ONLINE BANKING
Online banking (or Internet banking or E-banking) allows customers of a financial institution
to conduct financial transactions on a secured website operated by the
institution, which can be a retail bank,virtual bank, credit union or
building society.
To access a financial institution's online banking facility, a
customer having personal Internet access must register with the
institution for the service, and set up some password (under various
names) for customer verification. The password for online banking is
normally not the same as for [telephone banking]. Financial institutions
now routinely allocate customers numbers (also under various names),
whether or not customers intend to access their online banking facility.
Customers numbers are normally not the same as account numbers, because
number of accounts can be linked to the one customer number. The
customer will link to the customer number any of those accounts which
the customer controls, which may be cheque, savings, loan, credit card
and other accounts. Customer numbers will also not be the same as any
debit or credit card issued by the financial institution to the
customer.
To access online banking, the customer would go to the financial
institution's website, and enter the online banking facility using the
customer number and password. Some financial institutions have set up
additional security steps for access, but there is no consistency to the
approach adopted.
Payza is an e-commerce business that allows payments to be made through the internet between users who have registered for the service (Payza
members). For personal users, it is a method for transferring money
internationally and a platform for the purchase of goods and services
online. For merchants, Payza is an online business management tool which
they can use to process payments, issue invoices and make payouts.
Payza is a money transmitter agent with offices in London, New York City, Montreal, Mumbai, Dhaka, Moscow, and Stockholm.
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