Banking is a service that everyone uses, whether it is an individual, small business, big corporation, or government. Individuals and small businesses often use commercial banks for their day-to-day financial activity, where big corporations and governments use investment banks for financial operations. These banks operate with different principal than other …
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Computerised accounting is the new age method of gathering, recording and maintaining the financial information of a business or an organisation. This system made its entry in the world of accounting following the advent of computers in the 1980s. With its arrival, computing and maintaining financial information became a child’s …
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The letter of credit is a document, also called a credit letter which is given by a bank or financial services. A letter of credit guarantees a seller receives the agreed payment from the buyer. The bank pays the stipulated amount either full or the remaining portion to the seller …
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Electronic funds transfer (EFT) is the transfer of money electronically from one bank account to another. It takes without a manual transaction for single or multiple institutions. It is basically a system of transferring money from one bank account to another in cashless form. It’s commonly used via ATM, Fedwire, …
Before the advent of the digital revolution, most business-related activities, mainly financial accounting, used to be done by hand using pen, pencil and paper. Even today, this traditional methodology called manual accounting is prevalent among business entities and companies. This kind of accounting system entails keeping transaction records in the …
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A guarantee usually means giving something as security. A bank guarantee is offered by a lending organization that promises to pay for forfeiture if a debtor defaults on money or voids contract obligations within certain regulations. The guarantee increases company’s purchase power and in turn grow business. There are 2 …
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What is Merchant Bank Merchant banks are financial institutions and companies that deal with international finance for multinational corporations, high-net-worth individuals (HWNIs) by providing legal financial advice, loan services, fundraising services, and investing equity capital. Generally, banks provide services like checking accounts, investments, bill payments, etc. These banks are more …
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Mobile/Cellular banking is basically operating your bank account via a mobile device. Phone banking allows the customer to perform the same tasks which can be done by visiting the branch. Phone banking not only saves time but also improves financial decisions. The bank provides an app on the store. It …
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Banks are the most important financial institutions in the world. Thanks to the banking system, all financial transactions possible without much hassle. People can save their money in banks, take loans, and transfer funds easily through bank accounts. However, all banks are not the same. According to their stakeholders, banks …
Read moreWhat is Public Sector Bank? | Definition, Working, Advantages and Disadvantages
The bank is the most trusted financial institution among the public. This institution fulfils all our financial needs. Anyone can open an account in a bank and do all of their financial activity from there. This institution helps everyone save money, do financial transactions, and get a loan for various …
Read moreWhat is Private Sector Bank? | Definition, Working, Pros and Cons
