The Best Online Banking Software for 2021-2022

What is online banking?

Online banking is done with the help of online banking software that allows bank account holders to do their banking online via an electronic payment system. The online banking software lets bank account holders and customers from other financial institution carry out a range of banking procedures via the financial institute’s website. The banking software connects to the bank’s main system so that customers have a way of making their regular banking transactions online instead of physically visiting the brick-and-mortar bank.

How does online banking software work?

Customers can access their bank accounts via the bank or financial institution’s website. All customers need to conduct online banking is a computer with internet access. The customer registers with their bank for online banking; provides basic customer verification details and creates a password. The personal details required for setting-up online banking access is slightly different to that needed for phone or mobile banking. Once the online banking set-up has been completed customers can access their accounts by visiting their bank’s secure website and entering their customer number and identification verification details.

What are online banking customer numbers?

An online customer number is an account number used when accessing your account online. The online banking number is normally not the same as the regular bank account number but each customer’s multiple account numbers are linked. Online banking has become so common that most banks automatically allocate online banking numbers to their account holders, whether or not they have indicated that they intend to use online banking services. Each bank has its own policies about which accounts can be linked to online banking – savings, credit cards, cheques etc.

However most banks offering online banking place restrictions on the type of transactions conducted online and on the amount that can be transferred.

What banking transactions can be done online?

Not all banks provide comprehensive online banking services – each bank is different. Most banks that offer online banking allow customers to:

  • Access their account balance (some online banking websites allow you to download and print your bank statements)
  • Access a record of recent transactions (some e-banking websites allow you to download transactions directly to your accounting software)
  • E-billing payments
  • Loans
  • Make money transfers between accounts
  • Some online banking services can also include ordering cheque books; ordering hardcopy statements; stopping payment of a cheque; reporting a lost credit card online and changing record of your physical address.

However most banks offering online banking place restrictions on the type of transactions conducted online and on the amount that can be transferred.

Difference between a Virtual Account and a Virtual IBAN

What is an e-banking system?

E-banking is hardware and software that allows bank account holders to conduct multiple banking procedures and transactions over the internet. E-banking is synonymous with electronic banking, internet banking, electronic payment system and online banking. With-banking systems bank customers can make payments; monitor their account balance and recent transactions; receive financial information and carry out a number of other traditional banking actions without having to physically visit their bank.

What are the advantages of using e-banking systems?

Convenience – You can do your e-banking at anytime, anywhere so long as you have a computer and internet connection.

Simplicity – By automating the submission of payment documents and other documents as well as having software in place to complete mandatory details on such documents online banking simplifies the entire banking process.

Minimum risk of error –Mandatory details that appear on most banking documents are automatically filled in by the e-banking system software cutting out the risk of human error.

Efficiency – E-banking systems allow you to manage your company’s finances from the comfort of your own office. This is not only convenient but also time-efficient and cost-efficient as there is no need to physically leave the office to visit the bank.

Profitable – Work hours lost and transportation expenses are saved by managing your company’s banking from the office.

Eco-friendly – Doing your banking online using an e-banking system means no need for deposit slips, withdrawal slips; forms and other paperwork that wastes paper.  E-banking systems mean no carbon-emissions by driving to the bank and no need for large bank branches that use a lot of energy.

What is a core banking system?

Core banking system software supports a bank’s main banking procedures. The core banking computer software performs the core operations of banking including setting up a new account; the process of depositing and withdrawing funds; loans; processing cheques and calculating interest. Strategic Information Technology (SIT), a company that provides banking software to financial institutions worldwide defines core banking software as the vital component providing banks and credit unions with the functionality to operate.

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