Electronic Fund Transfer
Electronic fund transfer, designed to transfer a certain amount of money from one account to another, existed a long time before the initiation of Internet commerce. The customers’ terminal can be an Automatic Teller Machine (ATM), PC, or telephone terminal. Traditionally a dedicated financial VAN was used to link the banks. Customers were expected to link up to the ebank’s server by dial-up connection. The security on VAN was higher than that of the Internet.
As Internet propagates and becomes a charge free medium of EFT, many cyber banks like Bank of America and Citibank also support Internet based transfers. However to transfer funds on the Internet safely, the encryption of messages is essential.
No comments:
Post a Comment