idea of Internet Banking rose from International Financial Homes

The idea of Internet Banking rose from International Financial Homes whose main objective was to ensure that clients had been tuned to their finances from any part of the world. The main transactions consist of Online Money Transfer and On-line Lending. Online Banking services are trouble totally free and guarantees information confidentiality and safety. Individuals residing in one country could make use of the internet as a medium to transfer funds from that country to an additional, supplied the country he's transferring the money as well has a branch located. The basic modus of operandi is carried out by allowing users to conduct financial transactions on a safe website operated by their retail or virtual financial institution, credit union or building society. Other main transactions which are commonly secured via On-line Banking Solutions consist of Electronic Bill Payments, Loans, Investments and Banking Statements. The Monetary Institute Administration features allow it to manage the On-line Experience of their finish users and the Hosting administration functions allow the hosting business to administer the solution across the monetary institute.

Features which are unique to Web Banking consist of Personal Financial Management Help, Individual Accounting software program & account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions. Protection and Safety is provided via Single Password authentication. In most countries shopping websites are not considered secured enough for individual On-line Banking Applications, hence the use of single password. Basically a couple of methods are approached to secure transactions. The first one used is a combination of a Pin (Individual Identification Number)/ TAN (Transaction Authentication Number), where Pin represents a password used for login and Tan a one time password to authenticate transactions. Usually on-line banking with PIN/TAN is done via a web browser using SSL secured connections, so that there is no additional encryption needed. The second option is signature based on-line banking where all transactions are signed and encrypted digitally. The Keys for the signature generation and encryption can be stored on smart cards or any memory medium, depending on the concrete implementation.



The Advent of the Internet has leveled the advantages that were previously held by Global Financial homes. It has afforded open access to clients in the international marketplace by being a cost effective delivery channel. It has changed the outlook of the Banking Industry and has helped develop customer relationships. Its prime focus is to improve customer access, facilitate the offering of more solutions, increase customer loyalty & attract new customers. Online banking solutions are continually evolving, and as the solutions expand, it will keep getting better for clients.