Design and Implementation of an Online E-fund Transfer System
CHAPTER ONE
OBJECTIVE OF THE STUDY
The objectives of this work design an Electronic Fund transfer system (EFTs), compare the advantages of old bank fund transfer systems or payment systems, with the new electronic fund transfer system.
CHAPTER TWO
LITERATURE REVIEW
INTRODUCTION
Electronic fund transfer system is one of the conventional banking system which stated in Nigeria in 1952; (Benjamin 2001). Since then, the industry has witnessed a lot of regulatory and institutional advances. The industry was being controlled by at most five out the 89 banks in existence before the commencement of the merger and acquisition of banks in Nigeria economy. Multiple branch systems is also one of the notable features of Nigerian Banks, with a total of 89 banks accounting for about 3017 bank branches nationwide as at 2004. As well, the industry was faced with heavy challenges including the overbearing impact of fraud and corruption. Erosion in public confidence, a poor capital base, persistent cases of distress and failure poor asset quality and so on. Part of the moves to resolve these lingering problems include the banking reform initiated by the Central Bank of Nigeria in June 2004, which is largely targeted at reducing the number of banks in the economy and making the emerging banks much stronger and reliable. So far, the banking reform has been a success story with 25 mega banks emerging after the recapitalization exercise which ended on 31st December, 2005 in the bid to catch up with global development and improve the quality of their service delivery.
Nigerian banks have no doubt invested much on technology; and have widely adopted electronic and telecommunication networks for delivering a wide range of value added products and services.
ELECTRONIC PAYMENTS
In 1918, electric money was born when Federal Reserve Banks first moved currency via telegraph. However it wasn’t until the automated clearinghouse (ACH) was setup by the US Federal Reserve in 1972 that electronic currency became widespread. This provided the US Treasury and commercial banks with an electronic alternative to processing cheques. In 1939, a serial inventor by the name Luther George Simjian created the automatic teller machine.
He filed 20 patents and asked thern company now know as Cititcorp to trial it. After six months the bank had reported that there was no demand for such a product. However in 1968, Don Wetzel, Tom Barnes (mechanical engineer) and George Chastin (electrical engineer) conceptualized what is now known as the modern ATM. In 1969 and five million dollars later, the first prototype of the modern ATM was made and patents were then issued in 1973. The first working ATM was installed into the Chemical Bank based in New York City.
The first ATM.s was off line machines, meaning that the money was not automatically withdrawn from user’s accounts. Therefore only exclusive customers with good credit history were able to use ATM5. Today, almost everyone has access to the use of these devices and at last count there were over 352,000 ATMs in the US alone.
CHAPTER THREE
SYSTEM ANALYSIS AND DESIGN
INTRODUCTION
Every project must have a particular pattern to follow in the course of its implementation. Here in this work, I choose patterns which include a number of sequences or steps for the actualization of the program.
SYSTEM ANALYSIS
This is the process of studying a current situation with the intention of improving it through better procedure and methods. It may involve breaking the system into smaller group and also identifying the problems area. An effective analysis can be carried out by classifying the overall objective of the organization and by determining which documents and information are needed to obtain these objectives. Furthermore, there is need to examining the current data process collection and to generally information based on needs.
CHAPTER FOUR
SYSTEM IMPLEMENTATION
INTRODUCTION
In this chapter, the system implementation and design, the choice of programming language, Program flowcharts are discussed. Also in the implementation of the program we discuss how the data are converted and how the system is tested and change over. In the maintenance aspect, we discussed how the hardware and software are maintained.
Implementing a program means following the details set in the system specification. When a system is implemented tested to that it met the aim set out in the initial specification.
On the other hand, documentation servers as reference manual to any person who wishes to enhance the research further.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
SUMMARY
In this project, an electronic funds transfer system was developed, some existing features were not included while some new ones were added. However due to the nature of this project and considering the time frame, some features which should have been added were not added.
CONCLUSION
EFT industry continues to adapt and grow. From its rather straightforward beginning with ATMs to the application of secure payments on the Internet, the EFT industry has supported the continued development of small and medium scale businesses through a secured and easy to use fund transfer and payment system. An important role of the Payment Cards Center is to monitor these new developments and provide insight into innovative and creative applications of payment cards designed to improve payment system efficiency and effectively. EFT enables us to perform financial transactions electronically, thus avoiding long lines and other hassles. Electronic Payments provides greater freedom to individuals in transferring fund from one bank account to another and subsequently paying their bills.
RECOMMENDATION
I wish to recommend that the EFT system be fully implemented into the Nigerian banking industry to facilitate easy transfer of funds within merchants thereby enhancing her transformation agenda.
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