e-banking project and implimentation
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The E-Banking is an application that has been developed for a well-established regional bank operating primarily in south India. The bank has several branches in key cities and towns in the north. In the world of this competitive environment and technological development, the bank has been totally computerized in the last 3 years, and to increase its customer base has started planning, for a concept called as e-banking; with this concept the bank wants to move very nearer to the customers and increase its basic operational strategies. Through E-Banking the bank wants to introduce the core concept of IT based Enabled Services (ITES). The E-Banking services are executed only upon the customer, and these e-banking services would fully integrate with the core banking solution that is already in usage. The major idea is to provide a series of services to the customer through the internet, and make the customer feel flexible in calling out simple tasks faster instead of making visit to the bank every time. The e-banking service is open only to savings bank. Customers and not for current account holders. The customer is privileged to use most of the system only as a viewing phase, the only online transactions the customer can do are chequebook requisition and fund transfer among his personal accounts.
The project and implimentation ahs been planned to be having the view of distributed architecture, with centralized storage of the database. The application for the storage of the data has been planned. Using the constructs of MS-SQLServer2000 and all the user interfaces have been designed using the ASP.Net technologies. The database connectivity is planned using the
Use Search at http://topicideas.net/search.php wisely To Get Information About Project Topic and Seminar ideas with report/source code along pdf and ppt presenaion
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.pptx   14012757-e-banking.pptx (Size: 1.14 MB / Downloads: 546)

The provision of banking service through electronic channels and the customer can access the data without time and geographical limitation
Development of E-banking
1980s :
- Rapid development of the Internet
- TCP/IP system (communication system)
- E-commerce
May 1995 :
Wells Fargo - the first bank in the world to offer customer access to their accounts over the internet .
 Allows customer to see their accounts online
 ICICI was the first bank to initiate the Internet banking revolution in India as early as 1997 under the brand name 'Infinity'.
 ICICI Bank kicked off online banking way back in 1996 . But even for the Internet 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.
RBI & E-Banking
 The Reserve Bank of India constituted a working group on Internet Banking. The group divided the internet banking products in India into 3 types based on the levels of access granted. They are:-
i) Information Only System:
ii) Electronic Information Transfer System:
iii) Fully Electronic Transactional System:
 Information Only System: General purpose information like interest rates, branch location, bank products and their features, loan and deposit calculations are provided in the banks website. There exist facilities for downloading various types of application forms. The communication is normally done through e-mail. There is no interaction between the customer and bank's application system. No identification of the customer is done. In this system, there is no possibility of any unauthorized person getting into production systems of the bank through internet.
 Electronic Information Transfer System: The system provides customer- specific information in the form of account balances, transaction details, and statement of accounts. The information is still largely of the 'read only' format. Identification and authentication of the customer is through password. The information is fetched from the bank's application system either in batch mode or off-line. The application systems cannot directly access through the internet.
 Fully Electronic Transactional System: This system allows bi-directional capabilities. Transactions can be submitted by the customer for online update. This system requires high degree of security and control. In this environment, web server and application systems are linked over secure infrastructure. It comprises technology covering computerization, networking and security, inter-bank payment gateway and legal infrastructure
different services provided under e-banking
 Self-account funds transfer across India.
 Third party transfers in the same branch
 New account opening
 Demand Draft requests
 Standing instructions
 New Cheque-book request and much more
 Railway tickets booking,
 Utility bill payments
 LIC and other insurance premia payments,
 SBI Mutual funds Investments
 Remit Subscription to PPF account,
 Credit card dues payments,
 Deposit your taxes,
 Donations to your religious inspirations
 Donations to Red Cross and such other organisations
 Setting up SMS alerts for transaction information.
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.ppt   E-BankingYKB BILPA.ppt (Size: 261.5 KB / Downloads: 543)
Technology Commencement in Banking

In 70’s, banks started to establish centralized data processing centers.
Essentially the roles of these data processing centers are:
collect the handwritten documents from branches
compile the documents
manual data entry by the operators
generate reports for the bank staff and the central bank
execute some banking transactions
Branch Automation
In 80’s, banks started technology investments for the branches.
The first step is offline branches.
Terminals connected to local branch computer
Second step is online branches connected centrally. Most of the transactions started to be performed in the central mainframe.
Product Based Banking
In the mid-1980s, banks accepted product based banking and competed with their products.
Banks developed new products for their customers.
Credit card
Credit deposit account (Super Account)
Debit cards
Beside branch, banks brought new channels to give better service to their customers.
Plastic Cards
The plastic card usage grown enormously in last 2 decade.
Plastic card became the main media for bank customers.
Number of credit card in Turkey:
data collected from BKM
Plastic Cards
Number of debit card in Turkey:
data collected from BKM
In the mid-1980s, that cash dispensers truly became a worldwide phenomenon.
It took 16 years for the first 100,000 cash dispensers to be installed, but only four years more for the next 100,000.
Now,ATM became the electronic face of banking for most customers.
Beside cash withdrawal, there exist various transaction options from transfer to fund buying/selling.
Now there are 12.174 ATM installed in Turkey (Ref: BKM)
Point Of Sale
New habits in shopping
Increased the use of plastic cards
Now there are 313.140 POS installed in Turkey (Ref: BKM)
ATM and POS Application Architecture
Interactive Voice Response (IVR) is a software application that accepts a combination of voice telephone input and touch-tone keypad selection and provides appropriate responses in the form of voice
IVR has come into our life at the beginnings of 90’s.
First step in Telephone Banking
Peak transaction volume in salary payment days for balance inquiry
Integrated with ATM system
Customer Based Banking
Banking Application Architecture
Data Warehouse
Electronic repositories of summarized historical data
The main idea behind data warehouse is get all company data working together so users can see more,learn more, and make the organization work better
Data Warehouse helps users to identify trends, find answers to business questions and derive meaning from historical and operational data.
Data access is easier and less costly
Decision support solutions run faster and are more accurate.
Data Warehouse Process
CRM is an integrated sales, marketing and service strategy
CRM goals are :
Use existing relationships to grow revenue
Use integrated information for excellent service
Introduce more repeatable sales processes and procedures
Create new value and loyalty
Implement a more proactive solution strategy
The Three Phases of CRM
Integrated CRM Applications
Alternative Delivery Channels
Anytime, anywhere banking
Telephone Banking
Internet Banking
Mobile Banking
Television banking
Next ???
Telephone Banking
7x24 banking through the phone
Main components
CTI(Computer Telephony Integration)
Manage each call using the computer
Pop up the user information while transferring the call
Agent Desktop Application
Win32,ActiveX, HTML
Host Application
Telephone Banking Infrastructure
Internet Banking
Mobile Banking
Current Mobile Banking Applications:
SMS Banking
WAP Banking
STK (Sim Toolkit) Banking
SMS Banking
Basic banking inquiry transactions(balance inquiry, funds, exchange rate inquiry…) are performed by the cooperation of bank and the GSM operator
Security is the main problem
WAP Banking
Wireless application protocol (WAP) is an application environment and set of communication protocols for wireless devices designed to enable manufacturer-, vendor-, and technology-independent access to the Internet and advanced telephony services.
WAP is a global standard and is not controlled by any single company
Various banking transactions offered in WAP environment by banks.
Similar architecture with SMS banking
SIM Toolkit
SIM card enables to keep and load different applications.
SIM Application Toolkit has been agreed as a GSM standard
SIM Application Toolkit is independent of phone manufacturers and designs.
SIM Application Toolkit allows the flexibility to update the SIM to alter the services and download new services over the air
SIM Application Toolkit is designed as a client-server application. On the server side, SimCard platform and the client side, phone that supports the SIM Application Toolkit
In the near future, banks will start to offer banking transactions in this platform.
Television Banking
Digital television (DTV) is the transmission of television signals using digital rather than conventional analog methods.
Advantages of DTV over analog TV include:
Superior image resolution (detail) for a given bandwidth
Smaller bandwidth for a given image resolution
Compatibility with computers and the Internet
Superior audio quality
Consistency of reception over varying distances
Banks offer their banking transaction in this new environment
T-commerce in the near future.
What is the Next channel
Microwave Banking
Channel Costs
Channel Integration Evolution
Channel Integration evolution
Efficiencies of Scale
Reduction of Redundancies
The Role of Banks in the New Economy
Internet and mobile devices have brought new rules to economy and shaped the way to do business
Banks has also evolved according to the new economy and took their places in this new world to add value to their customer
The new ways to do business are :
e-commerce (B2C)
E-commerce - B2C
E-commerce is the buying and selling of goods and services on the Internet.
Main feature of e-commerce
24-hour availability
a global reach
the ability to interact
provide custom information and ordering
and multimedia prospects,
The Web is rapidly becoming a multibillion dollar source of revenue for the world's businesses.
Banks provide secure payments infrastructure - virtual POS
Mobile commerce applications involve using a mobile phone to carry out financial transactions- this usually means making a payment for goods or transferring funds electronically.
As content delivery over wireless devices becomes faster, more secure, and scalable, there is wide speculation that m-commerce will surpass wireline e-commerce as the method of choice for digital commerce transactions.
A housands of companies that sell products to other companies have discovered that the Web provides not only a 24-hour-a-day showcase for their products but a quick way to reach the right people in a company for more information.
In the B2B, the bank role is to provide a reliable payment infrastructure that add value to corporate business
This infrastructure should cover:
Bill presentment
Bill payment
Different payment types(credit card, deposit account, loan)
Information after payment
To improve the e-business, all the users should feel secure to perform the transaction this environment
The main concepts in e-security are:
PKI (public key infrastructure) enables users of a basically unsecure public network such as the Internet to securely and privately exchange data and money through the use of a public and a private cryptographic key pair that is obtained and shared through a trusted authority.
Public key is a value provided by some designated authority as a key that, combined with a private key derived from the public key, can be used to effectively encryption messages and digital signature.
Private or secret key is an encryption/decryption key known only to the party or parties that exchange secret messages. Public key is used together with a private key
E-Security - continued
Digital certificate is an electronic "credit card" that establishes your credentials when doing business or other transactions on the Web. It is issued by a certification authority (CA).
CA (certificate authority) is an authority in a network that issues and manages security credentials and public key for message encryption. As part of a public key infrastructure, a CA checks with a registration authority to verify information provided by the requestor of a digital certificate
An RA (registration authority) is an authority in a network that verifies user requests for a digital certificate and tells the certificate authority to issue it.
Smart Cards
About the size of a credit card, a smart card is a plastic card with an embedded microchip that can be loaded with data, used for telephone calling, electronic cash payments, and other applications, and then periodically "recharged" for additional use.
smart card contains more information than a magnetic stripe card and it can be programmed for different applications. Some cards can contain programming and data to support multiple applications and some can be updated to add new applications after they are issued
Benefit of smart cards:
enhanced security
off line transaction
programmable card
customer information
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Presented by:
Nikola Skundric
Prof. Dr. Veljko Milutinovic
Milos Kovacevic
Nikola Klem

.ppt   e-bank.ppt (Size: 4.72 MB / Downloads: 258)
Introduction to E - Banking

Banking consumers today have more options then ever before:
“brick and mortar” institution (has a building and personal service representatives)
“brick and click” institution (physical structure + Internet bank services)
“virtual bank” (no public building – exists only online)
What Is an E-Bank?
Traditional banking business assumes:
Customer desk at bank’s building
Office hours from 8.00 am to 7.00 pm
Customers have:
Their job during the day
Family or other activities after the job
What Is an E-Bank?
Logical answer is to use e-channels:
WAP based mobile network
Automated telephone
ATM network
SMS and FAX messaging
Multipurpose information kiosks
Web TV and others …
What Is an E-Bank?
Customers’ requests are:
Non-stop working time
Using services from anywhere
E-channels provide:
Working time 0 - 24h
Great flexibility
Other Advantages of E-Banking
Possibility to extend your market (even out of country)
Internet Banking ... and E-Banking
Internet Banking
In this tutorial we shall focus on Internet Banking.
No need explaining why Internet is so important e-channel:
670 million users worldwide (end of 2001)
Almost 1.2 billion users in 2005 (forecasts, worldwide)
54% of U.S. population (143 mil.) is using it (February 2002)
Every month 2 million users are going online only in USA
What Internet Banking Offers
As a consumer, you can use Internet banking to:
Access account information
Review and pay bills
Transfer funds
Apply for credit
Trade securities
Find out if a check was cleared
Find out when a bill is due
Apply for mortgage
Search for the best loan rates
Compare insurance policies and prices
Many consumers also like the idea of not waiting in line to do their banking, and paying their bills without shuffling papers and buying stamps.
Some Facts
E-Banking in the USA
E-Banking in the USA
Today about 1,100 U.S. banks, large and small, provide full-fledged transactional banking on-line
In next two years additional 1,200 transactional on-line banks are expected
By 2005, the number of such banks should increase to more than 3,000
E-Banking in Serbia
E-Banking in Serbia
Elektronski promet Delta banke: 6.5 milijardi dinara u prva tri meseca
25% naloga u Raiffeisen banci stižu elektronskim putem
U HVB banci svaki drugi nalog je elektronski
35% prometa Nacionalne štedionice obavlja se kroz elektronske usluge
30% klijenata Atlas banke koristi elektronsko bankarstvo
Internet Banking
Using Internet as an e-Channel makes financial services available to wide population
Security Issues
Security problems
Network access can be performed through a combination of devices (PC, telephone, interactive TV equipment, card devices with embedded computer chips, ...)
Security Problems
Internet is a public network and open system where the identity of the communicating partners is not easy to define.
Communication path is non-physical and may include any number of eavesdropping and active interference possibilities.
“Internet communication is much like anonymous postcards, which are answered by anonymous recipients.”
Although open for everyone to read, and even write in them, they must carry messages between specific endpoints in a secure and private way.
Security Problems
What Do We Have to Achieve
How to Achieve It?
Cryptography algorithms to provide privacy.
Digital Certificates and Digital Signatures for Web servers, to provide authentication. data integrity, and non-repudiation service.
Secure Sockets Layer (SSL) uses all these techniques to achieve trusted communication.
When URL begins with https it identifies the site as “secure” (meaning that it encrypts or scrambles transmitted information)
Few Security Tips 1/3
Protect yourself from potential pitfalls and make your Internet banking more safe, productive and enjoyable by following these advices (given by Federal Reserve Bank of Chicago)
Make sure your transmissions are encrypted before doing any online transactions or sending personal information.
E-mail is usually not secure. Do not send sensitive data via e-mail (unless you know it is encrypted). Change all passwords and PIN codes received via e-mail that is not encrypted.
Make sure you are on the right website.
Few Security Tips 2/3
Make sure that the financial institution is properly insured.
Be “password smart” (use mix of letters and numbers; change pw regularly; keep your pw and PIN codes to yourself; avoid easy to guess pw like first names, birthdays, anniversaries, social security numbers...)
Keep good records. Save information about banking transactions. Check bank, debit and credit card statements thoroughly every month. Look for any errors or discrepancies.
Few Security Tips 3/3
Report errors, problems or complaints promptly
Keep virus protection software up-to-date. Back-up key files regularly.
Exit the banking site immediately after completing your banking.
Do not have other browser windows open at the same time you are banking online.
Do not disclose personal information such as credit card and Social Security numbers unless you know whom you are dealing with, why they want this information and how they plan to use it.
Know Your Rights
There are regulations against unauthorized transactions (Including Internet banking, ATM and debit card transactions)
A consumer's liability for an unauthorized transaction is determined by how soon the financial institution is notified (max. 60 days upon receipt of statement)
When making purchases via the Internet it is smart to use a credit card instead of a debit card (liability should be no more than $50 if properly reported, plus you do not have to pay disputed amount during investigation).
Cryptography Basics
Asymmetric approach
Symmetric Approach
Asymmetric Approach
Hybrid Approach
Uses asymmetric approach for passing the symmetric key
Uses symmetric approach for data encryption
Digital Signatures
Cryptography provides privacy, but what about security?
As mentioned before, from a security point of view, we have to achieve three important things:
Digital Signatures
Digital Signatures
Digital Signatures
“Non-repudiation: a service that prevents the denial of a previous act.”
A. Menezes – “Handbook of Applied Cryptography”
Key Management Problem
The whole system of Digital Signatures relies on the capability to securely bind the public key and its owner.
Q1: “How can I be sure that the public key my browser uses to send account number information is in fact the right one for that Web site, and not a bogus one?”
Q2: “How can I reliably communicate my public key to customers so they can rely on it to send me encrypted communications?”
The solution is to use Digital Certificates.
Digital Certificates
Problems caused by a false certification
or no certification mechanism
Certificates provide strong binding between the public-key and some attribute (name or identity).
Digital Certificates
An electronic file that uniquely identifies communication entities on the Internet.
Associate the name of an entity with its public key.
Issued and signed by Certification Authority.
Everybody trusts CA, and CA is responsible
for entity name – public key binding.
ITU-T Recommendation X.509
Certification Authority
CA is a general designation for any entity that controls the authentication services and the management of certificates (also called issuer)
X.509 Naming Scheme
A certificate associates the public key and unique distinguished name (DN) of the user it describes.
Authentication relies on each user possessing a unique distinguished name.
The DN is denoted by a NA and accepted by a CA as unique within the CA’s domain, where the CA can double as a NA.
How X.509 Certificate Is Issued
Contents of X.509 Certificate
Verification of DCs in User Browser
Verification of DCs in User Browser
Most of the servers that use CA certificates force the client to accept certain CAs’ signatures (for top level CAs), which are “hardwired” into the software, or stored on Smart cards.
The CAs’ PK may be the target of an extensive decryption attack. That is why CAs should use very long keys and change keys regularly.
Useful Links to Visit
Two largest commercial CA’s:
how to apply for DC, security related stuff
how to apply for DC, security related stuff
Secure Sockets Layer
SSL Communication Channel
SSL Record Layer
At the lowest level, layered on top of some reliable transport protocol (e.g. TCP)
It provides connection security using data encryption with symmetric cryptography and message integrity check with keyed MAC (Message Authentication Code)
As a public key for encryption for every SSL session we create a randomly generated temporary master key, SSK (adoption of a SSK is described in Handshake Layer)
SSL Data Exchange Phase (simplified)
SSL Handshake Layer
A handshake occurs when a machine tries to use a SSL connection.
If connection is opened, but no session exist recently (suggested under 100 sec - SSL, C.8) we have to make a new handshake.
Other type of handshake occurs when client authentication is desired.
SSL Handshaking Phase (simplified)
SSL Handshaking Phase
If client authentication is in use there are three more steps:
REQUEST-CERTIFICATE message challenge’ + means of authentication desired
CLIENT-CERTIFICATE message client certificate’s type + certificate + bunch of response data
SSL Keys
There are number of keys used over the course of a conversation:
Server’s public key (SPK)
Master key (SSK) – randomly generated
Client-read-key also called Server-write-key (CRK/SWK)
Client-write-key also called Server-read-key (CWK/SRK)
CWK & CRK are derived via a secure hash from the master key, the challenge, and the connection ID.
Only master key is sent encrypted (with SPK)
The master key is reused across sessions, while the read- & write- keys are generated anew for each session.
SSL Data Exchange Phase
Once the handshaking is complete, the application protocol begins to operate, as described in the Record Layer. (this is also called the data-exchange phase, as noted before)
SSL specification is not clear at what point the SSL connection is consider to be done with a connection, or what to do with the keys at that point.
Implicitly, the session is done when the TCP connection is torn down, and the keys should be kept for roughly 100 sec after that (although that is not explicitly defined)
About SSL Strength
Two variants of SSL:

40-bit and 128-bit (refers to master key length)
According to RSA labs it would take a trillion trillion years to crack 128-bit SSL using today’s technology!
However, SSL, being a low level protocol, does little to protect you once your host is compromised.
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.docx   PROJECT SYNOPSIS.docx (Size: 31.77 KB / Downloads: 159)
Electronic Banking
For many consumers, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or 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.
Electronic banking service
1.Autobank Services
Business owners are busy people who cannot afford to spend too much time on banking matters. Fortunately banks now offer various time-saving electronic solutions.All people can have access to electronic banking services. In each town or city the different banks provide electronic facilities for the benefit of their clients.Even the bigger garages offer automatic banking facilities, called autobanks, where people can do their banking without queuing inside the bank. The following transactions can be done at an autobank:
• draw cash
• deposit money or cheques
• get a balance enquiry
• get mini-statements
• make internal account transfers
2. Online Banking Services
This service makes it possible to conduct your banking from the comfort of your home or office.
Cell phone Internet ServicesThis system allows you to access the bank’s cell phone banking service via the Internet using your cellphone. The following transactions can be conducted:
• Get balance enquiries
• Make account payments
• Make inter-account transfers
• Get mini-statements of the last five transactions
• Recharge MTN and Vodacom prepaid airtime
• Increase or decrease your overdraft limit
3. Telephone Banking Services
Your telephone gives you access to your bank accounts 24 hours a day, seven days a week. You can do your banking from your home or office, from your car, and even the beach.Once you have registered for telephone banking services, you can:
• make payments
• transfer money between your linked accounts
• receive fax confirmation of transactions and copies of your statements
• get balance enquiries on all your linked accounts
• increase or decrease overdraft limit
• recharge prepaid airtime on cell phones
• confirm transactions per fax
• receive statements per fax
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to get information about the topic e banking full report, ppt and related topic refer the link bellow

topicideashow-to-e-banking-project and implimentation


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What Is E-banking?

In simple words, e-banking implies provision of banking products and services through electronic delivery channels. Electronic banking has been around for quite some time in the form of automatic teller machines (ATMs) and telephone transactions. In more recent times, it has been transformed by the the internet – a new delivery channel that has facilitated banking transactions for both customers and banks. For customers, the internet offers faster access, is more convenient and available around the clock irrespective of the customer’s location. For banks, it is a much more efficient and cost- saving channel
Internet banking (or E-banking) means any user with a personal computer and a browser can get connected to his bank -s website to perform any of the virtual banking functions. In internet banking system the bank has a centralized database that is web-enabled. All the services that the bank has permitted on the internet are displayed in menu. Any service can be selected and further interaction is dictated by the nature of service. Once the branch offices of bank are interconnected through terrestrial or satellite links, there would be no physical identity for any branch. It would a borderless entity permitting anytime, anywhere and anyhow banking.

For this booklet, e-banking is defined as the automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels. E-banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the Internet. Customers access e-banking services using an intelligent electronic device, such as a personal computer (PC), personal digital assistant (PDA), automated teller machine (ATM), kiosk, or Touch Tone telephone. While the risks and controls are similar for the various e-banking access channels, this booklet focuses specifically on Internet-based services due to the Internet’s widely accessible public network. Accordingly, this booklet begins with a discussion of the two primary types of Internet websites: informational and transactional.


A large number of financial institutions maintains sites on the World Wide Web. Some websites are strictly informational, while others also offer customers the ability to perform financial transactions, such as paying bills or transferring funds between accounts.


Wireless banking is a delivery channel that can extend the reach and enhance the convenience of Internet banking products and services. Wireless banking occurs when customers access a financial institution's network(s) using cellular phones, pagers, and personal digital assistants (or similar devices) through telecommunication companies’ wireless networks. Wireless banking services in the United States typically supplement a financial institution's e-banking products and services.

Person-to-Person Payments:

Electronic person-to-person payments, also known as e-mail money, permit consumers to send “money” to any person or business with an e-mail address. Under this scenario, a consumer electronically instructs the person-to-person payment service to transfer funds to another individual. The payment service then sends an e-mail notifying the individual that the funds are available and informs him or her of the methods available to access the funds including requesting a check, transferring the funds to an account at an insured financial institution, or retransmitting the funds to someone else. Person-to-person payments are typically funded by credit card charges transfer from the consumer’s account at a financial institution. Since neither the payee nor the payer in the transaction has to have an account with the payment service, such services may be offered by an insured financial institution, but are frequently offered by other businesses as well.

Banking Services through Internet:

1) The Basic Level Service is the banks’ web sites which disseminate information on different products and services offered to customers and members of public in general. It may receive and reply to customer’s queries through e-mail;
2. In the next level are Simple Transactional Web sites which allows customers to submit their instructions, applications for different services, queries in their account balances, etc. but do not permit any fund-based transactions on their accounts;
3. The third level of Internet banking service are offered by Fully Transactional Web sites which allow the customers to operate on their accounts for transfer of funds, payment of different bills, subscribing to other products of the bank and to transact purchase and sale of securities, etc. The above forms of Internet banking service the customer or by new banks, who deliver banking service primarily through Internet or other electronic delivery channels as the value added services. Some of these banks are known as ‘Virtual’ banks or ‘Internet only’ banks and may not have physical presence in a country despite offering different banking services.

E-banking in India: Major Concerns

First, in India, there is a risk of the emergence of a ‘digital divide’ as the poor are excluded from the use of the internet and so from the financial system. Empirical evidence shows that richer countries possess higher concentrations of internet users (higher than income concentration) in comparison with poorer countries [Hawkins 2002]. In India (where the poverty ratio is still adverse at 26.1 per cent of total population), it is likely that wealthier people will rapidly migrate to e-banking platforms leaving the poor to bear the cost of the physical infrastructure of branches in the form of transaction fees or non-competitive interest rates on their deposits.

Advantages Of Internet Banking
1) An internet banking account is simple to open and use. You just enter a few answers to questions in a form while sitting comfortably in your own home or office. To access your account, you establish security measures such as usernames and passwords. To complete the set up of your account, you just print, sign and send in a form.

2. Internet banking costs less. Because there are fewer buildings to maintain, and less involvement by salaried employees, there is a much lower overhead with online banks. These savings allow them to offer higher interest rates on savings accounts and lower lending rates and service charges. Even traditional brick and mortar banks offer better deals such as free bill paying services to encourage their customers to do their banking online.

3.Comparing internet banks to get the best deal is easy. In a short time, you can visit several online banks to compare what they offer re savings and checking account deals as well as their interest rates. Other things you can easily research are what credit cards are available, credit card interest rates, loan terms and the banks own rating with the FDIC.

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