Transfer Money Between Accounts Information Technology Essay

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In the recent years on line banking has been satisfying more than 20 million customers with their all in one service centre on the internet. Its not just that, the free services provided by commercial banks are also fast and reliable, leaving customers happy with no doubt. On-line banking was formerly known as PC banking, home banking, electronic banking or Internet banking. Some are still using these terms until today.

Nowadays, almost all major commercial banks offer the on-line banking system to ease their customer especially on mobile. Opening an on-line bank account and starting to use it is quite simple and straight forward, but for some bank customers, it is quite a hustle as some people resist to change. The applications featured by the bank on-line system are not as hard as some people think. It is worth of trying and getting used to. Although, not many people find on-line banking as useful as getting the transaction done manually, but people are adapting to the system, so more and more people everyday are applying for the on-line banking accounts. Using on-line banking transactions is very convenience and it helps manages financial statements faster and easier. Most of all, on-line banking system saves more time and costs and environment friendly as it helps to reduce the amount of paper used in paperworks.

On-line banking transactions helps people to simplify life. It reduces stress especially when people are managing the bills and the account savings. Not only it helps to manage the bills, it also reduce the time and cost taken to process a transaction. Managing tonnes and tonnes of paperwork and lining up for the bank teller are old fashioned way. Besides, keeping track on the paperworks were never an easy task. It takes a lot of time, and sometimes there are cases where customer paperworks got lost in the bank. Now, it is easy for bank to keep track of customer's funds or for customers to keep track on one's bank account. Almost every bank with on-line system notifies customers transaction by email. Many banks oversee that on-line banking is the latest and most reliable way to retain and gain new customers.

Advantages of Online Banking

On-line banking in this generation is becoming more and more common. Customers can do plenty of transaction just through Internet. On-line banking also allows customers to keep track of record on our accounts. Customers can check on it in everywhere and any time they want. On-line banking makes their life easier and faster. Below are a few advantages of using on-line banking:

Pay Your Bills Online

For the past 5 years back, bank allowing their customers to pay their bills online. By paying their bills online, customers are starting to eliminate the method by post. It is faster and users are allowed to know did their payment made or not. Customers will just have to register once and they are allowed to use it in everywhere. The banks may charge them a small amount of interest but it will be faster and immediately payment will be made. This will make their life much easier.

View Your Transactions

On-line banking does allow customers to view or check their history payment just in seconds. By now, they do not need to make phone calls to the bank and wait for the bank officer to check for our account. This also will be safer compare to make phone calls or send letters to check their payment. If any lost during the sending process by post, their password or ID will seen by strangers.

Transfer Money Between Accounts

Online banking allows them to transfer money from one account to another account more quickly. Nowadays, many people are doing business and it may involve million millions of dollars. It will be safer if they can make transfer just from online banking. Online banking also can automated to the service centre that they are using example, phone bills, house loan, monthly purchasing newspaper and many others.

Download Banking Transactions

If they are using ATM cards often this is a must to download their banking transactions to make sure the balances in their account are correct. This will make sure they are always on track with their account balances. They also do not have to worry about finding a place to keep all our receipts.

Protect Yourself Online

Using online banking there are a few things that they have to take it serious. It is important that they have to protect their own information’s. If they are downloading their account transaction from internet, they must remember to clear up the cookies. Passwords and user ID will seen by other people if they are not aware of this. It is very important to make sure they clear everything before they leave the website.

Disadvantages of Online Banking

Apart of the many advantages of online banking, There are also drawbacks to online banking services. One of the biggest problem is trust. There are still a lot of people who are lack of trust and many people still doubts on the reliability of the on-line transaction banking. People that are afraid to changes, has a little believe on the development of technologies. For example, many years ago, the old way of depositing customer's money into the account was manually processed at the bank counter. But, nowadays, banks built ATM machines to deposits cash into both one's account or another third party account. This can speed up the transaction process and save more time. However, still people have doubt on the system or how the system perform the transaction, people start to worry and sometimes trouble arouse at some bank service centres. Of course anything might go wrong with the ATM machines, but there are always ways to overcome the problems. ATM machines also allow customers to print the transaction receipt as a proof of transaction for future reference.

Customers security is always a major question. Is the money kept safely? Could anyone hack into the account? There are many worries about this case. Therefore, all banks will ask customers for some verification before doing any transaction and most banks provide 24 hour call centre to help customers with any problems. Additionally, on-line banking websites provide tutorials and instructions on how to use their features.

Maybank Online Banking

Malayan Banking Berhad or Maybank is the biggest commercial bank in Malaysia. It holds many financial holders in Malaysia as well as internationally, including Indonesia and Singapore. It was founded by Tan Sri Khoo Teck Puat in 1960 and Maybank has grown to the extent of powerful level over the years and has more than 300 branches in Malaysia alone and more than 100 branches are operating all over the world. Few ages ago, the client of Maybank had to go at all times to the Maybank centre and wait for long queues to do their transaction. Now, Maybank is reaching to the top and has become the first commercial bank in Malaysia to run its own on-line banking system. was created in early 2001. Not too long after that, many other banks has followed Maybank's step to on-line transaction. offers outstanding services to its clients, such as internet banking, on-line Islamic banking, as well as services for credit and charge cards holders, and many more. Of the entire services offer by Maybank2u busiest service is the on-line banking transaction. These consist of making payments and transferring funds by the internet. runs their own policy under the Maybank Berhad terms and regulations to make sure the security of their service is reliable to the clients. Although the security policy is not publicly stated, as it is confidential, the same security policy is being used in each and every Maybank branches in the world. This is to ensure the safety of the clients' information and their satisfaction.

It is clear that Maybank2u uses the Transaction Processing System (TPS) for their general information system. A Transaction Processing System (TPS) is a type of information system that helps to collect, modifies stores and retrieves collection of data transaction of an individual entity as well as an enterprise. E-business, e-commerce or other commercial businesses depend on the data reliability of their transaction processing system. This is to make sure that their client get what was asked for and payment are made on time. With Maybank2u, any kind of transaction can be made there and then.

It is very time efficient especially for busy people.

Transaction processing system involves the financial department. This is because most transaction occurs within Maybank2u revolves around cash, credit, charges and account balances. Financial department are responsible on managing and maintaining account balances as well as knowing what goes in and out of the bank and client's account.

Maybank has introduced this system to be used in all Maybank centres worldwide. requires only easy set up in creating a account. User can log in using their existing Maybank account. However, user needs to create an on-line password and user name to access their existing bank account. By logging into the system, meaning that the user of the account is aware of the terms and condition applied by, and is aware that the site is secure as shown on the top right of the website. Once logged in, user can access everything regarding of their account information, such as account balance, balance statements, transaction history, Maybank credit and debit transactions.

The most interesting thing about Maybank2u is that the client can access their account from home, office or anywhere with an internet connection, without worrying about the hustle of waiting especially on busy hours. Best part is, the site offers billing payment services to all main general services. Almost 300 major payees are now available including Syarikat Bekalan Air Selangor (SYABAS), Tenaga Nasional Berhad (TNB), Telekom Malaysia Berhad, MAXIS and ASTRO. It is wise to say Maybank has chosen a great transaction processing system in order to fulfill all its clients need just by one click a way.

Instructions on How to Use Maybank2u

These are simple instructions on how to use Maybank2u. The steps are very simple and easy for anyone to understand.

Step 1

For Maybank customers, simply just create a Maybank2u username and password at the nearest ATM machine.

For Non-Maybank customers, the first step is to open up a Maybank bank account at the nearest Maybank service centre before creating the Maybank2u username and password.

Step 2

Go to

Step 3

At the top right hand side of the website, there is an access to the login page. Click the login icon and it will direct the user to the login page. For first time user, user must log in through red highlighted area using the username and password created from Maybank ATM machine.

For existing users, simply just log in normally with the username and password.

Step 4

Once logged in, customers can access the entire account. Customers can now process any transactions by following the instructions given in each transaction tab.

Fig. 1 Log in maybank2u


Fig. 2 Transaction choices


Transaction Processing System

The transaction processing system offers features that could relieve enterprise transaction system to process data transactions faster in order to manage the whole enterprise data. There are particular characteristics to operate transaction processing system. A TPS is a very fast way to processing transaction virtually and is very reliable as it is designed with safeguards to manage disaster attack, so customers will not worry of data loss during a sudden disaster. It can easily be retrieved using the customer's id and password at the particular service centre. Not only it is reliable, TPS is also standardized by the Transaction Processing Performance Council, meaning that the system will always process every transaction made by the user with the same way every time there is a transaction. This is to ensure the security of the system. Restricted access is implemented to TPS, so that it can only be used by the employees authorized by the system to avoid system errors.

Fig. 3 How Transaction Processing System works


There are two types of transaction, which are batch time processing and real time processing. Batch time processing differs from real time processing because batch time processing only processes transactions once a month automatically and stores the resources later for future transaction. This is usually needed when processing credit card transaction. Meanwhile, real time processing is the kind that will update every transaction made immediately. This is important because when a withdrawal of money is being made, bank and customer's account need to be updated immediately so that both parties can keep track of their funds. Therefore, both types of transaction are being applied by Maybank2u to serve the public in giving what they need. Another TPS characteristic is its durability which means that when the transaction is successful, no further changes can be made. However, in any case of failure of the system, a log will be created to store all the transaction that has been completed. These common characteristics of a Transaction Processing System will make sure that the system is run systematically.

Security System

Nevertheless, security is a major priority to every big enterprises, especially successful commercial banking. There is a lot of security issues involved especially with dealing with on-line transaction such as purchasing items or paying for services on-line. One of the main security threats of internet banking is identity fraud. Identity fraud is not a new threat, as it has been mentioned most of the time. But, there are still people who refuse to follow rules made out to avoid this type of threat. Some retailers and stores are lacking the awareness of identity fraud. Most cases of identity fraud are having their pin code or password duplicated. Purchases by credit and charges card are made by other people but not by the genuine owner or the account. This kind of behaviour can happen anywhere at any time, especially when shopping on-line, purchasing airline and movie tickets.

Maybank2u is ready for these kind of situations. For example, before processing a payment, it is shown above to the users on how to find the billing account number, so that the client will not accidentally input the wrong account number. To avoid identity thief or any other kind of identity mischief, Maybank2u requires a Transaction Authorisation Code (TAC) to undergo the payment process. Therefore, in each and every transaction made by the customer, a TAC will be sent to the customer's cell phone number, and once received it should be input within 2 hours into the TAC box before completing the process. The Transaction Authorisation Code will automatically expire every 2 hours to avoid any security breach to the account. When the transaction is processed is successful, it will be automatically saved into the transaction history for future user reference. Its payment receipt can also be printed for keeps.

However, for customers that log in using public or shared computers, dare to be reminded to log out properly to avoid another mischief of identity fraud. Maybank2u also add a logout summary to guide users of Maybank2u on how to safely logout from the site..

Fig. 4 Request of a Transaction Authorisation Code (TAC)


Fig. 5 Account Details



Looking at the research done, it has come to a conclusion without a good information system management, an idea like on-line banking would only be a concept without a system. On-line banking an transaction processing system compasses each other to make everyone’s lives easier and more convenient. Mostly it helps to save a lot of time and cost when it comes to banking. The idea of on-line banking was doubted at the beginning but as time passes, it has proven that the system has developed and improved to a successful level. Even though, there are few errors when it comes to on-line banking, the system will keep improving in order to solve the problems that aroused. As mentioned above in this assignment, there are also many benefits of using on-line banking. Being a person or an entity in a fast pace world of technology, one should not resist to change and as technology improved vastly, many banks have taken the upper hand on it and made a different image of banking. Now banks can do more than withdrawal and transferring funds. Other transactions such as, paying utility bills, checking account balances, purchasing airline tickets, and even on-line shopping can be done with just one click away.