Full Project – Design and implementation of an electronic fund transfer system

Full Project – Design and implementation of an electronic fund transfer system

Click here to Get this Complete Project Chapter 1-5

CHAPTER ONE

1.0 INTRODUCTION

Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper money changing hands. One of the most widely-used EFT programs is Direct Deposit, in which payroll is deposited straight into an employee’s bank account, although EFT refers to any transfer of funds initiated through an electronic terminal, including credit card, ATM, Fed wire and point-of-sale (POS) transactions. It is used for both credit transfers, such as payroll payments, and for debit transfers, such as mortgage payments.

Transactions are processed by the bank through the Automated Clearing House (ACH) network, the secure transfer system that connects all U.S. financial institutions. For payments, funds are transferred electronically from one bank account to the billing company’s bank, usually less than a day after the scheduled payment date. The growing popularity of EFT for online bill payment is paving the way for a paperless universe where checks, stamps, envelopes, and paper bills are obsolete. The benefits of EFT include reduced administrative costs, increased efficiency, simplified bookkeeping, and greater security. However, the number of companies who send and receive bills through the Internet is still relatively small.

 

The U.S. Government monitors EFT compliance through Regulation E of the Federal Reserve Board, which implements the Electronic Funds Transfer Act (EFTA). Regulation E governs financial transactions with electronic payment services, specifically with regard to disclosure of information, consumer liability, error resolution, record retention, and receipts at electronic terminals

 

1.1 STATEMENT OF THE PROBLEM

Payment for goods and services is characterized by long queues; long distance traveling and time wasting that generally affect business activities and ultimately economic development. Settling utility bills, payment for goods and services, and money transfers have been a major headache for individual and firms resulting in declined business activities and huge debt to most of the utility providers. In fact, the country has not yet realized the full benefits of the technological advances in electronic payment such as the use of cards, automated teller machines (ATM), the Internet, mobile phones, etc. The payments and clearing system in the country is underdeveloped. For instance, cheques drawn against accounts held in banks taking could take three days whilst cheques drawn on different regions can take several weeks. There is no central clearing system to clear debit card transactions between banks. The banking halls continue to be immersed in the long queues as people come in to collect their monthly wages or salaries. Many people have been holding large sums of money outside the banking system as a result of the ordeal one has to go through before withdrawing money or making payment. However, faced with such problems in the payment process, only a few payment solutions have been introduced so far to solve them. Cash still remains the most popular retail payment instrument, despite the increase in the introduction of electronic fund transfer schemes. Whether consumers are adopting the current and emerging payments mechanisms is another issue confronting the banks

 

1.2 OBJECTIVE OF THE STUDY

The objectives of this work design an Electronic Fund transfer system (EFTs), compare the advantages of old bank fund transfer systems or payment systems, with the new electronic fund transfer system.

 

1.3 SIGNIFICANCE OF THE STUDY

A design report of this kind is expected to make theoretical and practical contributions to the present day electronic banking system, by taking a critical look at previous payment systems, and the advantages of the new electronic fund transfer system developed.

 

1.4 SCOPE OF THE STUDY

This work is intended to cover the analysis and development of an electronic fund transfer system, a review of previous and existing payment methods was done, with a special interest in the electronic transfer mode.

 

1.5 LIMITATIONS OF THE STUDY

There were some limitations or constraints during the course of this study, they are as follows:

  1. TIME: There was no time to carry out this research, due to the fact that I combined the research work with my academic studies. You can agree with me that time constraints is one of the limitations I experience while carrying out this research work.
  2. FINANCE: Finance was another constraint I experienced while carrying out this research. The inadequate of finance to carry out this research slow down the research work. Despite the limitations, every effort was geared towards accomplishing this project.

 

 

 

 

1.6 DEFINITION OF TERMS

BENEFICIARY: means the person designated as such, and to whose account payment is directed to be made in a payment order.

BENEFICIARY BANK: means the branch of the bank identified in a payment order in which the account of the beneficiary is to be credited.

EFT: Electronic Funds Transfer.

EFT DATA FILE: mean’ an electronic data file of a batch of payment orders for funds transfer processed and consolidated in the manner specified for transmission Of consolidated payment orders.

EFT Service Branch: means an office or branch of a bank or institution in a center designated by that bank or institution to be responsible for processing, sending or receiving EFT data file of that bank or institution.

EFT SYSTEM: means the Electronic Funds Transfer System established by these Regulations for carrying out inter bank and intrabank funds transfers.

FUNDS TRANSFER: means the series of transactions beginning with the issue of originator’s payment order to the sending bank and completed by acceptance of payment order by the beneficiary’s

INSTITUTION: means a public financial institution.

ORIGINATOR: means the person who issues a payment order to the sending bank.

PARTICIPATING BANK OR INSTITUTION: means a bank or as the case may be an institution admitted for participating into the EFT System.

PAYMENT ORDER: means an unconditional instruction issued by an originator in writing or transmitted electronically to a sending bank to effect a funds transfer for a certain sum of money.

Get the Complete Project

This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for international clients.

Click here to Get this Complete Project Chapter 1-5

 

 

 

 

 

You can also check other Research Project here:

  1. Accounting Research Project
  2. Adult Education
  3. Agricultural Science
  4. Banking & Finance
  5. Biblical Theology & CRS
  6. Biblical Theology and CRS
  7. Biology Education
  8. Business Administration
  9. Computer Engineering Project
  10. Computer Science 2
  11. Criminology Research Project
  12. Early Childhood Education
  13. Economic Education
  14. Education Research Project
  15. Educational Administration and Planning Research Project
  16. English
  17. English Education
  18. Entrepreneurship
  19. Environmental Sciences Research Project
  20. Guidance and Counselling Research Project
  21. History Education
  22. Human Kinetics and Health Education
  23. Management
  24. Maritime and Transportation
  25. Marketing
  26. Marketing Research Project 2
  27. Mass Communication
  28. Mathematics Education
  29. Medical Biochemistry Project
  30. Organizational Behaviour

32    Other Projects pdf doc

  1. Political Science
  2. Psychology
  3. Public Administration
  4. Public Health Research Project
  5. More Research Project
  6. Transportation Management
  7. Nursing

Education

Essay 

 

 

Full Project – Design and implementation of an electronic fund transfer system

Click here to Get The Complete Research Project Chapter 1-5

RESEARCH PROJECT CONTENTS
CHAPTER ONE - INTRODUCTION
1.1 Background of the study
1.2 Statement of problem
1.3 Objective of the study
1.4 Research Hypotheses
1.5 Significance of the study
1.6 Scope and limitation of the study
1.7 Definition of terms
1.8 Organization of the study
CHAPETR TWO – LITERATURE REVIEW
2.1. Introduction
2.2. Conceptual Framework
2.3. Theoretical Framework
2.4 Empirical Review
CHAPETR THREE - RESEARCH METHODOLOGY
3.1 Research Design
3.2 Study Area
3.3 Population of the Study
3.4 Sample Size and Sampling Technique
3.5 Instrument for Data Collection
3.6 Validity of the Instrument
3.7 Reliability of the Instrument
3.8 Method of Data Collection
3.9 Method of Data Analysis
3.9 Method of Data Analysis
3.10 Ethical Considerations
CHAPTER FOUR - DATA PRESENTATION AND ANALYSIS
4.1. Introduction
4.2 Demographic Profiles of Respondents
4.2 Research Questions
4.3. Testing of Research Hypothesis
4.4 Discussion of Findings
CHAPTER FIVE – SUMMARY, CONCLUSION & RECOMMENDATIONS
5.1 Introduction
5.2 Summary
5.3 Conclusion
5.4 Recommendation
REFERENCES
APPENDIX


Frequently Asked Questions | Https://eduschooler.com

Frequently Asked Questions

How do I get my choice complete project on any topic?
Simply click on the Download button above and follow the procedure stated.
I have a fresh topic that is not on your website. How do I go about it?
Chat with us on WhatsApp or contact our Instant Help Desk for a custom research project on your topic.
How fast can I get this complete project on any project topic?
Within 15 minutes if you want this exact project topic without adjustment.
Is it a complete research project or just materials?
It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data.
What if I want to change the case study for this topic?
Chat with Our Instant Help Desk Now: +234 708 7083 227 and you will be responded to immediately.
How will I get my complete project?
Your Complete Project Material will be sent to your Email Address in Ms Word document format.
Can I get my Complete Project through WhatsApp?
Yes! We can send your Complete Research Project to your WhatsApp Number.
What if my Project Supervisor made some changes to a topic I picked from your website?
Call Our Instant Help Desk Now: +234 708 7083 227 and you will be responded to immediately.
Do you assist students with Assignment and Project Proposal?
Yes! Call Our Instant Help Desk Now: +234 708 7083 227 and you will be responded to immediately.
What if I do not have any project topic idea at all?
Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 708 7083 227.
How can I trust this site?
We are genuine and duly registered with the Corporate Affairs Commission. This site runs on Secure Sockets Layer (SSL), ensuring all transactions are highly secure and safe.
Customer Testimonials | Https://eduschooler.com

Our Customers are Happy

Ademola A.

★★★★★

I was skeptical at first, but after placing my order, my full project arrived in my email in under 15 minutes! The process was smooth, clear, and professional. Truly amazing service!

Kwabena K.

★★★★★

I needed a custom project on a new topic. Https://eduschooler.com delivered within 3 days, and the quality was outstanding. They even guided me on how to defend it. Highly recommend!

Michael H.

★★★★★

Fast, reliable, and very professional. My research project was delivered on time, with no hidden charges. The team is trustworthy and supportive.

Fatou B.

★★★★★

I got my full project in minutes and my custom request within 3 days. Their communication is clear, and the material is top-notch. Excellent experience!

James O.

★★★★★

https://eduschooler.com is a lifesaver! My project was delivered exactly as requested. The team is friendly, professional, and highly responsive. Very satisfied!

Ngozi E.

★★★★★

I was worried about paying online, but the team reassured me and delivered my complete project instantly. Transparent and professional service!

Ama S.

★★★★★

I requested a custom topic project and received it in just 3 days. The guidance and quality were excellent. I recommend eduschooler.com to everyone!

Sarah W.

★★★★★

The service is dependable and efficient. My project arrived on time, and every step was transparent. Truly a professional service I trust.

Emmanuel T.

★★★★★

Fast and reliable. My full project was delivered in minutes, and the custom project in 3 days. Communication was excellent throughout.

Aisha N.

★★★★★

Extremely satisfied with the service. My project was delivered promptly, fully transparent, and of high quality. A trustworthy academic partner!