Hellenic Bank is claiming the lead in use of Net Banking services, which based on a survey made in 2004, shows Hellenic with a 36% share of the online banking market.
Thomas Stylianou, Hellenic Net Banking General Manager, told the Financial Mirror that the survey, carried out among 587 small to medium sized companies, showed Hellenic with a 36% share, followed by Laiki with 28%, BOC 27%, Alpha Bank 22% and Cooperatives with 1%.
Stylianou says Hellenic Bank has the most advanced and by far the most user-friendly online banking system in Cyprus, which is increasingly becoming popular among business and private customers.
“Cyprus is lagging behind Europe with respect to use of Internet services, but the Net Banking service is increasingly becoming very popular as it helps corporations increase their efficiency and productivity while at the same time reducing costs.”
Stylianou said the business service provides unlimited accounts to companies with one access code in a totally secure environment.
In fact, so confident is HB Net Banking of its security features that the Bank offers a guarantee on any funds lost as a result of the use of Net Banking provided that the password has been stored safely.
“We are the only bank offering a guarantee on the use of our Net Banking service,” said Stylianou.
HB Net Banking also gives flexibility to the company to decide on the level of access allowed to staff. It also provides detailed account information on balances as well as up to date information on rates, debit and credit charges.
One interesting feature suitable for business users is the ability to go back to 1998 in requesting for statement of accounts, tailor made to meet particular inquiries, such as payments above a certain amount, inwards receipts and more, all free of charge.
“What’s important to note is that through Hellenic Net Banking, customers are connected to the Bank’s computerised system, or in other words, customers tap into the same system used by Bank staff,” said Stylianou.
Transfers
One of the most important uses of online banking systems by business is the ability to make multiple payments to third parties, something which is widely available from Hellenic Net Banking.
The system handles transfers between own accounts, to other HB customers, to local and international banks in any currency without restriction. Other elementary tasks such as setting up standing orders for utility bills, finance, leasing and credit card settlement are just a click away.
HB Net Banking also allows business to do multiple transfers through batch file orders, something that many local and international companies are extensively using.
The system also allows for payroll settlement as well as payments to specific beneficiaries, usually standard suppliers.
For outward transfers, there is a limit of CYP 1,000, above which the system requests verification from the branches, while for amounts above CYP 35,000, customers will be notified by their branches.
For outward payments, including by Swift overseas, HB requires customers to use an additional PIN for payments on top of the user ID and password.
The Bank will soon introduce digipass authorisations for larger payments.
Authorisation
Stylianou said businesses may have 2 concurrent authorisations but up to 3 categories or levels of authorisation, or a combination of the two.
Corporate executives may also use their authorisation codes remotely to give approval for payment instructions prepared by junior clerks.
Sending alerts via SMS or email is also a standard feature on account balances and incoming funds, but Hellenic Bank has decided to refrain from sending alerts on credit card payments since customer surveys have found that such messages are very annoying and counter productive. All alerts may be activated or deactivated any time.
Another new feature for business users is that account statements may be extracted and automatically reconciled with own accounts.
Stylianou said becoming a business customer of Hellenic Bank Net Banking is very easy and requires for a set of forms to be completed, and once the signatures are verified by the branches, then the shift is made. He stressed however, that HB Net Banking is not an e-account, and customers retain their accounts at the branches where they already have their accounts.
“Net Banking takes the level of service another step higher,” concluded Stylianou.
