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ELECTRONIC FUND TRANSFER (E-MONEY)

( A CASE STUDY OF UNITED BANK FOR AFRICA)

DEPARTMENT OF COMPUTER SCIENCE

BY

MARY ASOGWA

(S/COM/12/4506)

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ABSTRACT

Electronic Fund transfer (e-money) is a digital equivalent of cash transaction. It is defined

as an electronic store of monetary value on an electronic device or remotely on a server.

E-money can be used for making payments without necessarily involving bank accounts

in the transactions. he main reason for this pro!ect work was to puffer solution to the rick

that was involved in the transfer of fund physically within and outside the banking system"

which involves theft by hoodlums who go about attacking business men and women who

probably is embarking on a business transaction by carrying large sum of money about.

#econdly" another problem that prompted this pro!ect work is the problem of carrying

huge amount of money from one place to another. In the cause of preventing these

problems" an electronic fund transfer system was decided upon to be developed after

carrying out an analysis on the old system. he ob!ective of this new system is to

enhance the speed at which money is being transferred" reduce theft" and reduce the

carrying of large sum of money by easily transferring fund from one account to another

using united bank of $frica as a case study.

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CAPTER ONE

1!0 INTRODUCTION

1!1 BACKGROUND OF TE STUDY

Electronic Fund transfer (e-money) is a digital equivalent of cash. It is defined as

an electronic store of monetary value on an electronic device or remotely on a

server. E-money can be used for making payments without necessarily involving

bank accounts in the transactions. It always acts as a prepaid bearer instrument.

ince !""#$ e-money services have been regulated by the %E-&oney 'irective

(!""#**"E+).

,he Electronic Fund transfer program involves the transfer of funds by means

other than a transaction originated by check$ draft$ or similar paper instrument. ,he

transactions are initiated by the tapayer by electronic means. financial institution

(bank) is then authori/ed to debit or credit an account. ,his process was

introduced so as to make transaction to be fast as possible rather than spending

time on the bulk room to pay in money into someone0s account for any transaction.

1nited bank for frican is one of the leading banks in 2igeria that is involved in this

method of fund transfer$ this is a safe$ fast and reliable electronic funds transfer

method that enables people send and receive money instantly from *3"$""" in

over *4" countries.

,his money transfer is only echanged electronically. ,ypically$ this involves the

use of computer networks$ the internetand digital stored valuesystems. Electronic

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funds transfer(EF,)$ direct deposit$ digital gold currencyand virtual currencyare

all eamples of electronic money. lso$ it is a collective term for financial

cryptographyand technologies enabling it.

1!2 STATEMENT OF TE PROBLEM

5efore the introduction of this system of transferring money called money transfer$

there were a lot of other system of transferring money from one location to another

either within a bank and another bank. ,his method was done directly by deposit of

the fund which takes hours or days for the money to be posted to the receiver0s

account. nd most times the sender has to wait for long before the casher can

attend to him her all in the name of transferring or sending money to another

person.

&ost time$ the sender has to withdraw money from his her account before

sending the money to the receiver and because this money is carried by hand$ it

can easily attract rubbers. 'ue to all these problems associated with the

conventional means of transferring money$ it was now imperative to introduce a

new method of fund transfer to reduce the time wasted$ risk and other factors

militating against easy and fast means of fund transfer.

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1!" OB#ECTI$E OF TE STUDY

,he sole ob6ective of this new design of transferring fund is to ensure secured

transaction process which can be done anytime and anywhere using any device

that is connected with internet which can simply be refer to as inter switch.

ome of the main ob6ective of this new system design is to ensure

S%&&'7 ,he speed of the transaction is one of the most significant benefits to

money transfers. 1nlike checks$ which can take a week or more to be received and

processed$ a money transfer can be initiated instantly and processed within a day

or two. ,he speed of the money transfer transaction makes it much easier to

manage your finances and pay your bills on time. ,his in turn can help you avoid

late charges and other fees that could result if your payments were sent the old

fashioned way.

S&*+,. ending a check in the mail can be risky. ,here is always the possibility

that the check will be lost or stolen as it makes its way from your mailbo to the

recipient. If the check is lost in the mail$ you could face late fees while you try to

convince your creditors that you did in fact make your payment on time. If the

check is stolen$ the thieves gain access to your routing number and account

number$ and with that information they can potentially drain your bank account.

1sing money transfers instead of checks prevents these problems and gives you

instant confirmation that your payment was made.

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1!4 SIGNIFICANCE OF TE STUDY

,he importance of this research work is that it will help to accelerate the method at

which funds can be transferred from one location to another during any

transaction$ be it business or otherwise. ,his type of method is mostly common

among internet business or transactions were one has to buy an item online and at

the same time pay for the item or product at that same time even without receiving

the item or product.

1!5 SCOPE OF TE STUDY

,he scope of this research work is limited to fund transfer system using 15 as a

case study. In respect to this transfer$ the transfer is restricted to inter 8 banking

system.

1!6 DEFINITION OF TERMS

MONEY.Is any ob6ect or record that is generally accepted as payment for goods

and servicesand repayment of debtsin a given socio-economic contet or country

FUND.um of money set aside and earmarked for a specified purpose.

TRANSFER7 changing of ownership$ such as real estate$ a securityor a financial

account$ from one party to another. movement of funds from one account to

another.

AUTOMATED SYSTEM. ny system that does not require human intervention.

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1! BRIEF ISTORY OF UBA

150s history dates back to *#9# when the 5ritish and French 5ank :imited

(%5F5) commenced business in 2igeria. Following 2igeria0s independence from

5ritain$ 15 was incorporated in *#;* to take over the business of 5F5. ,oday0s

1nited 5ank for frica "$ 15 claims to

be rapidly evolving into a pan-frican full service financial institution. ?@A,he Broup

adopted the holding company model in Culy !"**.s of 'ecember !"**$ the

valuation of 15 BroupDs total assets was approimately 1*!.@ billion

(2B27*.#9 trillion)$ with shareholdersD equity of about 1*."> billion (2B27*>"

billion).

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CAPTER TWO

2!0 LITERATURE RE$IEW

2!1 INTRODUCTION

Electronic Funds ,ransfer (EF,) provides for electronic payments and collections.

Electronic Funds ,ransfer (EF,) is safe$ secure$ efficient$ and less epensive than

paper check payments and collections. hile it costs the 1.. government *."@ to

issue each check payment$ it costs only *".3 cents to issue an EF, payment

Indicated below are types of Electronic Fund ,ransfers we are capable of handling$

some of which may not apply to your account.

n electronic funds transfer (EF,) is a transaction that takes place over a

computeri/ed network$ either among accounts at the same bank or to different

accounts at separate financial institutions.

EF,s include direct-debit transactions$ wire transfers$ direct deposits$ ,&

withdrawals and online bill pay services. ,ransactions are processed through the

utomated +learing Gouse (+G) network$ the secure transfer system of the

Federal Heserve that connects all 1.. banks$ creditunions and other financial

institutions.

For eample$ when you use your debitcard to make a purchase at a store or

online$ the transaction is processed using an EF, system. ,he transaction is very

similar to an ,& withdrawal$ with near-instantaneous payment to the merchant

and deduction from your checking account. 'irect depositis another form of an

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electronic fundstransfer. In this case$ funds from your employer0s bank account

are transferred electronically to your bank account$ with no need for paper-based

payment systems. Electronic data interchange (E'I)$ or electronic data processing$

is the electronic transmission of data between computers in a standard$ structured

format. Electronic funds transfer (EF,) is the term used for electronic data

interchanges that involve the transfer of funds between financial institutions.

E'I has allowed companies to process routine business transactions$ such as

orders and invoices$ more rapidly$ accurately and efficiently than they could

through conventional methods of transmission. hile E'I has been around for

decades$ it wasnDt until the late *##"s that this basic principle became a driving

force in the rollout of electronic commerce$ corporate etranets linking suppliers

and customers$ and related network-based technologies.

2!1!1 +,*+3 *7' 8 EFT

E'I has been present in the 1nited tates in some form since the mid-*#;"s.

5usinesses had been trying to resolve the difficulties intrinsic to paper-dependent

commercial transactions. ,hese difficulties include transmission speed (because of

delays in entering the data onto paper and transporting the paper from sender to

receiver) accuracy (because the data had to be recreated with each paper entry)

and labor costs (labor-based methods of transmitting data are more epensive

than computer-based methods).

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In *#;4 a group of railroad companies concerned with the accuracy and speed of

intercompany transportation data transmissions formed an organi/ation called the

,ransportation 'ata +oordinating +ommittee (,'++) to study the problem and

recommend solutions. :arge companies such as Beneral &otors and =mart also

reviewed the problems$ which arose when they used their intracompany

proprietary formats to send electronic data transmissions to outside parties.

5ecause each company had its own proprietary format$ there was no common

standard among transmitting parties. company doing business electronically with

three other companies would need three different formats$ one for each company.

5y the *#>"s several industries had developed common E'I programs for their

companies within those industries$ and a third-party network often administered

these systems. ome eamples of these systems include JH'EH2E,$ which was

developed for the pharmaceutical industry$ and IK2$ which was developed for

the property and casualty insurance industry. hile these systems were

standardi/ed for each industry$ they likewise could not communicate with other

industriesD proprietary systems. 5y *#>@ the ,'++ began developing set of

standards for generic formats to handle this problem.

2!1!2 T9& EDI

E'I is quite different from other types of electronic communication. It is unlike a

facsimile transmission (fa)$ which is the transfer of completely unstructured data

through a digiti/ed image. E'I also differs from other types of electronic

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communications among computers$ such as electronic mail$ network file sharing$

or downloading information through a modem. In order to access electronic mail

messages$ shared network files$ or downloaded information$ the format of the

computer applications of both the sender and the receiver must agree.

ince E'I uses a defined set of standards for transmitting business information$

these standards allow data to be interpreted correctly$ independent of the platforms

used on the computers that transmit the data. hen a sender transmits data$ such

as a purchase order$ the E'I translation software converts the proprietary format of

the senderDs document processing software into a mutually recogni/ed standard

format. hen the receiver obtains the data$ the E'I translation software

automatically converts the standard format into the receiverDs proprietary document

processing format. 5ecause of the speed and accuracy of an E'I$ users find that

the system saves time and reduces costs over paper-based business transactions.

2!1!" M'&*7 EDI

5y the !""3$ ma6or retailers relied heavily on E'I to echange purchase orders$

invoices$ and other information with their trading partners. In a Cune !""9 poll of !"

retailers$ the ma6ority said that they were either adding new trading partners or

increasing the number of E'I transactions. It is estimated that between 4" and #"

percent of business-to-business traffic is conducted through E'I$ and this number

is growing @ to 3 percent annually. Hetail giants such as al-&art tores Inc.$ C.+.

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E'I. In fact$ al-&art has been one of the most influential companies driving new

technology trends.

ince !""@$ many companies have turned to a new technology in which data is

transmitted over the Internet using the pplicability tatement ! (!) protocol.

,he ! rules describe how to send data securely and ensure that the messages

are received.

In eptember !""!$ al-&art asked its suppliers to switch from value-added

networks (K2s) to !. Jther companies have followed suit. Jne company

claimed to have cut its costs by >" percent after switching from a K2 to !.

Gowever$ others have decided not to make the switch because of the costs

involved.

Hetailers are not the only businesses to take advantage of this technology. ,he

healthcare industry also uses E'I to echange patient information between medical

providers and insurance companies. E'I is such a reliable means of transmitting data

that a growing number of third-party payers$ including &edicare$ &edicaid$ and

commercial insurers$ have started to require providers to submit claims electronically.

,he Electronic 'ata Interchange rule was developed as part of the Gealth

Insurance

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claims$ referrals$ and eligibility verification) to use the same electronic data file

format. ,his can be accomplished by purchasing and maintaining a GI

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S&*+,. ending a check in the mail can be risky. ,here is always the possibility

that the check will be lost or stolen as it makes its way from your mailbo to the

recipient. If the check is lost in the mail$ you could face late fees while you try to

convince your creditors that you did in fact make your payment on time. If the

check is stolen$ the thieves gain access to your routing number and account

number$ and with that information they can potentially drain your bank account.

1sing cash transfers instead of checks prevents these problems and gives you

instant confirmation that your payment was made.

2!" #USTIFICATION OF TE NEW SYSTEM

,he new system is design in such a way that it is able to meet up and achieve its

set ob6ective for 1nited 5ank of frica to sanctify his customers. In the sense that$

it was able to overcome all the problems that was traceable to the old system of

operation. nd in using the system it was found that the system was more reliable

that the old system.

2!2 O:&*:+&; 8 E3&,*7+ F7' T*78&*

n electronic funds transfer (EF,) is an E'I among financial institutions in which

money is transferred from one account to another. ome eamples of EF,s include

electronic wire transfers automatic teller machine (,&) transactions direct

deposit of payroll business-to-business payments and federal$ state$ and local ta

payments.

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In general$ EF, transactions are transferred through an automated clearing house (+G)

operator. n +G operator is a central clearing facility operated by a private organi/ation

or a Federal Heserve bank on behalf of participating financial institutions$ to or from which

financial institutions transmit or receive +G transactions. ,he +G network is a

nationwide system for interbank transfers of electronic funds. It serves a network of

regional Federal Heserve banks processing the distribution and settlement of electronic

credits and debits among financial institutions.

+G transactions are stored in an +G file$ which is a simple +II-format file that

adheres to +G specifications. single +G file holds multiple electronic transactions$

each of which carries either a credit or debit value. ,ypically$ a payroll +G file contains

many credit transactions to employeesD checking or savings accounts$ as well as a

balancing debit transaction to the employerDs payroll account. n originating bank sends

electronic payment instructions to a receiving bank. In those instances$ the electronic

transfers are processed in batches and settled within a few days.

,he 2ational utomated +learing Gouse ssociation (2+G) oversees the +G

network and is primarily responsible for establishing and maintaining its operating rules.

ll financial institutions moving electronic funds through the +G system are bound by the

2+G Jperating Hules$ which cover everything from participant relationships and

responsibilities to implementation$ compliance$ and liabilities. hile the 2+G rules are

specific and quite detailed$ adhering to a strict set of rules is crucial to the smooth and

successful operation of the +G system.

s the use of home computers becomes more and more a part of everyday life$ the

popularity of online banking and online bill payments continues to grow. &any banks

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allow their customers to access account information over the Internet and to transfer

funds between accounts. &any credit card companies and utility companies allow

customers to pay their bills online through EF,s. Jnline bill payments can save the

consumer time and money. ,he customer can pay a bill in a matter of minutes over the

Internet instead of spending money on postage to send a paper check and risking the

chance that the bill may arrive past the due date.

Jn Jctober !4$ !""9$ the +heck +learing for the !*st +entury ct$ also known as +heck

!*$ took effect. ,his federal law allows banks to transmit checks electronically and

substitute electronic images for original paper checks. +heck !* provides many

advantages for banks and financial institutions. 5y transmitting checks electronically$

banks can reduce the amount of time it takes to receive funds. ,his is because they no

longer have to wait for another bank to receive paper checks before they send the funds.

In addition to saving time$ +heck !* saves banks millions of dollars in transportation and

storage costs.

hile +heck !* has made the banks happy$ it has made many consumers unhappy.

&any people write checks thinking that it will take at least two or three days for them to

clear$ thus giving them time to deposit the appropriate funds to cover the check. Gowever$

with +heck !* banks can clear checks within !9 hours of receiving them$ cutting this

safety net by days in many cases. In addition$ although banks can process checks and

debit the customerDs accounts right away$ they can still hold out-of-state checks for five

days or more.

+onsumer groups complain that this law increases the chances of fraud$ error$ bounced

check fees$ and inconvenience. ,here may be times when a bank cannot accept an

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electronic check image. In that case$ the other bank could create a substitute check that

has the same legal weight as the paper check. Gaving both the original check and a

substitute check around could result in both checks being cashed$ either fraudulently or

by an honest mistake.

T9& I

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transfers can occur in a number of ways. For eample$ your authori/ation to convert a

check or draft to an electronic fund transfer or to electronically pay a returned check or

draft charge can occur when a merchant provides you with notice and you go forward with

the transaction (typically$ at the point of purchase$ a merchant will post a sign and print

the notice on a receipt). In all cases$ these third party transfers will require you to provide

the third party with your account number and credit union information. ,his information

can be found on your check or draft as well as on a deposit or withdrawal slip. ,hus$ you

should only provide your credit union and account information (whether over the phone$

the Internet$ or via some other method) to trusted third parties whom you have authori/ed

to initiate these electronic fund transfers. Eamples of these transfers include$ but are not

limited to7

I. P*&,9*+=&' *&'+,! Mou may make arrangements for certain direct deposits to

be accepted into your checking$ share savings$ or money market account(s).

II. P*&,9*+=&' %

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E3&,*7+ 87' ,*78&* ,&< (EFTS)generally$ the use of computers in

effecting payments between individuals andor organi/ations. In some cases the term is

used to refer to advanced future systems in which debits and credits are made

simultaneously with the transactions that give rise to them. In other cases its use covers

all computer-based funds transfer systems$ including,&s(automated teller machines)$

EF,

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and greater security. Gowever$ the number of companies who send and receive bills

through the Internet is still relatively small.

,he 1.. Bovernment monitors EF, compliance through Hegulation E of the Federal

Heserve 5oard$ which implements the Electronic Funds ,ransfer ct (EF,). Hegulation

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.

CAPTER TREE

"!0 SYSTEM ANALYSIS AND DESIGN

"!1 SYSTEM ANALYSIS

,his new system of E 8 fund transfer is based on the analysis that was carried out

from previous conventional means of fund transfer. ,he systems were analy/ed during

the cause of carrying out feasibility study and at the end of the analysis it was brought to

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a conclusion that a new system should be designed to replace the normal conventional

means of fund transfer.

'uring the analysis emphasis was given to understanding the details of the

eisting system and then deciding if the proposed system is desirable or not and if the

eisting system needs improvements. ,hus$ the system analysis is the process of

investigating the old system$ identifying problems$ and using the information to

recommend improvements to the system so as to design a suitable one that will meet the

need of the general public.

"!2 DESCRIPTION AND ANALYSIS OF E>ISTING SYSTEM

,he eisting system of transferring fund seems to be strenuous and time

consuming and as well encouraging theft.

,his method was done directly by deposit of the fund which takes hours or days for

the money to be posted to the receiver0s account. nd most times the sender has to wait

for long before the casher can attend to him her all in the name of transferring or

sending money to another person.

&ost time$ the sender has to withdraw money from his her account before sending

the money to the receiver and because this money is carried by hand$ is can therefore

attract theft to rub the money from the person involve. 'ue to all these problems

associated with the conventional means of transferring money$ it was now imperative by

the bank to introduce a new method of fund transfer to reduce the time wasted$ risk and

other factors militating against easy and fast means of fund transfer.

"!" PROBLEM OF TE E>ISTING SYSTEM

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ome of the problems that were associated with the formal method of fund transfer is as

stated below7

i. 'elay in transferring of fund

ii. ,he process was slow due to the number of customers the bankers have to attend

to.

iii. ,he system can easily attract theft$ whereby customers have to withdraw money

from their account and take it to another bank for deposit and during the process they can

be attacked by harmed rubbers.

"!5 SYSTEM DESIGN

,he purpose of this system designis to create a technical solution that satisfies the

requirements of 1nited 5ank of frica. ,he system is design in such a way that fund can

be transfer electronically at the comfort of the home without stress or moving from one

place or the other.

,his system is design using &icrosoft visual basic ;." and as well as the codes that are

meant to control the various element functionality of the entire software.

"!6 INPUT ANALYSIS

,he input analysis for the fund transfer was analy/ed to make the system to function in

such a way that it will be user friendly which means$ users will be able to make any

transfer as easy as possible even without an assistance from anybody. In the cause of

this analysis$ it was analy/ed that before anybody will transfer his or her fund$ he has to

check his or her account before any transfer can be make.

"! OUTPUT ANALYSIS

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,his is determined from the information that is collected from the passenger and then

inputted into the system for processing so as to get the assign seat reservation for the

passenger. nd this can be given to the passenger as a slip printed out from the system

indicating all the information of the passenger and at the end of the slip is the seat

reserve for the passenger.

"!? DESIGN APPROAC

,he developed design approach of this new system is illustrated by the means of a

program segment of modules which is broken down into the input$ processing and output

module. hereby the input involves the entering of information using any of the input

device$ while the process is done within the central processing unit which in turn gives out

the result either on the screen or on a hard copy (printed out)

"!?!1 DESIGN SPECIFICATION

,he purpose of a oftware 'esign pecification (') is to define the software that is to

meet the functional requirements for the pro6ect. It is the stage at which the supplier

specifies the detailed design of the software system$ produces the program code to

reali/e that design$ tests the individual programs and integrates them into the complete

software system.

"!?!2 INPUT DESIGN

,his stage depend on how the output of the system will be thus$ the method of data entry

into the computer system was defined$ such as appending of records into the database of

the system. ,he input design for this software is shown below.

,he input approach enables the input to the system and then access what processing

operation s are needed to convert data to specific output.

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"!?!" OUTPUT SPECIFICATION

,he output design is done in such a way that$ the end result of the system is meant to

display all the necessary information that was entered during the transfer process of fund

from one account to another$ which includes the account name$ account number$ amount

been transferred. ith this$ decision making can be made possible to ascertain the

actual transaction process that took place at that particular time.

"!10 SYSTEM RE@UIREMENT

,he software requires some system to work properly with which can enhance the proper

use of the system. ,hese system requirements are divided into two. ,hey are7

I. Gardware requirement

II. oftware requirement

ARDWARE RE@UIREMENT

,his is the physical structure of the computer that we can feel and touch with our hand.

ome of these components are

I.

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CAPTER FOUR

4!0 SYSTEM IMPLEMENTATIN AND MAINTENANCE

4!1 SYSTEM IMPLEMENTATION

,he implementation of this new system begins after the management has accepted the

new system. It follows the detailed design state and consists of installation of the new

system and removal of the old system. ,his involves the co-ordination of the efforts of the

user department and the system analysts0 record department in getting the new system

into operation. 'uring the process of implementing the new system$ the old system is also

used in line with the new system in the IH:I2E so as to support the newly implemented

software in case the system does not meet up with the necessary requirement or unable

to perform as epected. ,he implementation of the new system involves the following

stages

I. ,esting of the program

II. Education and training of staff

III. ystem change over plan

4!2 DE$ELOPMENT AND TESTING OF PROGRAM

'eveloping this software is a step by step process and the processes are together called

as oftware 'evelopment :ifecycle. ,here are totally some steps involved in the software

development and each step has a set of process specifically. ome of the steps are

I.

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,he product0s working form is tested for defects. ,esting is almost final part in the

development process. ,he last time ad6ustments are made in the software before giving

the software to the end user. ,he person who performs this testing is known as testers.

4!" EDUCATION AND TRAINING OF STAFFS

,he training of the staffs that will make use of the system or implementing its capabilities

must be done swiftly so as to elude lapses. Gandouts on the use of the computeri/ed

system will be given out so that the users of the system will have an eroded confidence

when using the system although the system is designed in a very simple way and can be

operated by anyone with little or no knowledge of the operations of the system.

4!4 SYSTEM CANGE O$ER PLAN OR SCEDULE

5efore a new system is implemented in full$ the new system must be tested thoroughly.

Individual part of the system would have been checked and accepted staff would have

been trained in the new procedures. ,hen it is time to change over from the current

system to the new system. ,he different types of change over are

I. D+*&, 97&:&*7 ,he direct changeover approach causes the changeover from

the old system to the new system to occur immediately when the new system becomes

operational. It is the least epensive but involves more risks than other changeover

methods.

II. P*33&3 %&*,+77 ,he parallel operation changeover method requires that both

the old and the new information systems operate fully for a specified period. 'ata is input

to both systems and output generated by the new system is compared with the equivalent

output from the old system. hen users$ management$ and I, group are satisfied that the

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new system operates correctly then the old system is terminated. It is the most costly

changeover method and involves lower risks.

III. P+3, %&*,+77 ,he pilot changeover method involves implementing the complete

new system at a selected location of a company. 'irect changeover method and

operating both systems for only the pilot site. ,he group that uses the new system first is

called the pilot site. 5y restricting the implementation to a pilot site reduces the risk of

system failure as compared with is less epensive than a parallel system.

IK. P9&' %&*,+77 ,he phased operation changeover method involves implementing

the new system in stages$ or modules. e can implement each subsystem by using any

of the other three changeover methods. In this approach risk of errors or failures is limited

to the implemented module only as well as it is less epensive than the full parallel

operation.

4!5 DOCUMENTATION

,he documentation of the software includes all of the documents describing the system

itself.

It is a written tet that accompanies the computer software. It either eplains how it

operates or how to use it$ or may mean different things to the staffs in the IH:I2E using

the software. ,his is what the researcher means when using the term software

documentation. hen creating the software$ codealone is insufficient. ,here must be

some tet along with it to describe various aspects of its intended operation. It is

important for the code documents to be thorough$ but not so verbose that it becomes

difficult to maintain them. everal Gow-to and overview documentation are found specific

to the software application or software product being documented by the programmer.

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,his documentation may be used by developers$ testers and also the end customers or

clients using this software application from the requirements specification to the final

acceptance test plan. ,he documentation describing the design$ implementation and

testing of a system are essential if the program is to be understood and maintained. ith

the help of the documentation ad6ustment can easily be made on the system by making

reference to the software documentation.

4!6 MAINTENANCE

,his is the virtual last part or stage in the software development process. ctually is a

continuous process and a tough process too. :arge amount of money is spent on

maintenance of the software. ,he developer of the software deploys a team to maintain

the software they have developed. nd this normally occurs when there is any need for

update and ad6ustment of the software.

nd most times$ the maintenance is usually carried out by the software developer or the

I, personal that is trained to carry out the maintenance in the irline.

,he maintenance of the software also refers to the modification of the software product

after delivery to correct faults$ to improve performance or other attributes. common

perception of maintenance is that it merely involves fiing defects.

4! TE IMPORTANCE OF SOFTWARE MAINTENANCE

,he importance of this software maintenance is categori/ed into four classes daptive 8

dealing with changes and adapting in the software environment

I. P&*8&,+:& 8 accommodating with new or changed user requirements which

concern functional enhancements to the software

II. C**&,+:&8 dealing with errors found and fiing it

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III. P*&:&7,+:&8 concerns activities aiming on increasing software maintainability and

prevent problems in the future

In the process of carrying out maintenance on the software$ there are some factors that

must be considered before such an act can be carried out. ome of these factors are7

I. Error prone modules

II. &anual change control methods

CAPTER FI$E

5!0 SUMMARRY CONCLUSION AND RECOMMENDATION

5!1 SUMMARRY

In summary$ Electronic funds transfer (EF,) is the electronic echange of money

introduced by 1nited 5ank for frica$ from one account to another$ either within a single

financial institutionor across multiple institutions$ through computer-based systems.

1nited bank for frican which is one of the ma6or banks in 2igeria$ came with this

idea of electronic fund transfer which will aid customers for easy transaction between

individuals and for business purposes. ,his was mainly embarked upon so as to reduce

the problem of rubbery on the high way when ever businessmen and women are

embarking on a business trip.

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,his transfer of funds$ as from one account to another or from buyer to seller$ by

telephone or computer. ,he use of Electronic funds transfer (EF,) results in the

instantaneous movement of money. ,he additional time that the funds are available to

earn income can offset the fees charged by institutions for this service.

Electronic funds transfer (EF,) is the means by which financial institutions

echange billions of dollars every day without the physical movement of any paper

money. &oney moves electronically from one bank account to another$ usually within !9

hours of a scheduled payment.

,he system covers all electronic credit and debit money transfers$ including direct

deposits -- which occur when you authori/e your employer or other payer to automatically

deposit payroll into your bank account -- debit card and ,& transactions$ online bill

payment$ wire transfers$ and debit transfers as well as automatic deductions from your

accounts to make regular payments.

In other to achieve this$ an automated system has to be put in place to overcome

all the problems that was stated in chapter one.

5!2 CONCLUSION

Hesearch and development are continuous processes this is same in computer and

software development. Gowever$ the effectiveness and efficiency of this new system

provides room for further improvements. s earlier mentioned$ some of the ob6ectives of

this pro6ect were not actualised due to some limitations. o these ob6ectives could be

improved upon. 2evertheless$ the electronic money transfer system will offer greater

opportunities in the banking sector using 1nited 5ank for frica as a case study.

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5!" RECOMMENDATIONS

In the course of this research work$ a lot of things were noted. It was discovered

that most banks and business outfit still rely on the manual method of transferring funds

which can be done manually.

s the trend of information technology continue to trend upward$ it was necessary

for all financial institution to embrace this fabulous system of fund transfer which makes

life comfortable. ith this system fund can be transferred anywhere and at anytime of the

day in as much as the device is connected to the internet. ,his can help to reduce the risk

of getting attacked by armed robbers.

,he banking institutions should also make the system affordable to the general

public by reducing the monthly charges that is attached to it. 5y doing that more

customers will like to embrace the package$ by so doing$ the risk of carrying money from

one place to the other will be reduced.

:astly$ the banking sectors should make the general public to be aware of the

system by informing them about the advantage of the system and how safe it is when

they are using it. ,his awareness program can be done through shearing of hand bills$

news paper advert and lastly through the media houses. 5y so doing$ more people will

take advantage of the system.

5!4 LIMITATION OF TE STUDY

,his pro6ect covers all aspect of electronic fund transfer system using 1nited 5ank

for frica as a case study.

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Gowever$ in the course of this pro6ect work the following were the following

constraints that were encountered7

T+

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+lifton E.5. O(*#4@). &anagerial and financial system of a banking institution.

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