Online Banking Options For E-Commerce Business Owners

With more people getting involved in e-commerce the options for online banking contuse to grow. This can be especially useful for businesses that conduct their business completely online. Payments can be made through an online banking system and the bills can be paid the same way, with little or no need to travel to the traditional bank to conduct your business.

As people become more comfortable conducting transactions online, the need for online banking is growing. Some of the options will allow business owners to accept payments by credit cards and e-checks, which are deposited into their online bank account. From that account, vendors who accept payment through online banking can be paid directly. Others can be paid using the bank's online payment options, which include sending the vendor a paper check as specified by your online banking company.

Essentially, with many of the online banking options the business has no need to ever visit a bank, unless they need cash and a drive through automatic teller machine can handle that transaction.

Many online banks also offer paper checks that can be mailed out, the ability to mail paper checks you receive to the bank for deposit or allow you to make deposits through your debit card at another bank. Having a savings account, personal checking account at the same online bank as your business account allows you the freedom to transfer funds between accounts, usually at no cost. Many also offer the option of money transfer to and from an account at a different institution, however many charge a small fee for this convenience.

Most online banks also give you the option of who is authorized to conduct transactions in the account and through separate password controls, you can track who is messing with your account. The security for online banking has made many innovative improvements in recent years to prevent fraudulent activity from draining your account before you know there is something wrong.

Most also offer the same protection as traditional banks through the Federal Deposit Insurance Corporation, although this protection is usually provided ion the even of physical theft of your money, new rules also help cover account holders, up to certain limits, for electronic theft as well. Protecting you identity and protecting your money are the common concerns of those using online banking, but the convenience of having 24 hour a day, seven day a week access through a high security banking plan can take most of the concerns away.

In most cases everything you can do at a traditional bank can be done through an online bank and the only things missing are the personal interaction with bank employees and the restriction of the bank's hours during which you can conduct business.

By : F Newsome
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Online Banking in India

ONLINE BANKING

Introduction:

The concept of online banking was first brought in when the Governor, Reserve Bank of India appointed a Committee under Shri W.S.Saraf, Executive Director to look into technological issues relating to payment system and to make recommendations for widening the use of modern technology in the banking industry. The Saraf Committee recommended institution of Electronic Funds Transfer Systems in India. It also reviewed the telecommunication system like use of BANKNET and optimum utilization of SWIFT by the banks in India. The Shere Committee in 1995 had recommended framing of RBI (EFT System) Regulations under Section 58 of the Reserve Bank of India Act 1934 (RBI Act), amendments to the RBI Act and to the Bankers' Books Evidence Act,
1891 as short term measures and enacting of a few new Acts such as the
Electronic Funds Transfer Act, the Computer Misuse and Data Protection
Act.

Impact of the Information and Technology Act, 2000:

The information and technology act is an act to provide legal recognition for transactions carried out by means of electronic data interchange and other means of electronic
communication commonly referred to as "electronic commerce".

Reasons for adopting the online banking:

The growth of online banking has been fuelled by broadband availability as well as secures connections over the Internet. Many banks now offer some form of online banking activity, whether it is checking bank balance, paying bills online or even simple cash transfer transactions. As customers gain more confidence in carrying out secure transactions over the Internet, vulnerabilities are present and can be exploited by cyber criminals to obtain a user's personal banking details. In one of the latest developments, FSecure, a leading security provider for Internet and mobile networks, has issued a warning against computer users of an upsurge in attacks against banking sites, targeting personal user data. It started with software that was capable of retrieving the data typed into the computer keyboard and then more complex mechanisms arrived on the scene such as Phishing and pharming. .

A new concept of cell phone banking has taken over the Indians. A classic example of this is that the Harsh Vihar slum may not have banks, but it does have cell phone coverage. And that has made its residents ideal candidates for a novel experiment in combining microfinance and mobile banking. Basix, an organization that specializes in bringing micro loans and other financial services to India's poor, has teamed up with Axis, an Indian commercial bank, to begin offering accounts to workers in Delhi's slums. Its approach relies on a combination of high technology and old-fashioned shoe leather.

The main risk of online banking is the security concerns. For this the IT Act has a provision, Section 3(2) which, provides for a particular asymmetric crypto system and function as a means of authenticating electronic record. Any other method used by banks for authentication should be recognized as a source of legal risk.

The provisions for the offences committed:

Under the chapter IX Section 43 , the punishments for the offences so caused are defined. By this act under chapter X, Section 48 defines the establishment of a cyber appellate tribunal. . But there is one fundamental difficulty in punishing the cyber criminals. It is the matter of jurisdiction . This is because any person who possesses a computer and an internet can commit this crime and it is practically impossible to trace the person out. Even if the person can be traced, there is no geographical border to bring him under the jurisdiction of a particular country. However the banking regulatory body, RBI has issued a guideline dated 14th June, 2001, which discusses issues pertaining to his territorial jurisdiction within which the internet banking products can be made
available.

Benefits of Online Banking:

Internet-only deals have cornered the best-buy savings market. Rates are, on average, 0.2 percentage points higher than on traditional accounts. For instance, Bradford & Bingley pays 6.4 per cent on its Internet Saver account but only 6.2 per cent on its My Time Postal Saver.
The online savings trend has also allowed lesser-known banks into the market. For instance, ICICI Bank, the second-largest bank in India, offers an internet account paying a competitive 6.41 per cent. There are no restrictions on withdrawals, a low minimum of £ 1 and a guarantee that it will pay 0.3 points above the Bank of England base rate until December 31, 2011.

By : Barnik Ghosh
First Year
Gujarat National Law University
Contact numbers: 09924509380/03324157023

In particular and without prejudice to the generality of the foregoing provision, such regulations may provide for all or any of the following matters, namely:-- 4
* (f) the manner in which the business of the Central Board shall be transacted, and the procedure to be followed at meetings thereof;
(g) the conduct of business of Local Boards and the delegation to such Boards of powers and functions;
(h) the delegation of powers and functions of the Central Board 6**** to Deputy Governors, Directors or officers of the Bank;
(i) the formation of Committees of the Central Board, the delegation of powers and functions of the Central Board to such Committees, and the conduct of business in such Committees;
(j) the constitution and management of staff and superannuation funds for the officers and servants of the Bank;
(k) the manner and form in which contracts binding on the Bank may be executed;

1. Subs. by Act 19 of 1957, s. 5, for "Indian Companies Act, 1913". 2. Subs. by the M. O. 1937, for "he may direct". Sub-section (2) was rep. by Act 62 of 1948, s. 7 and Sch. (w.e.f. 1-1-1949). 4. Ins. by Act 66 of 1988, s. 6 (w.e.f. 30-12-1988). 5. Cls. (a) to (e) was rep. by 62 of 1948, s. 7 and Sch. (w.e.f. 1-1-1949).

Online Banking Security - Layers of Protection

No one can blame you for being wary and mistrustful. After all, it is your money we are talking about. We have heard of rumors and stories on TV about e-thieves stealing important information like as credit card numbers. The truth is, online banking is just as secure as your average person-to-person banking and is more secure than the media usually makes it out to be. In fact, online banking may be safer than traditional banking.

Traditional Banking vs. Online Banking

You may not have realized it but in traditional banking, you are exposed to several security threats. Your mail containing your bills and bank statements can be intercepted. When you use the ATM, you may be exposed to physical theft or information theft. Your information can also be accessed by bank employees. Above all, when you pay your bills with a check, your account number, social security number and even your phone number are usually printed on the paper check.

These threats can be avoided, if not completely eliminated, with online banking. Financial transactions are made in the comfort and security of your home or office. Moreover, because they know that online customers are apprehensive, security is their top concern. The bank's computers are also protected by a firewall.

Online Banking Security Measures

Although single password protection is the most common security method in the United States, password authentication alone is not secure enough for the type of information and business with Internet banking. That's why online banks use a far more complicated system to protect their clients and ultimately, themselves. They employ numerous layers of strategies and measures to ensure their customers of the security of their dealings. These strategies vary according to the choice of the bank. However, there are measures that are commonly employed by many online banks. Here are some of them.

· The https Protocol: Https is a URI (Uniform Resource Identifier) scheme that is used to identify a secure HTTP connection. Online banking ports are secure sites, often using this prescript, which is encrypted. If something is encrypted, it means that the data, usually in plain text, is converted into codes. Encryption is an excellent process of preventing hackers from accessing personal information in a home or office computer through intercepting "keylogging" or "keystroke logging," the process of keying in passwords on a website.

· TANs: Most online banks take customer's security to another level with transaction numbers, or TANS. This method is the most popular among online banks. These TANs are passwords that are intended for a single session only. Prominent banks using this strategy include the Deutsche Bank, the Philippine National Bank, and the Asian Development Bank (ADB).

· Security Tokens: Some banks issue security tokens to the customers. These tokens dynamically change the numbers customers need to enter for each transaction. Online banks using this method include the Bank of Ireland, the Commonwealth Bank of Australia, the National Bank of Dubai, the Bank of Queensland and the Montgomery Bank.

· IC Cards (Integrated Circuit Cards): Also known as chip cards or smart cards, IC cards are another method popular among online banks throughout the world. Chip cards are unique to each customer. They provide an easy means to conduct business transactions in a standard, secure manner with minimal human intervention. Usually, Chip cards contain encrypted digital certificates along with other important information about the holder. Combined with biometrics, chip cards provide an authentication system with two to three factors. The Industrial and Commercial Bank of China (ICBC), the Hong Kong and Shanghai Banking Corporation (HSBC), the Qatar National Bank, the Royal Bank of Canada (RBC), the Standard Bank, and the Barclays Bank use the chip card system.

· Digital Certificates: Another method of ensuring online banking security is with digital certificates. These virtual certificates allow you to digitally authenticate your transactions by connecting them to a physical device such as a personal computer and a mobile phone. Digital certificates are being used in many giant banking corporations such as the Barclays, HSBC, the China Merchants Bank, the Bank of Montreal, the Bank of the West and many others.

Online banks or Internet banks have their security policies and procedures posted on their sites prominently. You can browse through them before choosing which bank to trust. If you have further questions about their methods, send them a message and they will respond to it appropriately.

By Alyssa Medrano
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Royal Bank of Canada Online Banking

Canada is well- known to be one of the world's leading countries when it comes to banking and finance industries. This sector in Canada plays an important role in their economy and likewise also upsurges some of the other countries' economies. Canadian banks continue to upsurge though the world economic situation is coming to its worst. These banks can still mange to operate the industry despite an aloof economy. This enlightening move is brought about by the rapid advancement of technology. The Internet comes hand in hand with these banks in creating a shield to battle out the financial stance.

One of Canada's top banks is the Royal Bank of Canada. The Royal Bank of Canada online banking system has emerged from a widespread competition with other giant banking institutions. Creating an edge, the Royal Bank of Canada brilliantly initiated the online banking systems which enable investors to do transactions over the internet. And adding up to this great feature, the Royal Bank of Canada online banking offers interest rates which are highly competitive and more likely amenable to consumers. This is one strategy for the Royal bank of Canada to uphold their investors. They do not look on the darker side of the current financial situation. Rather, they pursue to amplify the demands of consumers to keep the banking business running in shape.

The Royal Bank of Canada online banking has established its won website where clients and investors can make deals. This system has proven a cost effective approach to banking. The Royal Bank of Canada continues to invest and allot supplemental budget for technological advancements for their online banking feature. This enables and encourages more and more customers to engage in online banking considering the convenience and secured way of saving money. Responding to the infinite demands of customers who have experienced the convenience of online banking, the Royal Bank of Canada constantly updates clients and upgrades its systems accordingly. Due to the heightened competition even on online banking business, the Royal Bank of Canada online banking has a sturdy financial structure.

Online banking is taking a big leap in the industry of finance and banking along side with the up surging technological developments mainly the Internet. Not only that the Royal Bank of Canada offers high interest rates specifically for the "rainy days," the bank also offers different bank accounts which you feel you can seek help from to when the economic hurricane hits you. The online banking system of Royal Bank of Canada also has customer service representatives which are always available online for inquiries, suggestions and support.

With such a system, one will be able to monitor his or her accounts closely even during the unlikeliest time of the day. The Royal Canada online banking is taking one step closer to invading the international scene with its branches extending strategically over the continents of Europe and Asia and even the United States. The Royal Bank of Canada online banking system truly represents a confidant's shoulder in times of financial instability.

By : Ian Parks
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