Online banking

internet bankinge-bankingelectronic bankingonlineHome bankingInternet bankInternetbankingnet bankingon-line banking
Online banking, also known as internet banking or web banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.wikipedia
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Direct bank

branchless bankingonline bankvirtual bank
Some banks operate as a "direct bank" (or “virtual bank”), where they rely completely on internet banking.
A direct bank (sometimes called a branchless bank, virtual bank, online bank or an internet-only bank) is a bank without any branch network that offers its services remotely via online banking and telephone banking and may also provide access via ATMs (often through interbank network alliances), mail and mobile.

Bank

Bankingbankerbanking system
Online banking, also known as internet banking or web banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.
Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking, the cheque has lost its primacy in most banking systems as a payment instrument.

Core banking

Core Banking SystemCBSCore Banking Solution
The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services.
Banks make these services available across multiple channels like automated teller machines, Internet banking, mobile banking and branches.

Nottingham Building Society

HomelinkHomelink (Britain)Nottingham Building Society (NBS)
Online banking started in the United Kingdom with the launch of Nottingham Building Society (NBS)'s Homelink service in September 1982, initially on a restricted basis, before it was expanded nationally in 1983.
The Nottingham Building Society was one of the first financial institutions to introduce online banking in 1983, with its Homelink service on Prestel.

Mobile banking

mobilemobile phone-based money transferMobile-Banking
The credentials for online banking is normally not the same as for telephone or mobile banking.
Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose.

Branch (banking)

branchesbranchbranch offices
The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services.
Services provided by a branch include cash withdrawals and deposits from a demand account with a bank teller, financial advice through a specialist, safe deposit box rentals, bureau de change, insurance sales (where it is allowed by law), etc. In the early 21st century, features such as automated teller machines (ATM), telephone and online banking, allow customers to bank from remote locations and after business hours.

Electronic bill payment

Bills Paymentbill paymentBill Payments Services
Each financial institution can determine the types of financial transactions which a customer may transact through online banking, but usually includes obtaining account balances, a list of recent transactions, electronic bill payments, financing loans and funds transfers between a customer's or another's accounts.
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account.

Prestel

Because of the commercial failure of videotex, these banking services never became popular except in France (where the use of videotex (Minitel) was subsidized by the telecom provider) and the UK, where the Prestel system was used.
Eventually set-top boxes were made available, and some organisations made these available as part of their subscription, for example branded Tandata terminals were provided by the Nottingham Building Society for its customers, who could make financial transactions via Prestel.

Chemical Bank

Chemical Bank of New YorkChemical Banking CorporationChemical Bank & Trust Co.
Large banks, many working on parallel tracks to United American, followed in 1981 when four of New York's major banks (Citibank, Chase Manhattan, Chemical and Manufacturers Hanover) offered home banking services.
Chemical was among the pioneers of electronic online banking.

BPAY

BPAY is an electronic bill payment system in Australia which enables payments to be made through a financial institution's online, mobile or telephone banking facility to organisations which are registered BPAY billers.

Account aggregation

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.
The ideas around account aggregation first emerged in the mid 1990s when banks started releasing Internet banking applications.

Cheque

Checkingcheckchecks
Cheque usage has been declining for some years, both for point of sale transactions (for which credit cards and debit cards are increasingly preferred) and for third party payments (for example, bill payments), where the decline has been accelerated by the emergence of telephone banking and online banking.

Telephone banking

telephonephonebanking by telephone
The credentials for online banking is normally not the same as for telephone or mobile banking.
However, the development online banking in the early 2000s started a long term decline in the use of telephone banking in favor of internet banking.

Transaction authentication number

TANchipTANMobile TAN
* The PIN/TAN system where the PIN represents a password, used for the login and TANs representing one-time passwords to authenticate transactions.
A transaction authentication number (TAN) is used by some online banking services as a form of single use one-time passwords (OTPs) to authorize financial transactions.

Pharming

Two well known examples for those attacks are phishing and pharming.
Pharming has become of major concern to businesses hosting ecommerce and online banking websites.

Man-in-the-browser

Man in the BrowserBoy-in-the-browserBugat (Trojan horse)
Another kind of attack is the so-called man-in-the-browser attack, a variation of the man-in-the-middle attack where a Trojan horse permits a remote attacker to secretly modify the destination account number and also the amount in the web browser.
The majority of financial service professionals in a survey considered MitB to be the greatest threat to online banking.

Bank statement

bank statementsbank accountbank account statement
With the wider access to the Internet and online banking starting in the late 1990s, bank statements (also known as electronic statements or e-statements) could be viewed online, and downloaded or printed by the customer.

Online and offline

onlineofflineon-line
"Online" has come to describe activities performed on and data available on the Internet, for example: "online identity", "online predator", "online gambling", "online shopping", "online banking", and "online learning".

Password

passwordswatchwordcomputer passwords
Though single password authentication is still in use, it by itself is not considered secure enough for online banking in some countries.

SMS banking

SMS based banking
The selection can be done either using internet banking or by phone.

Multi-factor authentication

two-factor authenticationTwo factor authentication2FA
These token generated TANs depend on the time and a unique secret, stored in the security token (two-factor authentication or 2FA).
In 2005, the United States' Federal Financial Institutions Examination Council issued guidance for financial institutions recommending financial institutions conduct risk-based assessments, evaluate customer awareness programs, and develop security measures to reliably authenticate customers remotely accessing online financial services, officially recommending the use of authentication methods that depend on more than one factor (specifically, what a user knows, has, and is) to determine the user's identity.

Enhanced Telephone

The Enhanced Telephone ultimately failed to become a viable product because by the time it was introduced, home banking via PCs was becoming more common.

Digital currency

electronic moneydigital currenciesdigital cash
Online banking, also known as internet banking or web banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.

Financial institution

financial institutionsbanking institutionfinance company
Online banking, also known as internet banking or web banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.