The History Of The Account Inquiry

Published Date: 02 Nov 2017

Account inquiry

One of functions of E-banking system is account inquiry. Traditionally, bank customers need go to bank centre in order to inquiry about their bank accounts. It wastes customers’ precious time, especially the busy workers who use their lunch time to check their back account balances. However, the invention of E-banking system makes a change in their life. It allows bank customers who had registered for online banking can access to bank website to check their accounts.

Balance inquiry contains four options, which are deposit account, loan/financing account, credit/debit card account and gold investment account. The deposit account is the basic saving account and bank customers can access bank website to check their bank account balances. It is important to busy employees who can check their salary is paid out or not without visiting the bank.

The second option is loan account. It make easy to loan holders who have to pay their loan monthly without auto debit services. Loan holders can know what amount they need to paid this month through the system. With this, bank can more secure to guarantee the loan holders to pay their loan. This is because they will save the money that is needed to pay their loans after they know it and then use the balances to pay their living costs.

Another option is credit/ debit card account. Actually, debit card and credit card have the same functions like can swipe the card in retail store, online booking movie ticket, cash advance from ATM machines and others. The only difference between debit card and credit card is debit card holders use its own cash to do all the transactions, but credit card holders use the bank money to do all the transactions. Therefore, credit card holders normally will use the system to check its credit limit and the outstanding amount. Whereas, debit card holders will use it to check the balance before they are swiping in retail store.

Other option is gold investment account. These account holders can use it to see the balance of gold in grams.

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Payment/Recharge

Other function of E-banking system of Public bank is payment/recharge. Bank customers can access to bank website to make payments. The payments are credit card payments, loan payments, bill payments and other payments. Firstly, customers can use the system to pay the amount outstanding of credit card. However, they must have a saving account or current account in this bank first. Customers also can use the system to pay other bank’s credit card if they don’t have any accounts in that bank by opening 3rd party account. It normally will use new interbank Giro Transfer to process it. In other words, it will be same as you transfer money to other bank. Then, the system will send a code to the users via SMS in order to let users to fill in the system. It wants users to reconfirm that the transaction is really authorized by him or her. After opening the 3rd party account, the system will automatically put it as a registered 3rd party account. It means that the account will be stored in the server. Users do no need to type the account number again in future.

Besides that, customers can use the system to make loan payment. Its procedure of payment is almost similar to the credit card payment. Firstly, customers need to have a saving account or current account in this bank. Then, they just can make payment for the Public Bank loan. However, if users want to pay other bank’s loan, they need to open 3rd party account and the system will use new interbank Giro Transfer to process it. Then, the system will send a code to the user via SMS in order to let user to fill in the system. It wants users to reconfirm that the transaction is really authorized by him or her. After that, the 3rd party account will be automatically became registered 3rd party account.

Moreover, E-banking system can be used to pay bills. In E-banking system of Public Bank, it supports hundreds of bills payment. The bills are telephone bill(TM Net), water bill (Syabas), electricity bill (TNB) and others. It is very convenient to busy people who cannot pay their bills at authorized counters. Firstly, users need to select button of payment or recharge in E-banking system and press for bill payment. Then, users need to find which corporate they want and key in their account number and amount they need to pay. After that, E-banking system will show out a statement of the payment and wants users to confirm with requesting a security code. The system will send out the code to users via SMS. Users need to key in the security code before they can complete the transaction. Lastly, the system will generate a receipt to users and users can print it out as a document.

Lastly, prepaid recharge can be supported by E-banking system. Firstly, users have to select which mobile network operator (digi, maxis) they use and key in the phone number as well as what amount they want to top up. After that, they need to request a security code before they are completing the transaction. Then, the top up amount is sent to the account of phone number.

Positive Pay

E-banking system of Public Bank provides a function, Postive Pay to its current account holders. Positive pay is defined as an automated fraud detection tool. It helps the current account holders to detect fradulent cheques that are honoured on their account. It compares the account number, cheque number and amount of each cheque honoured for payment against a list of cheques that are authorized and issued by the corporate. The components must be matched exactly. If not, it must have an error or a fraud.

With this, corporate have to send a doucment of issued cheques to the bank each day cheques are written. They are compared electronically against the list of transmitted cheques when these issued checques are honoured for payment at the bank. The document sent to the bank contains the cheque number, account number, issue date, and amount.

When a cheque is honoured that does not have a "match" in the document, it becomes an ‘exception item’. The bank will fax an image of the exception item to the customer. The customer reviews the image and instructs the bank to pay or return the cheque.

http://www.positivepay.net/

https://www.merchantsbank.com/files/PositivePay.pdf

Security Improvement

In E-banking system of Public Bank, users have to log in their bank accounts with username and password. It is same with the most of banks in Malaysia.

However, there has a security device in banking industry. Its purpose is to providing additional protection to online users from online attacks such as Phishing, Spyware and Trojan horse and others. Users have to touch the button of security device to generate a dynamic and time sensitive security code before they are logging in their bank account. The security code is constantly changes and is unique to each security device. This device is used by HSBC Bank (Malaysia). HSBC Bank creates two login platforms. The first login platform is requiring a security code from the device and password. With it, users can access for full internet banking services. Meanwhile, the second login platform is requiring password only. However, users can only use the selected internet banking services. In short, it can be an improvement to E-banking system of Public Bank. Public bank should act like HSBC Bank, provides the security device in order to protect their users from online attacks.

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Besides that, Public Bank can create a few images for their users in the E-banking system. These images are not constantly change. These can help users to confirm that whether it is a real website to log in or is a fraudulent and spoof website. This method is used by Maybank. In conclusion, it is important to Public Bank since there have two websites name like www.publicbank.com.my & www.pbebank.com.

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