New Technologies in Banking
NEW TECHNOLOGIES IN BANKING
TABLE OF CONTENTS
TABLE OF CONTENTS 2 EXECUTIVE SUMMARY 3 INTRODUCTION 4 MOBILE PAYMENTS 5
1. Premium SMS based transactional payments 6
2. Direct Mobile Billing 6
3. Mobile web payments (WAP) 6
4. Contactless NFC (Near Field Communication) 7 5. M-payments vs. Current payment methods 7 FINGERPRINT 8
1. Recognition Process 8
2. Fingerprints in banks 8
2.1 Benefits 9
2.2 Problem 9 IRIS SCAN 10
1. Description 10
2. Why or why not use Iris can 10
3. Implementation for Banks 12 CONCLUSION 13 APPENDIX 14
EXECUTIVE SUMMARY
Payments are transfers of wealth from one party to another and those transfers usually occur in the case of an exchange of goods or services. In order for the exchange to be completed, payments are transferred using multiple channels such as in cash, by checks, electronically using debit or credit cards, bank transfers etc. However, all these channels have their cons and pros affecting both the merchants or institutions and consumers.
Due to technological advancement, payments between two parties have been evolving from checks, taking days to be cleared, all the ways to instantaneous wireless payments. Wireless payments are done using mobile devices to pay for purchases, transfer funds to banks….
After looking at wireless payments, it is consider as being the fast and most effective way to make payment. Usually people do not have time to go the bank institutions to make payments. In addition, most phone users have third generation phones enabling them to access internet. Even though this form of payment is not known in North America, people in other countries such as Africa, Asia and Europe have been using it to make their payments and do not have to render themselves to the stores or banks institutions.
Payment speed is not the only occurring problem. Nowadays, technological innovations also creates security problem. Institutions and businesses are facing more and more fraud issues. To be able to counter
TABLE OF CONTENTS
TABLE OF CONTENTS 2 EXECUTIVE SUMMARY 3 INTRODUCTION 4 MOBILE PAYMENTS 5
1. Premium SMS based transactional payments 6
2. Direct Mobile Billing 6
3. Mobile web payments (WAP) 6
4. Contactless NFC (Near Field Communication) 7 5. M-payments vs. Current payment methods 7 FINGERPRINT 8
1. Recognition Process 8
2. Fingerprints in banks 8
2.1 Benefits 9
2.2 Problem 9 IRIS SCAN 10
1. Description 10
2. Why or why not use Iris can 10
3. Implementation for Banks 12 CONCLUSION 13 APPENDIX 14
EXECUTIVE SUMMARY
Payments are transfers of wealth from one party to another and those transfers usually occur in the case of an exchange of goods or services. In order for the exchange to be completed, payments are transferred using multiple channels such as in cash, by checks, electronically using debit or credit cards, bank transfers etc. However, all these channels have their cons and pros affecting both the merchants or institutions and consumers.
Due to technological advancement, payments between two parties have been evolving from checks, taking days to be cleared, all the ways to instantaneous wireless payments. Wireless payments are done using mobile devices to pay for purchases, transfer funds to banks….
After looking at wireless payments, it is consider as being the fast and most effective way to make payment. Usually people do not have time to go the bank institutions to make payments. In addition, most phone users have third generation phones enabling them to access internet. Even though this form of payment is not known in North America, people in other countries such as Africa, Asia and Europe have been using it to make their payments and do not have to render themselves to the stores or banks institutions.
Payment speed is not the only occurring problem. Nowadays, technological innovations also creates security problem. Institutions and businesses are facing more and more fraud issues. To be able to counter