Commonly used terms in Internet Banking are as follows:
ACH/Automated Clearing House:It stands for “Automated Clearing House” and refers to transfer of funds between accounts. Whenever an Internet banking system initiate transfer of funds from one account to other account, it firsts ends up in an ACH file which contains the required instructions for the bank’s core software regarding the transactions that need to be performed.
Bandwidth: It refers to thetransmission capacity of communications network like computer bus or computer channel. It is measured in bytes per second or in Hertz (cycles per second).
Browser: It is a program that acts as a front end to the WWW (World Wide Web)over the internet. User need to type the address (URL) into thebrowser’s Location field for viewing its home page which has the links to other pages.
Data Mining:It refers to the exploring of detailed business transactions by analysing through tons of data for uncovering patterns and relationships that are contained within the business activity.
Digital Identification: It refers to the digital ID card that is used in combination with a public key encryption system. There are certain certification authorities that issue digital certificates including VeriSign, Inc., Mountain View, CA, etc.
Download: It is a process ofreceive a file transmitted over a network. Download actually depends on size of the file and network speed.
EBPP/Electronic Bill Payment &Presentment: This feature allows the customer to view bills and make payment over the internet. There are three stages of EBPP including enrolment of customer
presentment of bill and customer’s approval of payment.
E-Commerce/Electronic Commerce: It is described as conducting business electronically. It involves
the exchange of information by using a combination of structured messages, unstructured messages, databases and database access via the complete range of networking technologies.
EDI/Electronic Data Interchange: It refers to the electronic communication of business transactions, including orders and confirmationsbetween organizations. There are various third parties that offer EDI services that enable organizationswith equipment to connect.
EFT/Electronic Funds Transfer: It refers to the transfer of money from one account to another via PC.
Fast pay: It refers to a local electronic transfer between two accounts.The payments are routed internally from the remittance account to the beneficiary account without leaving the bank.
Firewall: It is a method of providing security for your network. It makes use of single router or a combination of various routers.
Home Page: It is the first page of a website that serves as anindex for the rest of pages
on the site.
HTML: It is a language for creating webpages over the internet. It is also the document format used on the WWW. Web pages are built with various HTML tags, or codes, embedded in the text. These tags defines the fonts, graphic elements, hypertext links, etc. on the Web
Internet Banking: It is a system that allows you to access your bank accounts and banking transactions via personal computer, cell phone or PDA. You can do wide range of activities with internet banking including checking account balances, transferring funds, paying bills, etc.
Real-Time: It refers to financial transaction that happens at that moment without any waiting period. The changes are final and irreversible, as soon as the transaction is completed.
SET: It is an abbreviated form of Secure Electronic Transaction that defines standard protocol for securing online credit card payments on the Internet.
Transactional Website:A website that allows the customer to do transactions over internet. It includes various Internet Banking sites that permits transfer funds, check account balance and pay bills. Various e-commerce sites that sell products and services online and allow customer to make purchases over the internet are also transactional websites.