Define: Online Banking

UK Accounting Glossary

Definition: Online Banking



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Full Definition of Online Banking


Online banking is a service offered by banks that allows account holders to access their account data via the Internet. In order to take advantage of online banking, an account holder would need to meet several technological requirements, such as having a personal computer with Internet access and a web browser. If those conditions are satisfied, online banking can be performed from anywhere in the world. To minimize the risk of fraud, online banking is enabled through a secure server, which grants the individual a private access to his or her bank account. Online banking is designed to streamline banking chores that otherwise require considerable time and effort. Thus, online banking facilitates direct access to account details, enables the transfer of funds, allows for multiple bills payments, and performs an array other transactions. Online banking is available twenty-four hours, seven days a week, regardless of the bank’s working hours. Today, most banks offer online banking services.


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Page URL
https://payrollheaven.com/define/online-banking/
Modern Language Association (MLA):
Online Banking. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. March 30, 2020 https://payrollheaven.com/define/online-banking/.
Chicago Manual of Style (CMS):
Online Banking. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/online-banking/ (accessed: March 30, 2020).
American Psychological Association (APA):
Online Banking. PayrollHeaven.com. Retrieved March 30, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/online-banking/

Definition Sources


Definitions for Online Banking are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 7th February 2020.