Internet infrastructure has reached a point of development where internet services can be accessed across most of the world. Bandwidth availability and transmission speeds have increased dramatically in recent times and internet services are continually becoming more affordable.
Due to this increased accessibility and speed, it is becoming feasible, even in developing countries, to utilize the internet to extend the reach of an organisation’s system by allowing customers and suppliers the ability to interact directly with these systems via the world wide web.
South Atlantic Solutions (SATSO) has developed a cost effective internet banking system which can integrate with any banking system allowing banks without internet banking facilities to rapidly deploy the solution, thereby obtaining a competitive edge or matching a competitor’s offering.
The development of this product is a continuing implementation of South Atlantic Solutions’ strategy to provide products which add value to existing banking installations and in niches where SATSO is able to demonstrate leadership.
iTransact is a cost effective, comprehensive and functional internet banking system. With a customer interface that is simple and clear, it allows customers with little computer knowledge the ability to navigate the system. The system has been developed to integrate with any underlying banking system through a well defined integration layer.
The system provides all of the functionality offered by most leading internet banking products. Well define interfaces allows the product to be tailored to the requirements of any banks. These include interfaces to bank clearing systems, mobile text gateways, payment gateways for prepaid services etc.
The diagram below illustrates the implementation configuration of the product…
It is possible to run the entire system on the existing bank hardware or to separate the database and application on separate servers.
iTRANSACT INTERNET BANKING FEATURES
Profile ID Customers are allocated a Profile ID. More than 1 user may be defined for a profile and each will be assigned a unique User Number.
Passwords Passwords are all alphanumeric with a minimum length of 7 characters. Passwords are required per Profile ID / User Number combination.
On registration, the customer will be allocated a PIN by the bank. When the customer logs in for the first time they will be forced to change the password.
Login The user is required to log in using the Profile ID, User Number and Password. The system provides a maximum retry lockout after a predefined number of attempts. iTransact will require 3 characters of the password to be entered which can be entered via the mouse.
Password Maintenance This option allows the customer to change his Password. The inputs are old Password, new Password and new Password confirmation. On acceptance, the system will update the new Password and display a confirmation message.
SSL Security & 128 Bit The system uses SSL for data transmission. We also use a
Encryption Standards 128 Bit Encryption Standard on the system.
Authorization on Funds All Fund Transfers Transactions are validated against the
Transfers maximum transaction limits for the Profile. Should the limits be exceeded, the system will issue the user with a Verification Code by SMS or E-mail in order to authorise the transactions.
Customer Registration This will register a customer as a user of iTransact. This can be done online at the bank. A Profile No will be allocated to the customer and the customer will be linked to their core banking system account numbers. Customer details required will include e-mail address, mobile phone number, language preference, account payment and transfer limits.
Account Creation The users may open certain account types interactively. Where certain account types have to be approved before being activated, the bank will be notified interactively.
Beneficiary Maintenance The users will be able to add, change or delete beneficiary details consisting of name, description, transaction narratives for the beneficiary and own account, bank and account details. Beneficiaries can be organised into groups. Currently only beneficiaries with accounts at the bank will be supported.
Beneficiary Enquiry The users will be able to view beneficiary details as well as previous beneficiary payments.
Once Off Beneficiaries During the payment process, users will be able to add beneficiary details consisting of name, description, transaction narratives for the beneficiary and own account, bank and account details for a single payment. The beneficiary details will not be stored for later access.
Customer Enquiry A users may view his personal details held by the bank.
Loan Application The user may apply for a loan directly via the system.
Account Summary This option is used for enquiring on the financial details of all the accounts held by the customer with the Bank. It provides the following details: Account Number, Account Type, Account Currency, Dr. / Cr, Balance.
Account Balance Enquiry This option gives following financial details for a specified account: Balance as on, Account Number, Account Currency, Balance available, and Available Balance. The Balance can be online of Offline with the Core Banking System.
Statement Request This option is used to display the transactions of a specified account for a specific period. On retrieving the statement details, the customer can take a print out or ask for the statement of account. These requests can be routed to the appropriate section for dispatch through e-mail/mail/courier. The input fields required for this transaction are:
- Account number
- Period to be selected from a given list
The display fields for this transaction are: Balance as on, Account Number, Account Currency, Balance available, Date, Transaction Detail, Dr / Cr, Amount, Balance
ChequeBook Request This option is used by the customer to request for a new ChequeBook on one of his accounts. The inputs required for this transaction are: Account Number, Cheque Leaves required On acceptance of the transaction, a transaction reference number is automatically assigned and advised to the customer by the system. The system will post the request for ChequeBook to the Core Banking System.
Stop Payment Requests The customer can use this option and request for stop payment of a Cheque. The inputs required for this transaction are: Account Number, Cheque Number, Cheque Date, and Amount. On acceptance of the transaction, a transaction reference number is automatically assigned and advised to the customer by the system. The request is posted to the Core Banking System for marking the stop payment of the Cheque.
Cheques & executed DO need exact amnt, ref, date
Funds Transfer to Owners This option is used by the customer to transfer funds
Accounts between two of his accounts in the same currency. The inputs required for this transaction are: From Account Number, To Account Number, and Amount. On acceptance of the transaction, a transaction reference number is provided by the system besides posting the transaction on the host system.
Funds Transfer to Other This option is used by the customer to transfer funds from one
Accounts of his own accounts to a pre-registered beneficiary of the same Bank The inputs required for this transaction are: Debit Account number (Customer’s Account), Destination Beneficiary Account, Amount. On acceptance of the transaction, a transaction reference number is automatically assigned and advised to the customer by the system. The system will post the transactions to the Host System. Multiple beneficiaries may be paid in one transaction. The system will provide a summary of all payments requested prior to submitting the payments.
Future Funds Transfer This option is used by the customer to transfer funds from one
to Other Accounts of his own accounts to a pre-registered beneficiary of the
same Bank. The inputs required for this transaction are as for the normal funds transfer except the effective date will be a future date.
Recurring Funds This option is used by the customer to transfer funds from one
Transfer to Other of his own accounts to a pre-registered beneficiary at the
Accounts same Bank The inputs required for this transaction are as for the normal funds transfer except that the intervals of payment needs to be specified. These payments will then be executed automatically.
Many More available during demo/presentation
Email / Mobile Text A user may request notifications via e-mail or mobile text.
Based Notifications Notifications can be issued for the following events:
- User Logon
- Transfers / payments over a specified amount
Email / Mobile Text Verification notifications will be sent to the user requiring them
Based Verifications to insert a generated Verification Code in order to complete a transaction. Verification notifications will be issued for the following events:
- Password changes
- Addition or change of beneficiaries
- Transfer or payment limits exceeded
iTRANSACT INTERNET GENERAL FEATURES
Internationalisation The system can support multiple languages as supported by the bank.
Customisable Templates The system “look and feel” can be modified to suit the bank, thereby aiding in brand reinforcement.
Presentation Options The system can be customised to support WAP mobile solutions, voice response technologies as well as integrate with any system via XML.
iTransact Integrator The integration module can support multiple core banking systems simultaneously or individually.
Some of the benefits in selecting iTransact are:
- Enhanced bank brand reinforcement.
- Improved processing speed
- Unlimited User License
- Ease of use, in customers own language
- Full Internet Banking functionality available with release
- Rapid rollout of additional (Bank specific) internet banking functionality
- Full services for individual and corporate clients of the bank
- Provision of effective security features for bank and client protection
- Flexibility in hardware and software implementation choices.
- Cost effective
- Fixed Implementation Costs
- Many More…