Q. Distinguish between OMR, OCR, and MICR. Phone banking and SMS banking, internet banking. Described about electronic payment system.
Q. Distinguish between OMR, OCR, and MICR
MICR: MICR is a character recognition technology used primarily by the banking industry to facilitate the processing of cheques. The human readable characters are printed on documents using a magnetic ink. It stands for Magnetic Ink Character Recognition.
OMR: OMR which stands for Optical Mark Recognition is the process of gathering data with an optical scanner by measuring the reflectively of light at predetermined positions on a surface.
OCR: OCR stands for Optical Character Recognition. OCR is the recognition of printed or written text characters by a computer. It is the application software that allows a computer to recognize printed or written characters, e.g. letters, numbers, punctuation marks, and pictograms using an optical scanner for input.
Q. Phone banking and SMS banking, internet banking.
Phone banking is a service provided by a bank or other financial institution, that enables customers to perform financial transactions over the telephone, without the need to visit a bank branch or automated teller machine. Phone banking times can be longer than branch opening times, and some financial institutions offer the service on a 24 hour basis. Phone banking reduces the cost of handling transactions. In Phone Bank you can do almost everything you can do at a branch: transfer Taka, check your balance, check transactions, pay bills, manage your standing orders, cancel direct debits, and organize holiday money
SMS banking is a type of mobile banking, a technology-enabled service offering from banks to its customers, permitting them to operate selected banking services over their mobile phones using SMS messaging. The service will enable customers to check account balance, stop a cheque payment or even get statements through SMS.
Online banking (or Internet banking or E-banking) allows customers of a financial institution to conduct financial transactions on a secure website operated by the institution, which can be a retail or virtual bank, credit union or building society. Services: Very convenient, unlimited service day and night. No time constraint. Easy to access via PC, Easy way of payment, Smart, Higher interest rate, Easy transaction, efficient and effective etc
Q. Described about electronic payment system.
Electronic Payment Systems (EPS) is one of the nations’ oldest and largest, privately held merchant service providers of electronic payment products to businesses and ISO’s. Uniquely positioned in the payments industry, EPS provides a comprehensive suite of merchant processing solutions, the highest level of data security, and expertise to drive revenue and profitability for all business types including retailers, restaurants, hotels, automotive, healthcare, service businesses, e-Commerce and non-profit organizations.
EPS Electronic Payment Processing Advantages:
• Security and Peace of Mind: EPS continues to be on the forefront of adopting new data security measures including the implementation of Payment Card Industry Data Security Standards before it was a requirement.
• Cash flow: We provide access to funds within 48 hours at rates which are among the best in the industry.
• Service: Talk to a real person! In-house customer service and technical support is available 24/7/365 - meaning your business never has to experience a down time.
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