Information technology is crucial to banking sector.

Its primary function to take action and make recommendations on application with respect to individual customers.

IT applications used in banking sector are as follows.......

It enables customers to view their bank online.

The consumer banking solution is also a comprehensive application which is related to the web based account and payment management system.

Corporate banking solution is a web based cash management system and global payment system that allows financial institutions and their customers to manage cash positions & manage payments

EFT provides fast, efficient, and successful transaction chain system that enables client to collect, process, and deposit electronic and paper based transaction online.

This ensure rotations over network more accurately, securely and quickly among several business communities and consumers.

Every type of business small or big exchanges its traditional paper-based payment and billing with electronic process so that money can be transacted quickly.

In EFT, the payment gateway is designed to combine services for a complete and quick money transaction by using either credit card or smart card or third party such as PAYPAL.

It is surveyed that payer & beneficiaries transact about 10-40% of retail payment through EFT tools and channels.

Intra Bank Fund Transfer

Inter-bank electronic Fund Transfer

Internet based payment systems

Account-to-account transfer of service for account holders.

It facilitates cash management and effective payment systems.

Rotates one time or recurring money transactions among customers of various organisations or institutions which are in the same domain.

Routine transfer of funds between accounts of different financial organisations.

It involves repetitive payment at high level, such as direct credit for the transfer of wages and recurring bill payments by electronic cheque or cardless POS(Point of Sales/Service).

Customers uses a bank card or debit card to carry out banking operations such as withdrawals, deposits, transfers and bill payments.

It is called a plastic card holding bank balance.

It is a 24x7 service. Each bank has its own ATM system but

certain features are commonan account, an access card, an

ATM.

An ATM system act as a computer terminal connected to the bank’s main system.

When the access card is inserted the ATM initiates communication over a network of communication lines dedicated for this purpose.

After providing welcome screen the system will request PIN number.

We can find out our balance, transfer funds from one account to another and more additional features.

Issuing electronic cheque is another important application of information systems in banking services.

Bank register users with Netcheque accounting servers.

Users who are registered with Netcheque are able to write electronic cheques to another users.

These cheques may be sent through an e-mail or payment of services provided through other network protocol.

The Netcheque system is well suited for clearing micropayments.

It enables such information technology techniques as popular Internet services that charges a small fees to access the information, processing, queries and consumption of resouces.

Electronic Fund Transfer:-Inter bank fund transferIntra bank fund transfer

Automatic Teller MachineElectronic Cheque

Ambadi.S