Corp Net - Internet Banking
FOR CORPORATES USING COLLECTION AND PAYMENT SERVICES [ CAPS ]
Corporation Bank, a leading Public Sector Bank in the country launches Internet Banking for the corporate customers of its Collection And Payment Services [ CAPS ] i.e., Cash Management Services. The Net Banking Facility was launched by Shri Keshub Mahindra, Chairman, Mahindra & Mahindra Ltd. at an impressive function held in Mumbai on 1st January, 2001.
In the niche area of Collection And Payment Services, Corporation Bank has a leadership presence in the country and caters exclusively to the Cash Management requirements of the corporates. The Bank, within its network, has ten specialised CAPS Branches which are fully automated and currently service over 900 companies.
The Bank’s Fast Collection Services (FCS) is one of its Premier Products as per which collections from 135 cities / towns are pooled at locations of corporate’s choice. The Bank is able to substantially collapse the time involved in transfer of funds representing the receivables, benefiting the corporates in terms of improved liquidity, reduced interest cost, elimination of reconciliation hassles etc.
In keeping with the tradition of improving the services continuously. Corporation Bank has now introduces the Internet Banking facility for the corporate customers of CAPS. This facility will significantly change the way the Cash Management Services is currently delivered. It will impart convenience of accessing data / information round the clock on all days at the user.
The Internet Banking facility also helps in making Cash Inflow forecasts so that deployment of funds can be planned. Data can be downloaded in different formats which can benefit the corporates in meeting their MIS purpose It also affords company level aggregates of data of various divisions and regions. The clients can instruct the Bank on payments to be effected to predetermined vendors and suppliers. The facility has various layers of securities both at application level and at system level giving the comfort to the users.
CorpNet – Internet Banking Solution
Corporation Bank, looking beyond traditional banking, has introduced a series of products and services to different customer segments. CorpNet is one such product offered by the Bank to its customers. On 1st January, 2001, the Bank had launched Internet Banking (CorpNet) facilities for the corporate customers of its Collection And Payment Services [CAPS]. The Bank has introduced the CorpNet facility for Corporate and Retail customers of its computerized branches effective from 28th March, 2002. It is envisaged that the new facility will significantly change the way the services are currently delivered.
Internet technology has radically changed the way banking works and individual depositors have already benefited from the competition amongst the Banks. Banking sector is one of the most advanced IT users all over the world. “CorpNet” is an Internet based, fully secure and online banking system, which provides the customers the advantages of “convenience banking”. CorpNet users can access their accounts from any part of the globe. CorpNet offers a cost-effective and convenient way to access the information related to their accounts.
CorpNet offers Account information, Funds Transfer and other Banking Services modules for the user to retrieve his accounts information and to request the Bank for online services. Report Printing and Download options for the user to print/save the information in his desktop is provided wherever applicable.
CorpNet is a browser based application and can be accessed through an Internet Browser. Usage of this product requires minimal training for the user. CorpNet can be accessed any time of the day irrespective of the location. CorpNet is capable of running under both, Netscape Navigator and Internet Explorer (For best results use Netscape Communicator 4.x or Microsoft Internet Explorer 5.x). In CorpNet, context help is provided on the menu in all screens. User can refer help text whenever needs clarification.
User can switch from one module to another easily through the options available in the screen. User can travel between modules irrespective of the module he is currently in.
CorpNet is split into three segments, viz., Retail, Corporate and CAPS. Retail for Individuals with single User-ID, Corporate for Corporate Clients with hierarchy in user level and CAPS for CMS (Cash Management Services) clients.
Application Connectivity Flow
CorpNet being a secured system offers two layers of security; application level security and access level security.
Application level Security.
User-ID and password are of minimum 6 & maximum of 16 digits with at least one character and one number. These are encrypted with a powerful algorithm. The combination of password and User-ID once encrypted, cannot be decrypted even by the Web Administrator of the bank. This feature creates a maximum level security for the password.
User is forced to change the password when he logs in for the first time or when the Web Administrator changes his password on his specific request. User will only know the password due to this mandatory feature. Password would expire after specified time set by the Bank.
The software keeps a count of unsuccessful logins. After the specified number of retries the User-ID will be locked. This feature safeguards the attacks by unauthorized users.
Access rights of the user are fixed at the time of registration and can only be modified when user requests for a change. Access rights are with respect to module and accounts. Only with the consent of two independent officers of the Bank these changes can be made effective.
Each time when user logs in a session is created and an internal id is assigned. All the activities are based on the session id, which cannot be replicated by any other user.
Bank can set up a time out period at the expiry of which the session is closed and the user has to login again to access the application. This is to prevent the cases where the user is logged in and has left the terminal without logging out.
Authorization is built in for the transactions such Funds Transfer, Payments, Corp e-Cheque Remittance etc. Request for Cheque Book, Stop Payment etc. also need authorisation.
Access level Security
Two security layers protect application whilst accessing through Internet. On the first layer the requests are routed through a firewall, which detects unauthorized entries and refuses such connections.
On the second layer the requests shall be processed by security software viz., Secured Socket Layer (SSL) Verisign class 3 certificate issued by certification agency M/s Thawte SGC CA.
For the user to access CorpNet the requirements are.
- A PC with minimum 32 MB RAM.
- Color Monitor (to view in color).
- Internet Browser such as Internet Explorer (5.x or above) or Netscape Navigator (4.x or above). Best viewed in Netscape Navigator version 4.7 and Internet Explorer 5.0.
Customer who intends to enjoy the CorpNet facility has to apply for the same through the branch where he/she is having an account. The Registration forms can be downloaded from our web site www.corpbank.com . Customers should indicate alternative User-IDs in the registration form, so that the Web Administrator can use the same in case the requested User-ID is already given to some other party.
On receiving recommendations from the branch, the Web Administrator would create User-ID and send the password-mailer to the Branch, which contain the User-ID and two passwords. The first password is for login and second is to be used to authorize the request for any transactions. In case of corporate customers, the password mailer shall contain the domain name also. The password-mailer shall be delivered to the customer against acknowledgement. On receipt of the password mailer the user has to change the password immediately on first successful login before trying any of the options.
The customer would get the account information from the date of registration. All the subsequent transactions will be updated and the user can generate statement of account in a report format and can be printed. The same can be downloaded as a data file, which can be opened in Microsoft Excel.
Login to CorpNet
The Users shall go to site https://www.corpbanknet.com and click on the link provided as “Retail Banking” or “Corporate Banking” . The user shall key in the User-ID and login password as indicated in the password mailer and click on login button. He shall agree for the Terms and Conditions of the bank by clicking on I Agree button. The user has to change the passwords immediately on first successful login before trying any of the options. If the user fails to recollect passwords, he shall request Web Administrator through the base branch, to assign different passwords, as the earlier passwords cannot be decrypted.
The essence of CorpNet is Speed, Accuracy and Efficiency. Features of CorpNet evolved in response to customers’ needs - aim at providing significant TANGIBLE BENEFITS to customers.
- Freedom to bank from your desk.
- No barriers of time and distance.
- Access the account details on-line.
- Download the information to your disk.
- Efficient, Fast and Secure Banking.
- Instruct the Bank to Transfer Funds.
- Request for Cheque Books, Stop Payments and Remittances.
- Instruct the Bank to pay LIC Premium and BSNL bills.
- Alert messages when premium due
Using this module, the user can view the account related information like Balance Enquiry, Transactions, Statement of Account, Search, Loan Details, Deposit Details etc. Report and Download options are provided. Consolidated balance of all the accounts in all the branches with date and time of last updation will also be available.
This module enables the user to request the branch to transfer funds from one of his running accounts to his other running account. The requested transfers can be viewed by using the review option.
This module can be used for third party payments. For effecting payment using this module, users need to have beneficiaries approved by the Bank. While applying for CorpNet, the customers shall mention the beneficiary details required to be created. It can be created later on also by giving a request through the branch.
Corp e-Cheque option can be used to transfer funds from the running accounts to the accounts of the pre-approved beneficiaries maintained with other Banks in select centers. Beneficiary creation procedure is same as above.
This module can be used to change passwords.
This module can be used to request for Cheque Books, Stop Payment of Cheques and Remittances. Users can register for messages using the option Alert Message Registration. The messages can be viewed using the option Message Center.
The user can register the LIC policies using “Online Pay” option in the CorpNet and pay LIC premium before the due date. The amount will be debited to the selected account and directly credits to LIC account. Once the policies are registered for online premium payment, Policy holders can pay the premium either through CorpNet or through CorpBank ATM. LIC sends the paid receipts in both the cases as per their existing system.
Online payment of Direct and Indirect Taxes (Excise and Service taxes) is enabled in CorpNet. Users can make use of this option for online payment (e-payment) of Taxes.