EVOLUTION OF Bank Management System Project Report in Java: The Online Bank Management System services are well known as distance banking services operated through electronic medium. The predecessor for the online banking services is the detachment banking services through electronic media from the early 1980s. The word online became most popular in the late 1980’s and referred to the use of Information technology infrastructure like computers, servers, and cables to access the bank transactions using a telephone line. Tele banking may also refer to the use of numeric keys to send signals via a telephone line comprising transactional instructions to the bank. The first online banking service started in New York in the year of 1981. Citibank and Morgan chase provided home banking services using the Minitel-Videotex system. Soon after the commercial failure of videotex system the home banking services on no account become accepted except in France and some European countries where the use of Minitel-videotex was continued by the telecommunication services. In the case of United Kingdom, a data view technology called Prestel was used.
The Bank of Scotland started first home banking services in United Kingdom for their customers of the Nottingham building society in the year of 1983. This home banking system implemented by the Bank of Scotland was based on the United Kingdom’s Prestel system. The Prestel system was also known as View data technology which is developed by Post office limited. The IT infrastructure used for this purpose was BBC Micro computers and Tandata TD1400 systems are jointly connected to the home telephone line and television sets.
The Home link system permitted on-line checking of bank statements, money transfers and payment of bills. With the aim of making money transfers and bill payments, a written form of instructions providing the details of the proposed recipient had to be sent to the Nottingham building society (NBS) a governing body who place the particulars in to the customers ‘Home link system. Distinctive recipients were mainly electricity, gas, and telecommunication companies and their accounts with other national banks. The payment details are to be produced were inputted into the NBS governing system by the account holder/customer through the Prestel home system. A bank cheque was then send by Nottingham building society to the payee and an advice slip giving the complete details of the payment made and was sent to the account holder of the bank. Banker automated clearing service was later on utilized to perform money transfer and the payments directly to the bank.
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