The banking sector has undergone an intense transformation in recent years, driven by rapid advancements in technology. The initial stages of the Advanced Ledger Posting Machine (ALPM), Total Branch Automation (TBA) was a technology development that existed before the Core Banking Solution (CBS). Digital transformation has fundamentally transformed the banking sector, reshaping how financial institutions…
Technological upgrading refers to the planned and focused improvement of existing technology and production methods through the integration of new technology, research, and development efforts. Technology upgrades have brought about many good improvements that have altered the way we connect and the environment, from cell phones to virtual reality to artificial intelligence. Technological upgrading appears…
New technology trends are the convergence of multiple technologies across the world used for a Continuous Innovation process. The following are the modern technologies in the process of further development. Quantum computing: Quantum computing is a trend that uses less power than traditional computing to process and analyze data. Unlike traditional computers, quantum computers use…
“Funds transfer” in banking means transactions related to the movement of funds from one account of a customer to another beneficiary’s account either in same bank or in another bank. The term includes any payment order issued by the originator’s bank or an intermediary bank intended to carry out the originator’s payment order. Generally, funds…
Edited and reposted on October 21, 2024 National Automated Clearing House (NACH) is a form of Electronic Clearing Service (ECS) that is available with core-banking-enabled bank branches in India. NACH has primarily two variants viz. ECS Credit and ECS Debit. The facility is used by the bank customers for automatic debit to their account every…
The roots of electronic payment can be traced back to 1871 when Western Union initiated the electronic fund transfer (EFT) in the U.S. In 1871, Western Union began using EFTs to transfer financial resources without the need for a physical exchange of money. The major milestones in the evolution of payment technologies are hereunder. Telegraphic…
The upsurge of Fintech Companies, Internet banking, mobile banking, Credit Cards, and UPI are some of the classic examples of emerging trends in the banking Sector. Banks in India are aggressively pushing automation, artificial intelligence (AI) & machine learning (MI), cloud computing, open banking, blockchain, edge computation, advanced data analytics, cyber security, etc. These technologies…
India’s telecommunication network is the second largest in the world by number of telephone users with over 1.1 billion subscribers as of December 2023. The major networks in India (Mobile operators) are BSNL, a government-owned entity, primarily serves the rural market, while MTNL focuses on metropolitan cities like Delhi and Mumbai, offering landline and broadband…
The term “Data Communication” comprises two words namely Data and Communication. Data can be any text, image, audio, video, or multimedia files. Communication is an act of sending or receiving data from one place to another or between two locations. Thus, data communication refers to the exchange of data between two or more networked or…
There are multiple matches for Hawk, including a company, a software system, an intelligent auto-teller system, etc. Hawk System Platform is an integrated system that includes field data recording, real-time data processing, and full integration with the client’s system. The system structure uses advanced algorithms to provide reliable and accurate visual inspections. It can detect…