benefits of net banking ? describe 250+ word!
Answers
Answer:
Strong Customer Authentication
One of the major implications of PSD2 is the focus on improving security in the payments space through a strong customer authentication (SCA). One of the most important elements of SCA is two-factor authentication. Most consumers are aware of this even if they don’t know it by that name. As technology evolves, new approaches to two-factor authentication are emerging, like face recognition or fingerprint-based authorization, something that many mobile phones offer these days.
TPP Management
Open Banking is transforming the future of banking and the way money flows between parties. While on the client’s side open banking allows customers to access new products and services from regulated third party providers (TPP), on the bank side this means a need to manage how these TPPs will be able to interact with their users.
Epiphany’s TPP Management solution is designed to effectively manage the consent given by a user to a TPP. Banks can select the on-boarding model that fits their need: automatic, through the usage of eIDAS certificate, or manual entry through the back office application.
Consent
Management
The consent management module is built to let organizations obtain and subsequently administer consent for personal data processing from consumers in order to be in compliance with applicable laws and policies. Epiphany’s PSD2 compliance solution includes built-in consent management as demanded by regulations.
Ad-hoc APIs integrate consent management into your online banking or mobile banking or white-label page to let PSU manage the consent given to Third Party.
1.A Sandbox environment is available
for TPP testing in 48 hours. Yes, 48 hours.2.A Live environment will be availablek
for production within only two weeks.
Answer:
Electronic funds transfer means computer systems are used to perform financial transactions electronically. The EFT is used for electronic payments and customer initiated transactions where the cardholder pays using credit or debit card.
The transaction types are, Withdrawal,deposit,interaccount transfer ,inquiry, administrative transactions that covers non financial transactions including PIN change. Electronic Fund Transfer transactions needs authorisation and a means to match the card and card holder.EFT transactions require the cardholder’s PIN to sent online in encrypted form for validation by the issuer of the card.Other information may include the card holders address or the CVV2 security value printed on the card.
Electronic funds transfer transactions are activated during e-banking procedures.The different methods of e-banking are
“Online banking
Short message service banking
Telephone banking
Mobile banking
Interactive -TV banking”
Of all the above procedures online banking plays an important role and maximum used by the account holders.now,discussing the above one by one.
Online banking:
Online banking also called as internet banking, allows the customers to use all the banking services from a computer which has internet acess.The customer can perform financial transactions on a secure website operated by the bank. Online banking offers features such as bank statements, loan applications, funds transfer, e-bill payments and account aggregation allows customers to monitor all their accounts in one place.
Telephone Banking:
Telephone banking is a service provided by the banks which provides customers to perform transactions on phone.All the telephone banking systems uses automated answering system with keypad response or voice recognition capability.To prove their identity coustomers must provide a numeric or verbal password or answering the questions asked by the call center representative.In telephone banking coustomer cann’t withdraws and deposits cash but can do all the other transactions.
Mostly there will be a coustomer care representative to which the customers speak ,although this feature is not guaranteed.The coustomer care representatives are trained to do what are available at the branch like chequebook orders,address change,debit card replacements.
Sms Banking:
SMS banking is a service permitting banks to do selected banking services from the users mobile by the sms messaging.SMS banking services have push and pull messages.Push messages are sent by the banks for alerting coustomer about new offers,marketing messages,alerts to events happening in coustomers account such as large amount of withdrawals from ATM or credit card etc.
Pull messages are those that are sent by the coustomer to bank for having some information or to perform a transaction in their account.Examples include account balance enquiry,requesting for current exchange rates and for new offers that are launched.
The coustomer has a choice to select the list of services he need to be informed.This can be done by integrating to internet banking or speaking to the coustomer care representative of the bank call centre.
Interactive -TV banking:
Interactive TV is a sevice that allows users to interact with TV content as they view it.It is also called as iTV or idTV.If the coustomer subscribes to a cable television service some banking facilities like balance enquiry,funds transfer between accounts ,bills payment are made available all the way through TV.Most of the major banks in UK have experimented banking services through cable and satellite TV companies.