DESIGN AND COMPUTERIZATION OF AN ELECTRONIC FUND TRANSFER SYSTEM

CHAPTER ONE

INTRODUCTION

        Electronic found transfer system is an organized process of transferring fund through electronic means by the use of computer where debits and credits are made into ones account.

        First Bank Nigeria Plc, is one of the commercial Banks which has ventured into EFT. The system allows a customers account to be credited electronically with 24 hours any where in Nigeria, it transferring fund when compared with the traditional means such as mail transfer and telegraphic transfer.  It is mere secure and time is saved when money is transferred through EFT. Such money (fund) is transferred electronically by the bank through their accredited branches or Agents.

        Somebody in one of the states of a particular country who wishes to release found to a client residing in  other part to different state of the some country will go to the nearest bank i.e. . First Bank that does the fund transfer system and makes his/her deposit. It is available for payment within munutes from any part of the country. If one is to end fund through the system (in the event of its being introduced) as soon as the fund transfer control number (F.T.C.N) is displayed on the screen. This is an indication that the fund is noe available for collection.

FEATURES

        The system is designed to handle the needs of fund transfer customers and agent in on efficient and user friendly manner. Both new and experienced can use this work, it documents the software works following the flow of transaction as they usually occur. The money link system provides frameworks within various relationships among states operating it.

1.1   STATEMENT OF PROBLEMS

        Fund transfer is a job that involves complex date and tedious calculation. Human beings what they cannot carryout the activities of transferring fund automatically. Manual transfer wastes to much times, it is generated very late, where there are many customers to attend to, it takes weeks to prepare the transfer which may effect the purpose of the transfer. Some are short paid and thus makes the system unreliable. The use of files, papers and file cabinet cost much and occupies much space. It also wastes a lot of time during information retrieval.

1.2   PURPOSE OF THE STUDY

        Generally the purpose of the study s to find out a way towards enhancing better method which will be geared towards alleviating the frustrations customers undergo in a bit to collecting fund credited to their account.

        This is because instead of waiting for months, the entire transaction can be finished within minutes. Also the offices in change of the fund transfer will gain from this study because the problem they are  facing have been detected and solution recommended the new system will erase the burdens in collection and processing storage of data and generation of report by the management for decision making and perhaps for the development of the organization.

1.3   AIMS AND OBJECTIVES

        The aims and objective of this system are to provide most Nigerians with a very fast convenient, reliable and secure way of crediting to the accounts of their friends and relatives.

        Accurate and timely information will be made available hence efficiency will be advanced. Since customers can nearly be attended to without taking much of their times, since the speed of operation will generally increase as the computer on handle bilious of information items.

1.4   PROJECT SCOPE

        The study id concerned with the method of fund transfer. That is crediting fund from ones account in one’s state to another account as another state all in the same country.

1.5   LIMITATIONS

        I encountered a lot of problems while carrying out this researcher work.  It wasn’t easy for me getting information. When I want to First Bank Plc Enugu Branch, I was told that the authority was not vested on them to give out some of these vital information for some security reasons.

        The project work is a tasking lob which demands enough time and commitment, but for the fact that are combing, it with other course it is not really easy based on the duration of activities and events involved in the work.

        Besides, much money is always committed to this to make a quality presentation as a result of in-depth study. Due to lack of fund it is met all resources and materials that are used I had to make do with other activities while the process was going on.

1.6   ASSUMPTION

        It is assumed that at the completion of this work a new system will be put in peace and that they will move from manual to operations to a computerized system, which will be able to handle the job effectively and efficiently.    

        More so, those that are going to be involved in the operations of the new system will be educated a adequately to handle the new change. It is also assumed that all the information given to me by first bank plc Enugu branch are all correct and valid.

1.7   DEFINITION OF TERMS

COMPUTER: An electronic device that is capable of accepting data, processing data automatically, store it produces the result where needed.

File: This is a collection of related record.

PROGRAM: A set of logical instructions combined together to performed a specific task to a given problem and providing solution to it.

OUTPUT: Result of the processed data by the computer.

INPUT: Date supplied to the computer for processing.

DATA: Raw materials used by the computer.

INFORMATION’S: Processed data

STORAGE DEVICE: A device for storing data in the system.

RETRIEVAL: The access of files for information. RECEIVER: The beneficiary of the sort money or credited fund.

BENEFICIARY:  The person that receives money being sort.

COMMISSION: The amount of money change by the band officials for any deposit made before the money is credited.

HOST COMPUTER: the main electronic device that manipulates all the given data and produce the required result to be individual terminals connected to it for information retrieval.

TRANSFER: moving money (find) from one place to the other.