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selected banking services over their mobile phones using SMS messaging.
Contents
1 Push and pull messages 2 Typical push and pull services offered under SMS banking 3 Concerns and skepticism about SMS banking 4 Quality of service in SMS banking 5 The convenience factor 6 Compensating controls for lack of encryption 7 Technologies employed for SMS banking 8 See also 9 References
Depending on the selected extent of SMS banking transactions offered by the bank, a customer can be authorized to carry out either non-financial transactions, or both and financial and nonfinancial transactions. SMS banking solutions offer customers a range of functionality, classified by push and pull services as outlined below. Typical push services would include:
Periodic account balance reporting (say at the end of month); Reporting of salary and other credits to the bank account; Successful or un-successful execution of a standing order; Successful payment of a cheque issued on the account; Insufficient funds; Large value withdrawals on an account; Large value withdrawals on the ATM or EFTPOS on a debit card; Large value payment on a credit card or out of country activity on a credit card. One-time password and authentication
Account balance enquiry; Mini statement request; Electronic bill payment; Transfers between customer's own accounts, like moving money from a savings account to a current account to fund a cheque; Stop payment instruction on a cheque; Requesting for an ATM card or credit card to be suspended; De-activating a credit or debit card when it is lost or the PIN is known to be compromised; Foreign currency exchange rates enquiry; Fixed deposit interest rates enquiry. [1]
SMS services. Therefore, the provision of Service Level Agreement(SLA) is a requirement for this industry; it is necessary to give the bank customer delivery guarantees of all messages, as well as measurements on the speed of delivery, throughput, etc. SLAs give the service parameters in which a messaging solution is guaranteed to perform.
13. Due date of payment (functionality for stop, change and deleting of payments) 14. PIN provision, Change of PIN and reminder over the Internet 15. Blocking of (lost, stolen) cards Payments, deposits, withdrawals, and transfers 1. 2. 3. 4. 5. 6. 7. 8. Domestic and international fund transfers Micro-payment handling Mobile recharging Commercial payment processing Bill payment processing Peer to Peer payments Withdrawal at banking agent Deposit at banking agent
Mobile Banking refers to provision and availment of banking- and financial services with the help of mobile telecommunication devices.The scope of offered services may include facilities to conduct bank and stock market transactions, to administer accounts and to access customised information." According to this model Mobile Banking can be said to consist of three inter-related concepts:
Most services in the categories designated Accounting and Brokerage are transaction-based. The non-transaction-based services of an informational nature are however essential for conducting transactions - for instance, balance inquiries might be needed before committing a money remittance. The accounting and brokerage services are therefore offered invariably in combination with information services. Information services, on the other hand, may be offered as an independent module. Mobile phone banking may also be used to help in business situations as well as financial