Information on movements in the bank accounts are the basis for the functioning of financial accounting, electronic banking is an indispensable aid.

A glance at the daily bank statements makes immediately clear what amount of credits, debits, checks and other bank transactions accumulate within a short time and there must be processed by the accounting department. Information on the movements in the bank accounts are the basis for the functioning of financial accounting. Even for the short-term cash management and liquidity planning, this data is essential.

Electronic banking is a PC system for data transfer between companies and banks. The support offered by the banks electronic banking service provides access to account information at home and abroad as well as the transmission of payment orders in domestic and abroad. Additional modules optimize liquidity planning, financial planning and interest rate management. For example, the banks offer as required in the recent enhancements that allow the securities and foreign exchange transactions.

The electronic banking service relies on a single standard system for various financial institutions, banks and savings banks. This means that the software of a bank can be used for electronic banking with nearly any other bank or building society. Through the use of standard data record formats of the banking industry, the transfer is therefore more economical. Most banks provide the software free of charge or very cheaply available, the basic monthly fees vary from institution to institution (between 25 and 50 marks). There are also transaction costs that are usually less expensive than traditional banking fees charged.

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What is the practicality?

The information service provides all of the banks revenues, which are reflected in an account in the electronic form. The files are processed each day for data transmission. Any time day and night. they are available and can be processed directly in Financial Accounting. In addition, the electronic storage of data means that these, unlike any printed account statements selected, sorted and can be used in further processing routines.

On the other hand, payment orders are transmitted electronically to the bank. Advantages here are that no forms are needed anymore, way to the bank, cost and time savings. In addition, a company is thus independent of location in the selection of financial institutions. Frequently recurring operations, unless they are already directly derived from the financial accounting may, in special databases are created on the PC and prepared for electronic payments.

Safety is paramount

Electronic banking uses a system with very high safety standards. The basic principle is that an online connection between the bank and the company only at the time of data transfer is made. In general, these online times, depending on the system used (modem, ISDN or Datex-P) is relatively short. All other operations, particularly the processing of data to send (create a transfer) or the processing of bank statement information that was retrieved from the database take place offline, without the possibility of access by third parties.

International payment standards

Payment files that are transferred to the internationally standardized file transfer process FTAM (File Transfer, Access and Management) to the banks are covered by an electronic signature (ES). Here, the authorization of the files is done through the “Electronic sign” means a personal secret key (private key) and the transfer of the signature file along with the payment file to the bank. This process goes like this: The file to be sent is called on the screen, there is inserted a floppy disk with a coded key and enter a personal password. Everything is sent together with a mouse click to the bank. The Bank is based on a previously submitted their own public key (public key), the electronic signature and processes the data file with the payment. if positive continued. The client can get the result on this test with the bank abzurufendes protocol.