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Online Banking

Online Banking Internet Banking


   

Online Banking or Internet Banking

are terms used for performing transactions, payments etc. over the internet through a bank's secure website. This can be very useful, especially for banking outside bank hours (which tend to be very short) and banking from anywhere where internet access is available. In most cases a web browser such as Internet Explorer or Mozilla Firefox is utilised and any normal internet connection is suitable. No special software or hardware is usually needed".

Online Banking Security

Protection through single password authentication, as is the case in most secure internet shopping sites, is not considered secure enough for personal online banking applications in some countries. Online banking user interfaces are secure sites (generally employing the https protocol) and traffic of all information - including the password - is encrypted, making it next to impossible for a third party to obtain or modify information after it is sent. However, encryption alone does not rule out the possibility of hackers gaining access to vulnerable home PCs and intercepting the password as it is typed in (keylogging). There is also the danger of password cracking and physical theft of passwords written down by careless users.

Many online banking services therefore impose a second layer of security. Strategies vary, but a common method is the use of transaction numbers, or TANs, which are essentially single use passwords. Another strategy is the use of two passwords, only random parts of which are entered at the start of every online banking session. This is however slightly less secure than the TAN alternative and more inconvenient for the user. A third option, used in many European countries and currently being trialled in the UK is providing customers with security token devices capable of generating single use passwords unique to the customer's token (this is called two-factor authentication or 2FA). Another option is using digital certificates, which digitally sign or authenticate the transactions, by linking them to the physical device (e.g. computer, mobile phone, etc). While most online banking in the United States still uses single password protection, the FDIC has issued regulations requiring that banks implement more secure authentication mechanisms by the end of the year 2006.

Banks in many European countries (including the Scandinavian countries, The Netherlands, Austria and Belgium) are offering online banking for e-commerce payments directly from customer to merchants.

Online Banking Features

Online banking solutions have many features and md capabilities in common, but traditionally also have some that are application specific.

The common features fall broadly into several categories

    * Transactional (e.g., performing a financial transaction such as an account to account transfer, paying a bill, wire transfer, apply for a loan, new account, etc.)
          o Payments to third parties, including bill payments and telegraphic/wire transfers
          o Funds transfers between a customer's own transactional account and savings accounts
          o Investment purchase or sale
          o Loan applications and transactions, such as repayments of enrollments

    * Non-transactional (e.g., online statements, cheque links, cobrowsing, chat)
          o Viewing recent transactions
          o Downloading bank statements, for example in PDF format
          o Viewing images of paid cheques
    * Financial Institution Administration
    * Management of multiple users having varying levels of authority
    * Transaction approval process

Features commonly unique to Internet banking include

    * Personal financial management support, such as importing data into personal accounting software. Some online banking platforms support 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.

Are Eggs Online Banking Services Safe The "new way to look after your moneyonline." That sounds like a great service, but will your money be secure with Egg?

Does Bank of America Online Banking Live Up To Its Hype? But do they Aim for higher standards when it comes to adding features to their online banking interface?

How Does Nationwide Online Banking Stack Up Against Other Online UK Banks? The front page of Nationwide has their main advertisement placed on it along with a little traffic light symbol.

How To Apply for An Online Bank Account The first thing you must do if you are looking to sign up for an online banking account is to search for the best deal for your specific needs-not the best "general package."

How Does Hsbc Online Banking Stack Up Against Other Online Banking Services? The HSBC website seems to be stat central. Rather than using flashy advertisements, they have found that straightforward comparative analysis is their biggest advantage as an online bank.

How Secure is SunTrust Online Banking? The first thing you will see when you go the SunTrust online banking webpage is the form to register or sign in.

Should I Consider First Citizen Online Banking? " First Citizen's online banking team thought of those people and has taken the same approach that many online banks have taken to accommodate them.

Should I Sign Up For Barclay's Online Banking Services? Barclay's online banking has an easy-to-navigate website, which allows their online banking customers to find the tools and statements they need

The Bank of Montreal and Their Online Banking Services The Bank of Montreal, like many other banks vying for supremacy in the online market, has made a number of major claims about the superiority of its services.

Why You Should Consider Natwest Online Banking Natwest is a big player when it comes to the high street banks. But they are also a big player when it comes to the online banking world.

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