Modern Electronic Banking Technology

Today’s discussion on modern electronic banking technology. In the modern world, through the use of the best technological techniques, banking activities have been made easier and more accessible to the people at a faster, more accurate, and at a lower cost. Some time ago, the thought of all these technologies was just a dream and imagination. But over time it has become a real reality. The use of new modern technology can be observed constantly.

Modern Electronic Banking Technology

Below is an overview of the technological strategies used in banks in the present world:

A. Modern electronic banking technologies:

1. Proof Machine
2. Expediting Check Collection Process
3. Record Keeping
4. National Numerical System
5. Use of Micro Film
6. The Check Routing Symbol A sorting Aid
7. Magnetic Inc Character Recognition
8. Electronic Sorting
9. Computer Electronic Data Processing
10. Electronic Fund Transfer System (EFTS)
11. Automated Teller Machine
    1. Personal Identification Number (PIN)
12. Point-of-Sale Terminals
13. Cheque authorization systems
14. Deposit Taking
15. Direct Deposit and Pre-authorized Payments
16. Automatic Telephone Payments
17. On-line Balance Enquiry
18. EDP and validation process
19. EDP and the Proof Operation
20. EDP and Check Collection Functions

B. Expediting Check Collection Process

1. Bank Credit Cards Master credit card and VISA cards
2. Debit Cards
3. Point Sale Services (PSS)
4. Transaction
5. Automated Clearing House (ACH)
6. Home Banking
   1. Telephone Bill Payment (TBP)
   2.  Video Home Banking (VHB)
7. Wire Transfer Network
   1. Fed Wire
   2. Bank Wire
   3. CHIPS Clearing House Interbank Payment System
   4. SWIFT Society For Worldwide Interbank Financial Tele Communications
8. Payment and Telecommunication services (PATS)
9. Payment and Advance Administrative Communication (PAAC)
10. Corporate Automatic Clearing House Services (CACHS)
11. Electronic Cash Manangement
12. Card Based Payment Services
13. ACH Based Payment Services
14. Video Based Terminal Banking Servies

Modern electronic banking will be discussed in detail towards the end of this series.