What is an example of an electronic banking system?

There are various electronic banking systems, and they range in size. An example of a small system is an ATM network, a set of interconnected automated teller machines that are linked to a centralized financial institution and its computer system. An example of a large electronic banking system is the Federal Reserve Wire Network, called Fedwire.

What are the benefits of electronic banking?

Equity: Electronic banking offers financial access to individuals in areas with limited physical bank branches, promoting financial inclusion. By providing services online, electronic banking extends banking opportunities to underserved communities, empowering individuals to participate more fully in the financial system. 3.

How does electronic banking work?

Electronic banking relies on intricate computer systems that communicate using telephone lines. These computer systems record transfers and ownership of funds, and they control the methods customers and commercial institutions use to access funds.