Funds Transfer Systems and Recent Developments in India
“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…
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Evolution of EFT System
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…
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Emerging Trends in Communication Networks for Banking
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…
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Major Networks in India
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…
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Data communication: Components and modes of transmission
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…
What is a HWAK software system?
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…
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