ABSTARCT
The rapid growth of the digital economy has
necessitated the development of efficient, secure, and user-friendly online
funds transfer systems to facilitate seamless transactions between individuals
and businesses. This paper explores the design and implementation of an online
funds transfer system, highlighting its core components, functionality, and
security mechanisms. The system allows users to initiate and complete
transactions over the internet, reducing the need for physical presence in
financial institutions and providing a faster, more convenient means of
transferring funds.
Key features of the system include user
authentication, account verification, encryption of transaction data, and
integration with various financial institutions through APIs. This ensures that
transactions are carried out securely, with minimal risk of fraud or data
breaches. The system also implements real-time transaction processing, allowing
users to transfer funds instantly, while providing transparency and detailed
transaction histories for tracking purposes
The overall goal of the online funds transfer
system is to enhance user experience, increase transaction efficiency, and
maintain a high standard of security in today’s increasingly digital financial
landscape.
Through this study, we aim to demonstrate how the
implementation of modern security protocols and integration with existing
banking infrastructures can create a robust, scalable, and reliable online
funds transfer system that meets the needs of both consumers and financial
institutions.
TABLE OF CONTENTS
CONTENTS
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENTS
ABSTRACT
TABLE OF CONTENT
CHAPTER ONE: INTRODUCTION
1.0 INTRODUCTION
1.1 STATEMENT OF THE PROBLEM
1.2 AIM AND OBJECTIVES OF THE STUDY
1.3 SIGNIFICANCE OF STUDY
1.4 SCOPE OF THE STUDY
1.5 DEFINITION OF TERMS
CHAPTER TWO: LITERATURE
REVIEW
2.1 BACKGROUND THEORY OF STUDY
2.2 HISTORICAL BACKGROUND OF ONLINE FUNDS
TRANSFER SYSTEM
2.2.1 EVOLUTION
OF ONLINE FUNDS TRANSFER SYSTEM
2.3 CHALLENGES OF ONLINE FUNDS TRANSFER
SYSTEMS
2.3.1 SECURITY
2.4 REVIEW OF RELATED WORKS
2.4.1 PAYPAL
2.4.2 QUICKTELLER
2.5 MODULE OF AN ONLINE FUNDS TRANSFER SYSTEM
2.6 JOURNAL REVIEWS
CHAPTER THREE: SYSTEM
INVESTIGATION AND ANALYSIS
3.1 SYSTEM ANALYSIS
3.2 PROJECT OBJECTIVES
3.3 DESIGN METHODOLOGIES
3.3.1 PROS AND
CONS OF THW WATERFALL DEVELOPMENT MODEL
3.4 ANALYSIS OF PROPOSED SYSTEM
3.5 USER REQUIREMENT
3.6 SYSTEM REQUIREMENTS
3.7 SYSTEM DESIGN PHASE
3.7.1 DESIGN
MODELS
3.7.2 USE CASE
DIAGRAM
3.8 DATABASE DESIGN
3.8.1 DESCRIPTION
OF DATABASE TABLES
3.9 DEVELOPMENT TOOLS
3.9.1 PROGRAMMING
LANGUAGES
3.9.1.1 HTML(HYPERTEXT MARKUP LANGUAGE)
3.9.1.2 JAVASCRIPT
3.9.1.3 CASCADING STYLE SHEETS
3.9.1.4 VISUAL STUDIO CODE
3.10 WEB DEVELOPMENT ENVIRONMENT TO BE USED
3.10.1 XAMP SERVER
PACKAGES
CHAPTER FOUR: SYSTEM
DEVELOPMENT AND IMPLEMENTATION
4.1 SYSTEM DESIGN
4.1.1 OUTPUT DESIGN
4.1.2 INPUT DESIGN
4.1.3 PROCESS
DESIGN
4.1.4 STORAGE
DESIGN
4.1.5 DESIGN
SUMMARY
4.2 SYSTEM IMPLEMENTATION
4.2.1 PROGRAM
DEVELOPMENT ACTIVITIES
4.2.2 PROGRAM
TESTING
4.2.3 SYSTEM
DEPLOYMENT
4.3 SYSTEM DOCUMENTATION
4.3.1 FUNCTION OF
PROGRAM MODULES
4.3.2 USER MANUAL
CHAPTER FIVE: SUMMARY,
CONCLUSION AND RECOMMENDATION
5.1 SUMMARY
5.2 CONCLUSION
5.3 RECOMMENDATION
REFERENCE
APPENDIX
CHAPTER ONE
1.0
INTRODUCTION
Sending
or receiving money for either payment of services, settlement of business
transactions, payment of utility bills, or family support is common both for businesses
and individuals because there will always be a need to transfer money from one
user to another. It requires efficient, reliable, and affordable money transfer
services whereby money can be deposited in one location and withdrawn in
another in both urban and rural areas.
Thousands
of banks perform millions of monetary and funds 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, which means more money has to
be put into this system. If an advanced computerized-based banking system is
developed, there will be no need to open new branches in remote areas or the
same branch to provide services to other banking systems example ATM system.
Online
Funds Transfer (OFT) is a system of transferring money from one bank account
directly to another without any paper money changing hands but rather on the
internet or electronic means.
A banking system needs to be legitimate and valid. If a system has this fundamental logic, we may create a new system that verifies the user's identity and allows them to conduct any kind of virtual or financial transaction at any time, any
place, in the shortest period. One of the most authentic
codes for recognition of any person is a signature. It always appears on almost
all types of documents, such as property documents, bank cheques, and credit
slips, thus signature has 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 funds
transaction system allows customers of financial institutions to conduct
financial transactions on a 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 set up
some password (under various names) for customer verification.
Financial
institutions now routinely assign customers numbers (also under other names),
regardless of the user's intention to use the online financial transaction
system. Since several account numbers might be linked to a single customer
number, customer numbers, and account numbers are typically not the same. The
customer and the customer number will link.
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 set up additional security steps for
access, but there is no consistency in 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 STATEMENT
OF PROBLEM
This
research work is carried out to design or rather computerize the online
evolution system for monetary transactions, the expected computerized system
aimed at the ending of this work after a critical study made up of problems,
needs, requirements, and specifications of Wema Bank, the polytechnic Ibadan
campus.
1.2 AIM
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. 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 arrived at as the output of the study will among others aid in the
following:
1.
Optimize User Interface for Ease of Use
2.
Provide Detailed Transaction History
3.
Facilitate Efficient Fund Transfers
The
objective of this work design an Online Funds Transfer System (OFTS) to compare
the advantages of the old bank transfer system or payment system with the new
system and contribute to financial inclusion initiatives by providing access to
funds transfer services for individuals who may not have access to traditional
banking services.
1.3 SIGNIFICANCE
OF THE STUDY
This
research project would be unnecessary if it had no significance to humanity.
Firstly, the newly designed system would allow customers to check their account
balance anywhere they are by the use of an internet connection. Secondly, the
knowledge that the new system has been designed would help customers to create
fixed/recurring deposits bank. Thirdly, the new system would also aid customers
to transfer funds to other accounts of the same Fourthly, the design of the
system would provide jobs for system analysts and programmers contracted to
build the system for other banks. Finally, the research work would serve as a
reference material for other scholars interested in further research on the Net
banking system.
1.4 SCOPE
OF THE STUDY
This
research project is restricted to an online evolution system for monetary
transactions using Wema Bank as a case study. Data used for the study which
include the opening of Account, Deposit of the funds, 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 transactions 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 card transactions are a form of online
transaction. With online monetary transactions, you cannot only view your
account balance but also open Fixed Deposits, transfer funds, pay your electricity
telephone, or mobile phone bills, and much more.
1.5 DEFINITION
OF TERMS
1. Net - Banking: This refers to several ways in which
customers can access their bank without having to be physically present in the
banking environment.
2. 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.
3. Implementation: This is the building of systems and
installation to ensure that it solves a particular task.
4. Cheque: This is a bill of exchange drawn on a bank by
the holder of a current accounting payable into a bank account, if crossed or
on demand, if uncrossed.
5. Deposit: This is a process whereby money or valuable
things are placed in a bank or similar institution for safekeeping based on
pre-defined interest.
6. Cash: This is a banknote or coins, for example,
in-hand or readily available; money or ready money.
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