Search results
Results from the WOW.Com Content Network
UML class diagram depicting a bank account. Advancements in Internet and information technology reduced manual work in banks and increased efficiency. Computer software is developed to perform core operations of banking like recording of transactions, passbook maintenance, interest calculations on loans and deposits, customer records, the balance of payments, and withdrawal.
The bank has a lien on cheques deposited to the customer's account, to the extent that the customer is indebted to the bank. The bank must not disclose details of transactions through the customer's account – unless the customer consents, there is a public duty to disclose, the bank's interests require it, or the law demands it.
Banking business process outsourcing or banking BPO is a highly specialized sourcing strategy employed by banks and lending institutions to facilitate the business acquisition and account servicing activities linked with the customer lending lifecycle.
The Banking Industry Architecture Network e.V. (BIAN) is an independent, member owned, not-for-profit association to establish and promote a common architectural framework for enabling banking interoperability. It was established in 2008. BIAN's goal is to establish a semantic framework to identify and define IT services in the banking industry.
Transaction banking can be defined as the set of instruments and services that a bank offers to trading partners to financially support their reciprocal exchanges of goods (e.g., trade), monetary flows (e.g., cash), or commercial papers (e.g., exchanges). Transaction banking allows banks to maintain close relationships with their corporate ...
In the modern banking industry collateral is mostly used in over the counter (OTC) trades. However, collateral management has evolved rapidly in the last 15–20 years with increasing use of new technologies, competitive pressures in the institutional finance industry, and heightened counterparty risk from the wide use of derivatives ...
Banks and financial institutions offer the following products and services in their trade finance branches. Letter of credit: It is an undertaking/promise given by a Bank/Financial Institution on behalf of the Buyer/Importer to the Seller/Exporter, that, if the Seller/Exporter presents the complying documents to the Buyer's designated Bank/Financial Institution as specified by the Buyer ...
The licensing process is specific to the regulatory environment of the jurisdiction where the bank is located. Licensing involves an evaluation of the entity's intent and the ability to meet the regulatory guidelines governing the bank's operations, financial soundness, and managerial actions.