...“Implementation of reloadable debit card on New Era University” aims to attain the following: * To have an easy transaction in payment purposes of the consumers * To lessen the hassle of counting paper bills and coins * To have an accurate record of all billings in school facilities * To lessen the incident of losing large amount of money Background of the Purpose Prepaid card are rapidly growing having been introduced as an alternative to cash. One of the new trends in payment transaction today is the use of reloadable debit cards. These are actually prepaid cards that can be reloaded with value after it is issued. Within the university, for example, a student cannot control overspending of purchases (e.g.) and as a consequence, he might be forced to bring a large amount of money. Doing so, he is also carrying the risk of losing the money because of carelessness. Moreover, taking into consideration that he must convert first his cash into chits before he could buy is also another picture and the cueing problem of the long lines awaits every student which as a result, time-consuming. Whereas, it is also a difficulty on the administration to maintain transactions on a manual basis. The recognition of income would be another question. There are recent events of fraud and mischief with school chits for personal advantages. The impression to their subordinates would not be good on handling such situations. The use of reloadable debit cards would provide an immediate...
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...In the new era of high technology, traditional payments struggle to endure the competition with electronic money or what we call “mobile payment” because more and more people prefer to have virtual wallets. Since mobile payment systems are relatively inexpensive and affordable, many small businesses have been quick to adopt the new technology. In many ways, it is easier for small businesses to implement the mobile payment programs because they don’t have a large infrastructure to work through, so small businesses can jump right in. Other than that, when customers come to the register to pay for their meal or purchases, many people can now easily hold up their mobile phones instead of handing over dollar bills or pulling out a credit or debit cards, plus it does not require a sophisticated technical knowledge to implement. One of the biggest benefits of using a mobile payment option is the ability to integrate with their incentive and loyalty programs into the mobile payment applications. Instead of customers having to keep up with punch cards or key ring tags, all of their information is stored in the application each time they make a purchase with their mobile device. Essentially mobile payments are more secure than the traditional credit or debit cards. The retailer’s system never has direct access to the cardholder’s account number, so current point-of-sale malware doesn’t work against it. In addition most mobile payments are fast. Customers simply pass their mobile device...
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...Technology Introduction Visa, Inc. (Visa) is one of the leading global payments technology companies that operates as the middle-man in connecting consumers, banks, businesses, and the government in the use of digital currency transactions. Compared to its competitors (MasterCard, Discover, and American Express), Visa is able to manage more than 10,000 transactions per second with high-level security and convenience to all of its customers. Visa has offices around the world and employs approximately 5,500 people with three data centers in different continents. In this day and age, most people utilize credit cards and debit cards for purchases and bank transactions. Checks are out-dated and are not accepted by most merchants. Around the world, transactions in every form are becoming paperless. What people do not realize is that Visa does not issue credit/debit cards nor extends credit to customers, Visa simply provides away for its customers, as stated above, to offer digital payments at the time of the transaction. The ability of a business to sustain a profitable existence in any industry can be an extreme challenge. Learning how to survive in the industry as a business for longevity relies on the decision-makers in the business in which, various techniques are considered in order to maintain a marketable competitive edge within the market. When deciding the future plans for a business, decision-makers would need to review the internal and external conditions that have...
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...General objective: The purpose of the study is to determine the relationship between accounting and information technology subject towards the developing world of business . Accounting, as defined by Webster, is a theory and system of setting up, maintaining, and auditing the books of a firm. Every business needs to have two prime objectives, such as, to earn profit and to remain solvent and the information in relation to these objectives while ensuring whether they are being accomplished is provided by accounting. Accounting is important in the sense that it enables a business house to maintain complete and orderly prepared records of economic events by way of preparing books while facilitating the information for various purposes. Furthermore it helps to ascertain the net results in terms of profit or loss (Income Statement) and providing the information about financial position of the business (Balance Sheet) to the owners of a business relating to what the entity owns in the form of assets and what it owes in the form of liabilities at a particular point of time. Accounting information is valuable to the concerned managers too so as to ensure whether the business entity is being directed as it should be, and simultaneously it is a means to provide the information to the investors to find out the future prospects of business. It is also useful for the employees and customers in order to know the condition of the business entity. (http://dictionary.reference.com/browse/accounting) ...
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...Payment Card Industry Data Security Standard (PCI DSS), and Sarbanes-Oxley Act (SOX). HIPAA required the Secretary of the U.S. Department of Health and Human Services (HHS) to develop regulations protecting the privacy and security of certain health information. To fulfill this requirement, HHS published what are commonly known as the HIPAA Privacy Rule and the HIPAA Security Rule. The Privacy Rule, or Standards for Privacy of Individually Identifiable Health Information, establishes national standards for the protection of certain health information. The Security Standards for the Protection of Electronic Protected Health Information (the Security Rule) establish a national set of security standards for protecting certain health information that is held or transferred in electronic form. The Security Rule operationalizes the protections contained in the Privacy Rule by addressing the technical and non-technical safeguards that organizations called “covered entities” must put in place to secure individuals’ “electronic protected health information” (e-PHI). In today’s era, everyone pays with credit cards or debit cards. This healthcare organization will need to be PCI DSS compliant. PCI Security Standards are technical and operational requirements set by the PCI Security Standards Council (PCI SSC) to protect cardholder data. The Council is responsible for managing the security standards, while compliance with the PCI Security Standards is enforced by the payment card...
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... Information Technology Act * Electronic Funds Transfer Act of 1978 * The Electronic Funds Transfer (EFT) Act was signed by Jimmy Carter on 1978. The purpose of the creation of this act was to protect peoples and institutions money on electronic transactions. This act is part of the Credit Card Consumers Act and the ETF was not considered this act was created. “The EFT Act contains important provisions concerting entry of consumers into the EFT system, delineation of rights of parties involved in EFT use, and establishment of liability for unlawful EFT use” (Fox, 1980, p. 212). The definition for EFT in the act is “a transfer of funds is initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account. EFTs include, but are not limited to point-of-sale (POS) transfers; automated teller machine (ATM) transfers; direct deposits or withdrawals of funds; transfers initiated by telephone; and transfers resulting from debit card transactions, whether or not initiated through an electronic terminal” (Electronic Funds Transfer Act of 1978, Section 205.3(b)). By having EFT defined, clearly can demonstrate the advances that information technology brought with this process. The creation of this EFT Act prevents and establishes control to avoid hacking information,...
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...at the time of transaction. The bank issues a debit card or credit card to the clients for making payments of merchandise purchased or for payment of utility bills through electronic fund transfer system. Payment through this banking system can also be paid for the buy of petrol or CNG from petrol pumps. For electronic fund transfer, credit card or debit card is put into a computer terminal placed at the point of sale...
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...of commercial banks with individual customers, both on liabilities and assets sides of the balance sheet. Fixed, current / savings accounts on the liabilities side; and mortgages, loans (e.g., personal, housing, auto, and educational) on the assets side, are the more important of the products offered by banks. Related ancillary services include credit cards, or depository services. Today’s retail banking sector is characterized by three basic characteristics: * Multiple products (deposits, credit cards, insurance, investments and securities) * Multiple channels of distribution (call centre, branch, Internet and kiosk) * Multiple customer groups (consumer, small business, and corporate) Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. A sound and evolved banking system is essential for sustained economic development. India is one of the fastest growing economies after financial and banking sector reforms since 1991. Banking sector evolution and growth has gone through innumerable twists and turns in the post independence era. Retail banking in the banking industry has always been important in India where banks were nationalized with the objective of reaching the masses. However, the growth in retail banking has been quite prominent retail in the recent years. Retail banking has been facilitated by growth in banking technology and automation of the banking process. Technological...
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...Security in Business Organizations Modern global industries rely heavily on the data that they acquire to stay relevant in order to compete in a constantly moving world of technology. Protecting present and future data from potential cyber theft has become a vital need to the economic livelihood of today’s organizations. In today’s business world, organizations must prepare themselves for not only increased vulnerability attacks from exterior threats of cyber terrorist seeking to gain access to a company’s private data and resources but also have to take in account and be mindful of the interior threat of disgruntled employees whose mission is to expose or sale company sensitive or secret data for their own profitable gain. In today’s era of computing, cyber security can be described and defined in several ways. WhatIs .com defines Cyber Security as “The body of technologies, processes and practices designed to protect networks, computers, programs and data from attack, damage or unauthorized access.”(House, 2010) In my opinion, the common most fundamental problem that faces organizations today when it relates to cyber security is consistency. In an ever changing world of technology, the biggest...
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...Introduction Background Online Banking or Electronic Banking is a new but emerging technique in Bangladesh. it has not been long time that the banking sector of Bangladesh adopted automation but the positive thing is the speed of transformation that means the change is happening so fast and Bangladesh is adopting the modern method of banking appropriately. Since it has been launched, online banking is getting more and more popular. Online banking pioneers in Bangladesh are the multinational banks but other local banks (both the public and private) followed the trend almost in a paralleled way. A number of private as well as local banks are going online now considering the demand and necessity of fast banking. Online banking not only provides banking facility for 24 hours, moreover it helps countries to get attached with one another and helps to advance in trade and commerce. It actually helps to be interlinked, to go global and to stay updated with the current money and asset management techniques. The online banking is also referred as Electronic banking or Internet banking. As the world is going global so people from different countries are now getting engaged in business and other activities thus they now need very fast and easy access to bank accounts to fulfill the exchange formalities. In Bangladesh many banks have adopted online banking, these banks are HSBC, SCB, Citi Bank NA, Dutch Bangla Bank, City Bank, Bank Asia, Eastern Bank, Jamuna Bank, UCBL, AB Bank etc. All of...
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...political advantage of a particular party, the Government declares some measures to their benefits like waiver of short-term agricultural loans, to attract the farmer’s votes. By doing so the profits of the bank get affected. Various banks in the cooperative sector are open and run by the politicians. They exploit these banks for their benefits. Sometimes the government appoints various chairmen of the banks. Various policies are framed by the RBI looking at the present situation of the country for better control over the banks ECONOMICAL ENVIROMENT Banking is as old as authentic history and the modern commercial banking are traceable to ancient times. In India, banking has existed in one form or the other from time to time. The present era in banking may be taken to have commenced with establishment of bank of Bengal in 1809 under the government charter and with government participation in share capital. Allahabad bank was started in the year 1865 and Punjab national bank in 1895, and thus, others followed Every year RBI declares its 6 monthly policy and accordingly the various measures and rates are implemented which has an impact on the banking sector. Also the Union budget affects the banking sector to boost the economy by giving certain concessions or facilities. If in the Budget savings are encouraged, then more deposits will be attracted towards the banks and in turn they can lend more money to the agricultural sector and industrial sector, therefore, booming the economy...
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...A. Journal Entries When the first time I entered L’Cokelat Day Spa, the employees greeted me politely with a big smile. Even though the place is not so big, but I felt a good environment there. The place is simply decorated, but the simplicity makes me comfortable in there plus the hospitality of the employees which makes me happy coming to L’Cokelat Day Spa. It was 12.30 pm, so there was no other customer there associated with the lunch time and the weekdays. Besides, I smelled a good flavor of chocolate which makes my body and mind relaxed since I entered. No need to wait for a long time, the receptionist directly showed me the menu of the variety of services. But, I disappointed with the menu, because the menu did not look good and well designed, it was just a printed menu on a white paper covered with a thick cover. Fortunately, the receptionist was able to explain about the services. She offered me lot of varieties completely. They have local and imported products. Since it was my first time, I could not decide which service suited my needs well. Luckily, the receptionist asked my need and took initiative to ask me to try the sample of the product which enabled me to smell and try on the product on my skin. I felt so happy and satisfied with the sample, because directly after tested it, I could choose which the best product and service is for me. In that visit, I chose “Tropical Salt Mousse Papine” in order to satisfied my need to get the complete package of spa with the...
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...1.1.ABSTRACT: Transformation is taking in Indian banks from all verticals, and subtle and not – so – subtle makeovers in banking products are dynamically altering the face of banking. The research paper focuses on the way transformation is affecting the banking sector and the way use of IT products have changed the face of banking in India. It reveals current environment of the banking industry; the factors that have brought changes in the industry; and the way these changes have contributed to the development of banking. This paper concludes that financial market has turned into a buyer’s market. Banks are have now bloomed into one-stop Supermarkets. Their focus is shifting from mass Banking to Class banking with introduction of value added and customized products. Technology now allows banks to create what looks like a branch in a business building’s lobby without having to hire manpower for manual operations. These branches are working on the concept of 24 X 7 working made possible due to Tele banking, ATMs, Internet Banking, Mobile Banking and E - banking. This technology driven delivery channels are used to reach maximum customers at lower cost and in most efficient manner. The beauty of these banking innovations is that it puts both banker and customer in a win-win situation. The need of an hour is to design a system to promote marginal efficiency of investment in technology and widen the gap between marginal benefits and marginal cost involved in Banking...
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...Service Marketing 2012 E-service: Woolworths supermarket in action As we know in the era of technology that networks are an essential part of business, education, government and home-communication. For instance, USQ (University of Southern Queensland) forums could perhaps be named as e-service in the education sector for students to access their current studies. Then, what exactly is the meaning of e-service?. According to Hoffman et. al (2010) stated that e-service is an electronic service platform which available on the internet to complete the tasks, solves problem, or conduct business transactions. Moreover, I took an example of Woolworths supermarket, which is now capable of offering e-service to its customers within Australia. In the past, people should go to the store to get the stuffs and badly in certain times the stores its packed which people have to stand in long queues to complete their tasks or transactions. Then, it comes the strategy to overcome this issue as Woolworth introduced the websites that people could conduct the online groceries by using their debit or credit cards and surprisingly there is an application on tap of Woolworth can be downloaded from both iOS and Android users to simply perform the transaction. Indeed, customers also are able to get the information of the products such as discount and new products available at Woolworth supermarket. As a result, this action is particularly an asset that would create new efficiencies and new revenue...
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...website, they can view .Their accounts, credit card & home loan balances * Accrued interest, fees and taxes * .Transaction details of each account Pay bills . Transfer funds to third party accounts which you nominate . Open a deposit right from the terminal you are sitting at. . However, till now Internet services in Bangladesh only allows for a minimum level of interactivity such as . Answering e-mail queries . Feedback forms . Articles asking for readers’ opinion at the end .An accountholder, armed with a password, can use the Net to order a cheque book, stop payment of a cheque and spot the balance and individual operations in the account and transfer funds. E- Banking Services and Products E banking products and services can includes wholesale products for corporate customers as well as retail and fiduciary products for individual customers. Ultimately the products and services obtained through internet banking may mirror products and services offered through other bank delivery channels. A brief description of retail and wholesale products and services are given below. Automated Teller Machine (ATM) Automated teller machine (ATM) is a computerized telecommunication device that provides a financial institute s customer with a method of financial transaction in a public space without need for a human clerk bank teller. Debit Card Debit card is a plastic...
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