Online  system for monetary transaction refers to systems that enable bank customers to access  their accounts and get general information on bank products and services through their personal computer or other intelligent devices that have internet connections. The main objective of the proposed system is to automate the various functions and activities of the bank through internet. The system will facilitate the bank employees and account holders with different modules. The system is very much necessary for the private sector banks and the corporate sector. The banking industry will take new shape and explore like never before. Using the proposed system, the bankers and account holders can generate various kinds of reports. Programming language employed for this study is visual basic (6.0) because it presents Graphical User Interface (GUI). The research project will be useful for information researchers and bank practitioners who are interested in online monetary transaction.


Contents                                            page

Title page     -    -    -    -    -    -    -    -       -    i

Certification     -    -    -    -    -    -    -       -    ii

Dedication     -    -    -    -    -    -    -    -        -    iii

Acknowledgment     -    -    -    -    -    -    -              -     iv-v

Abstract     -    -    -    -    -    -    -    -    -      vi

Table of contents    -    -    -    -    -    -    -     -    vii-ix


1.0     Introduction     -    -    -    -    -    -     -         1-2

1.1     Theoretical Background    -        -    -    -     -         2-3

1.2     Statement of Problem     -    -    -    -    -     -    3

1.3    Aim and Objectives of Study     -    -    -    -    -      3

1.4    Significance of Study    -    -    -    -    -    -       4

1.5    Scope of the Study -    -    -    -    -    -    -      4-5

1.6    Organization of study    -    -    -    -    -    -       5

1.7     Definition of Terms     -    -    -    -    -    -            5-6


2.0    Introduction     -    -    -    -    -    -    -       7

2.1     Overview of Online Monetary transaction    -    -    -        7-8

2.2    Concept of Monetary Transaction        -    -    -             8

2.3    Features of Online Monetary Transaction     -    -    -       8-9

2.4    Security of Online Transaction     -    -    -    -    -    10-11

2.5    Attacks of Online transaction System     -    -    -    -    11

2.6    Counter Measures of Net-Banking System    -    -    -    11

2.7    Advantages and Disadvantages of Online Monetary Transaction         -    -    -    -    -    -    -    12

2.7-1    Client Focus     -    -    -    -    -    -    -    12

2.7-2    Cost Reduction     -    -    -    -    -    -    -    13

2.7-3    Market Expansion     -    -    -    -    -    -    -    13-14

2.8    Risks of Online Banking     -    -    -    -    -    -    15

2.8-1     Strategic Risk     -    -    -    -    -    -    -    15

2.8-2    Operational Risk    -    -    -    -    -    -    -    15

2.8-3    Legal Risk     -    -    -    -    -    -    -    -    15

2.8-4    Reputational Risk     -    -    -    -    -    -    -    16


3.0    Introduction     -    -    -    -    -    -    -     17

3.1    Research Methodology    -    -    -    -    -    -     17

3.2    System Analysis     -    -    -    -    -    -    -    17

3.2-1    Analysis of the Existing System    -    -    -    -    -    18

3.2-2     Problems of the Existing System     -    -    -    -    18

3.2-3    Analysis of the Proposed System     -    -    -    -    18

3.2.3-1 Advantages of Proposed System     -    -    -    -    18

3.2.3-2 Disadvantages of Proposed System     -    -    -    -    18

3.3    System Design    -    -    -    -    -    -    -     19

3.3.1    Input Layout     -    -    -    -    -    -    -     19

3.3.2    Program Flowchart     -    -    -    -    -    -    20

3.3.3    Output Layout    -    -    -    -    -    -    -    20


4.0    Introduction        -    -    -    -    -    -    -    21

4.1    System Flowchart     -    -    -    -    -    -    -    21

4.2    Choice of Programming language     -    -    -    -    22

4.3    Analysis of Modules     -    -    -    -    -    -     22

4.4    Programming Environment    -    -    -    -    -     22

4.5    System Implementation     -    -    -    --    -     -    22-23


5.0    Introduction     -    -    -    -    -    -    -     24

5.1    Constraints of the Study    -    -    -    -    -    -     24

5.2     Summary    -    -    -    -    -    -    -    -          24

5.3    Conclusion     -    -    -    -    -    -    -        -    25

5.4    Recommendations     -    -    -    -    -    -        -    25

    References     -    -    -    -    -    -    -    -     26

    Appendix A: Program Flowchart    -    -    -    -    27-30

    Appendix B: Source Code    -    -    -    -    -    31-33

Appendix C: System Output     -    -    -    -    -    34-36



1.0    Introduction

    Thousands of banks perform millions of monetary transactions every day and thousands of users follow almost the same banking system. the number of users increases more banks and more staff; are needed it means more money has to be put this system. If advanced computerized based banking system is developed, so there is no need to open new branches in remote areas or same branch provides services to other banking system example ATM system.

    Banking system requires authenticity and validity if a system provides these basic logic that mean we can developed a new system that authenticate and validate the user and user can do any type of virtual or monetary transaction any time anywhere in minimum amount of time. One of the most authentic codes for recognition of any person is signature. It always appear on almost all types of documents, such as property documents, bank cheques, and credit slips, thus signature has a great importance in our daily life, therefore automatic signature verification is important in the field of document analysis and processing for which a lot of work has been done in the past.

    Online monetary transaction system allows customers of financial institutions to conduct financial transactions on secure website operated by the institution, which can be a retail or virtual book, credit union or building society. To access a financial institution’s online banking facility; a customer having personal internet access must register with the institution for the services, and setup some password (under various names) for customer verification.

    Financial institutions new routinely allocate customers number (also under various names), whether or not customers intend to access their online monetary transaction system facility. Customer numbers are normally not the same as account numbers, because more than one account numbers can be linked to one customer number. The customer will link to the customer number.

    To access online banking, the customer would go to the financial institution’s website, and enter the online banking facility using the customer number and password. Some financial institutions have setup additional security steps for access, but there is no consistency to the approach adopted.

    Net banking offers an inexpensive alternative to banking to expand a bank’s customer base and many banks are using online banking to increase the quality of services to their customers. Many banks have opened websites on the internet and many plan to offer banking services over the internet.

1.1    Theoretical Background 

    Today, it is believed that the application of computer technology in any activity would go a long way in making that activity much easier. To the researcher, this statement remains a theory until proven otherwise by online evolution system for monetary transaction.

    It is also believed that the benefits and advantages of using computers outweighs that if the manual methods. This is also wants to be proven beyond all doubts by the researcher through the implementation of the new system.

1.2    Statement of the Problem

    This research work is carried out to design or rather computerize the online evolution system for monetary transaction, the  expected computerized system aimed at the ending of this work after critical study made up of problems, needs, requirements and specification of Diamond Bank, Uyo.

1.3    Aims and Objectives of the Study

    This study to a large extent will influence the existing system of operation. A critical analysis of the present method will be made and factors affecting it will also be determined.

    The aims of this study cannot be overemphasized as its usefulness will cut across Uyo. All activities carried out by the entire department are tailored towards the proper functioning of the monetary transaction system.

    In other words, the proposed system to be a arrived at as the output of the study will among others aid in the followings:

i)    Storage of large volume of data with ease of retrieval

ii)    Generation of variable number of reports

iii)    Give major assistance in decision making of Diamond Bank Uyo.

1.4    Significance of the Study

    This research project would be unnecessary if it has no significant to humanity.

    Firstly, the newly designed system would make customers of Diamond Bank Uyo, to check their account balance anywhere they are by the use of the internet connection.

    Secondly, the knowledge that the new system has designed would help customers to create fixed/recurring deposits.

    Thirdly, the new system would also aid customers to transfer funds to other accounts of the same bank.

    Fourthly, the design of the system would provide jobs for system analyst and programmers contracted to build the system for other banks.

    Finally, the research work would serve as a reference material to other scholars interested on further research on the Net banking system.

1.5    Scope of the Study

    This research project is restricted to online evolution system for monetary transaction using Diamond Bank as a case study. Data used for the study which include opening of Account, Deposit of fund, withdrawal of funds and transfer were gathered from this source.

    The internet provides a secure medium for transferring funds electronically between bank accounts, and also for making banking transaction over the internet. All banking activities that were conventionally carried out by visiting the bank can now be done through a computer with internet access. Credit cards transactions are a form of online transaction.

    With online monetary transaction, you cannot only view your account balance but also open Fixed Deposit, transfer funds, pay your electricity telephone or mobile phone bills and much more.

1.6    Organization of the Research

    The research project has been arranged in the following order:

    Chapter one contains introduction, theoretical background, statement of the problem, objective of the study, significance of the study, scope of the study, organization of the research and definition of terms.

    Chapter two focuses on the relevant literature review which highlights the basic concept of the study.

    Chapter three is concerned with the research methodology, system design, input format and program flowchart and output format.

    Chapter four contains the system implementation and programming environment, which gives the direction of the system and analysis of the modules.

    Chapter five summarized and conclude the research work, stating the constraints of the study and some useful recommendations.

1.7    Definition of Terms

Net – Banking: This refers to a numbers of ways in which customers can access their bank without having to be physically present in the banking environment.

Bank: This is an institution offering certain financial services, such as the safe-keeping of money, conversion of domestic into and from foreign currencies, lending of money at interest, and acceptance of bills of exchange.

Implementation: This is the building of systems and installation to ensure that is solve a particular task.

Cheque: This is a bill of exchange drawn on a bank by the holder of a current accounting payable into bank account, if a crossed or on demand, if uncrossed.

Deposit: This is a process whereby money or valuable thing is placed in a bank on similar institution for safekeeping based on pre-defined interest.

Cash: This is a bank note or coins, example in-hand or readily available; money or ready money.




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