part of HSBC bank, HSBC Global Technology team always assists HSBC Bank Malaysia Berhad in providing the latest banking technology to its customers. However, a new industry might be created by technological breakthroughs and this may pose a threat to the banks in the banking industry. According to News Strait Times Online, some financial institutions like fintech organizations are providing various types of new and innovative solutions for the users to settle financial activities. These financial institutions allow customers to transfer their money easier across different borders and lower cost