Electronic Banking

Electronic Banking

“The advantage of online banking is that you can pay bills superfast, and your account is automatically credited or debited for each deposit and payment, making it easier to stay on track.” — Suze Orman

Direct Deposit

In banking, a direct deposit is a deposit of money by a payer directly into a payee’s bank account. Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers’ accounts, but the facility can be used for payments for any purpose, such payment of taxes and other government charges. Direct deposits are most commonly made by means of electronic funds transfers effected using online banking systems, but can also be effected by the physical deposit of money into the payee’s bank account.

When making a direct deposit by means of electronic funds transfer, reference information is sent to enable the payee to easily recognize who made the deposit and which account to credit. The reference may be an account number, an invoice number, the payer’s name or some other meaningful identification. To ensure that the payee is aware of the deposit, the payee is sent a remittance advice.

Benefits
  • Access 24 x 7
  • Convenience
  • Faster Banking
  • Reduced Paper/Checks
  • Cost & Time Savings
  • Conduct Business Online
  • Integration with Financials
  • Faster Intra-account Transfers