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…
Microfiche is a French word for “small card”. It is made of a flat sheet of a thin photographic film usually with a polyester base on which multiple pages are captured in reduced size. The standard size is 105mm x 148mm (about 4 inches x 6 inches). This is the same size as ISO A6…
The major uses of cash counting machines are the accuracy and speed in counting that they provide. Note-counting machines can count stacks of money quickly and more accurately. These machines also detect counterfeit notes. Currency counters are commonly used in vending machines to determine what amount of money has been deposited by customers. In some…
Signature Storage and Retrieval System (SSRS) is a technology used by banks and financial institutions to store, manage, and retrieve customers’ signatures electronically. SSRS comprises an arrangement where a signature is optically scanned and digitally coded. The signature of the customer is captured electronically using specialized signature capture devices. The captured signature is converted into…
LAN stands for the acronym for local area network, and WAN stands for wide area network. LANs and WANs are both computer networks made up of nodes and links. Both the LAN and WAN networks require two or more nodes to create a computer network. LANs connect devices that are physically close to each other…
Core Banking Solution (CBS) is centralized Banking Application software. The Customers can access their accounts and perform certain transactions from any of the bank’s branches through the network. It has several components that support a database, application server, web server, and firewall to protect the system from outside attacks. Core banking systems are used by…