This is an Electronic Funds Transfer (EFT) service.
Through Jumbo Link, the bank processes salaries, loan disbursements and dividend payments for its customers.
Objectives
To ease the burden associated with the payment of salaries, dividends, loan disbursements and other forms of funds transfers.
Co-operative Bank will provide the customer with the convenience of downloading their payroll, loan disbursements, dividend payments and other funds transfer related payments from their domestic software (e.g. payroll software) directly to a diskette and forwarding the same to the bank.
What kind of data is transported?
- Salaries payment
- Dividends payment
- Loan Disbursements
How does it work?
- The bank provide the customer with a software application which allows them to download their data for free.
- The application system is then installed at the customers' office.
- The customer will then download their financial data into a diskette or dial-up from the convenience of their office.
- The diskette with the data is then forwarded to the bank and if it's dial-up, the data moves directly into the bank's system.
- On receipt of this diskette or the data via the telephone line, the bank will immediately credit the respective accounts.
- If the beneficiary banks with another bank, the data will be forwarded to their bank the following day via the clearing house.
Benefits
- There is immediate transfer to accounts within Co-operative Bank since all branches are linked. This means the customer gets credit immediately.
- Reliability; this is because it does not involve manual processing of data therefore there are no errors.
- Confidentiality: When data is being transferred, it is encrypted.
- Lower costs: There are no bulk paper schedules that are expensive to generate and process.
