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Standard Chartered Bank - Electronic Funds Transfer

Electronic Funds Transfer
In a modern economy a country's payment system is an important aspect of its infrastructure. Every consumer makes multiple payments multiple times a day. Therefore value is transferred between the players in the economy every moment of the day. As the economy expands and grows this value increases. The ability to transfer value securely and efficiently is therefore a mandatory requirement for all commercial and development banks in an economy. The EFT system built and marketed by SP solutions manages both the flow of information (payment advice) and the flow of funds with differing values and direction. Clearing and Settlement functions will only come on line once the “Central Payment Switch” becomes active. The EFT system is a non-paper based funds transfer platform and is faster, more efficient, accurate, cheaper and able to provide a finality of payment with greater certainty. One of the major benefits over a cheque bases system is that an EFT reduces or shifts the risk away from the beneficiary since the customer's (payer) ability to pay is verified on request and a transaction will not proceed until this is established. The use of an Electronic Funds Transfer Platform enhance the competitiveness of the bank using the platform as it allows the bank greater flexibility and speed in making transactions and the double entry within the bank is automated. The system can facilitate outbound transfer of funds between accounts in the same bank, commercial banks connected to the Sri Lanka Inter Bank Payment System (SLIPS) and smaller banks which are not connected to the SLIPS network. The logic is then applied for inbound payments which are known as direct debits payments especially in case where utility companies have an undertaking from clients to collect monies from their bank accounts in settlement of utility bills.
The EFT Platform is Unique for Several Reasons
Transaction Requests The system increases a banks options in collecting transaction requests from clients. At Standard Chartered Bank the system allows clients to create a diskette with transactions using a specially designed utility which encrypts and compress the data prior to sending same to the bank. The system also allows transaction data to be added from their Internet Banking Platform known as Straight Through Services (STS), fax and phone banking requests. The need for consolidation is a result of the setup of the banking industry where each bank is allowed just one diskette each day to be sent to the SLIPS platform for processing. Multiple Transaction Types The system has the ability to process a myriad of transactions based on the nature of the transaction and the destination account. The SP EFT platform handles outward transactions from Savings and Current Accounts and well as Credit Cards. The system also permits "Direct Debit" transactions where Utility Providers submit a monthly schedule of payments which are inflow into their accounts. The system is also geared to handle transactions to multiple beneficiary account types; other commercial banks who are part of the Sri Lanka Inter Bank Payment System (SLIPS); Smaller development banks where payments are channelled through "Cash Orders''; And Intra-bank transactions which are handled as Internal "Book Transfers". Transaction Integrity The system has a myriad of validations and safety features which strive to protect the integrity of transactions and help users who handle high volumes of transaction to ensure no erroneous transactions are submitted either in terms of the credit account or debit accounts. Some of these include duplicate checks by source account, based on the reference number and the value; Value date for transactions which are validated against a standard holiday schedule. Audit Trails and System Security The system has a comprehensive audit trail which records all changes made to transactions within the process. Security features include dual control on user creation and edits as well and roll assignation. The system also monitors and reports all login attempts including multiple logins and concurrent logins. Unlike almost all other EFT platforms in the market this is the only EFT platform which is totally web based and therefore technically can be presented to customers as an Internet banking Portal. The security features built into the product make it extremely improbable that the system can be compromised. << Back

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