bankingbpo.com

checkinarchitecture asked:

interview with Adam Greenfield, World Congress of Architecture (Turin)

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Ramapati Singhania asked:


Many mutual and hedge funds, insurance companies, trading companies, expatriate individuals, intellectual property rights owners, property investors and just high net worth individuals use BVI banking offshore to pay fewer taxes and save wealth. There is no restriction on the nationality of the bank account owner, however most banks prefer that the individual accounts be opened along with corporate accounts, of companies incorporated in the BVI.

Privacy and confidentiality come as a given but we have to wait and see how the UK reacts to pressures from the EU for BVI bank disclosures. Banking secrecy is a fundamental cornerstone of BVI banking services. A clients background may be divulged by a BVI bank only if there is a criminal investigation carried out by local police authorities in-land or when ordered by a court in BVI.

Account holders are just charged with only a few thousand dollars every year for the license fees of banks. But 9/11 has changed the concept of privacy as it was accepted by us. Now governments, in the name of anti-terror laws have started usurping authority to look into anyones personal information for no strong reason.

It’s not just about privacy and taxes, banking BVI Offshore gives you all the luxuries that you can get in a world class bank. World class infrastructure, communication systems, modern day facilities like credit cards, internet, online banking and courier services are available in British Virgin Islands.

You will also be saved from the tensions of legal issues as someone rarely thinks of filing a suit in a far away country and even if someone does plan to, there is legal protection provided to you in the British Virgin Islands, as in other offshore tax havens. How to open a BVI offshore bank account and how long will it take? The answer is you dont need to worry! Since the procedure is very simple and only takes a few days once your Know Your Client documents have been received by us. But most accounts are opened for bvi offshore companies and their beneficiaries.

If you are planning to open a personal account then you will be required to provide

* a certified passport copy,

* local bank reference and

* notarized document(s) confirming your address.

For a company account you will need to provide

* bank reference,

* certified copies of Articles of Incorporation & Articles of Association,

* certified copy of your passport and

* an official approval from the board of director(s) of the company appointing you as their representative.

Do wish to open a BVI Bank?

There are very few international banks in the British Virgin Islands banking sector, basically to try and exclude money laundering. All BVI banks are regulated with the help of the banks and trust companies act 1990. It is mandatory for banks here to be supervised by the Inspector of Banks, Trusts and Companies, and also by an official of the Financial Services Commission [FSC].

This financial services commission or FSC was created on the 1st of January 2002 by the government as an independent regulatory body. As per the norms of this act banking licenses in British Virgin Islands are divided into three categories.

BVI banks can conduct banking business within and also outside BVI jurisdiction with a General Banking License and there would be no restrictions on the business itself. With the annual fee for this license being US$20,000, a bank wishing to do business should however have a minimum paid up capital of US $2 million and moreover the bank must deposit US $500,000.

The Class I restricted banking license requires a minimum paid up capital of US $1 million and the annual license fee is US $16,000 with the bank deposit being US $500,000. This license restricts banks from taking any deposits from any BVI resident except from another licensee or an IBC.

Similar to this license the Class II restricted banking license has the same fees and deposits. However BVI banks coming under this license can only take deposits or funds from those undertakings mentioned on their license.

There should be at least two directors in every bank and those banks and trust companies exempted from the provision of section 14 of the act shall have their names published in the Gazette every year in the month of January.

It is mandatory for banks to have a principal office with an authorized agent who has to act as an intermediary between the licensee and the commission. All banking licenses of BVI banks expire on the 31st of December every year and have to be renewed in January the following year upon payment of the annual renewal fee.

Apart from the above there are also certain other norms that BVI banks have to adhere to as per British Virgin Islands banking laws. Accounts of all banks irrespective of their banking license category, must be audited by an auditor annually or at times when asked by the Financial Services Commission.

Once audited, the accounts must be forwarded within three months from the end of the financial year to the commission. Extension might be given to certain banks depending on the prior written approval granted by the commission. If for some reasons a bank changes or replaces its auditor then the bank has to inform the commission about the change along with the reasons for effecting the change or replacement. Banks applying for a license to do banking business in British Virgin Islands also have to furnish various due diligence documents to the FSC to satisfy its requirements.



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GlobalHunt India asked:


The word outsourcing can be easily misinterpreted with off shoring.. It is always advisable to shift clients account to an overseas location after the completion of a certain number of recruiting cycles. If it is initiated in the best manner then it can save time and can improve productivity many folds, but at the same time a goof up might lead to a disaster culminating even into the loss of business.

Sunil Goel, GLOBALHUNT says “Recruitment Process Outsourcing is when a provider acts as a company’s internal recruitment function for a portion or all of its jobs. RPO providers manage the entire recruiting/hiring process from job profiling through the on-boarding of the new hire, including staff, technology, method and reporting”.

A clear demarcation between RPO and other types of staffing is Process. In RPO the service provider is the fulcrum of the process, while in other types of staffing the same is part of a process controlled by the organization buying their services.

Based on GlobalHunt’s experience towards RPO as a practice, there are a number of advantages of RPO.

Advantage RPO:

1.Top notch Talent Pool

Competition for the most talented individuals is increasing. Organizations need to secure the best people quickly and efficiently to help them build competitive capability.

2.Cost reduction and removal of workload from the HR Administration

RPO providers take on the burden of operational recruitment activities, allowing organizations to focus on core value-creating and strategic activities. By transforming processes, utilizing best practice, and replacing a fixed cost base with a variable charging structure, RPO can significantly reduce the cost of recruitment. In regular staffing, you invest in salary, incentives, overheads, infrastructure cost and more. By outsourcing recruiting functions to Recruiting Junction, all you need to pay is a fixed monthly retainer fees (which is lesser than the salary of one in-house recruiter) along with a negligible commission. You can reduce up to 50% of your cost by offshore outsourcing.

3.Better Productivity and Quality

There are many stakeholders in a recruitment process; through improving processes and evaluating the right metrics and KPIs, RPO providers can provide highest quality services. By outsourcing your recruitment process to Recruiting Junction you get dedicated recruiters for each client, while in regular staffing, one recruiter handles many clients. In regular staffing the focus is lost, as recruiters serve bigger clients better. Our recruiter can provide undivided attention to your all your clients – big or small.

4.Reduce operational risks

Risks come in many forms, and the expert knowledge of an RPO specialist can help organizations reduce the risks associated with an inability to scale their business operationally to meet changing demand, and the risks of non-compliance to legislative and regulatory change .

GlobalHunt’s Service Overview: A total RPO process with its four pillars

Sunil Goel, GLOBALHUNT says “A properly managed RPO will improve a company’s time to hire, increase the quality of the candidate pool, provide verifiable metrics, reduce cost and improve governmental compliance”.

Recruitment Process Outsourcing (RPO) is not new. How you should approach it is! Companies have been outsourcing segments of their recruiting process for years. It is second nature to outsource your background checking and drug testing. Your recruitment process has many tasks or otherwise transactional based activities that can be completed outside the organization, increasing efficiencies through economies of scale.



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Antony Heywood asked:


The advent of the internet has resulted in a whole new set of fraud related problems for the banking industry. In the past the issues resolved around, cash machines, credit cards and bounced cheques. The result, the cheque clearing process became longer. The new 2-4-6 cheque clearing rules reflect the fact that the problem with banking fraud has switched from cheques to online.

 

The banks in the UK have quietly passed an amendment to the online banking code that could result in less protection for their online customers. The subtle change is the incorporation of a new clause 12.13. This clause states that “Unless you have acted fraudulently or without reasonable care (for example, by not following the advice of 12.9), you will not be liable for losses caused by someone else which takes place through your online banking service..” The escape clause for the bank is 12.9, the clause that states that you must “use up-to-date antivirus and spyware software and a personal firewall..”.

The issue revolves around what is up-to-date and even what is antivirus and spyware software. If your antivirus software is not updated ever moment then it is by its nature not up-to-date. If you only turn your PC on once a week or so then in terms of anti-virus software it would be very out dated. If you don’t own a PC but use one at work or in a cybercafé to carry out your online banking you have no control over the anti-virus software, would you still be liable for any losses from your account.

The clause is very ambiguous as the term antivirus and spyware software is very wide. It encompass a wide range of software from free downloads to the more expensive monthly subscription services. The reality is that most of this type of software struggles to keep up with the developments in online fraud. The fraudster’s test their new virus and spying tools against current software to ensure that they can gain access to the data that they require to carry out the fraud.

Are the banks simply admitting defeat and shifting the burden from their own systems to that of the consumer? You can still get home insurance without security guards at your front door but it seems as if the banks don’t want to play by the same rules. Surely it should be down to the bank to ensure that it has in place systems that maintain security. The advent of third party security keys has been an attempt to address this issue. The banking industry have managed to shift the emphasis for security onto the consumer and potential the losses as well. Tony Heywood © bounced cheques cheque clearing



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Jennifer jones asked:


There was a time when we need to travel long distances to learn some things but at present many self-teaching, online courses are available in the market on CD and DVD to teach you anything from any stream. Software is available in the market to open and lock the car. Most of our daily use devices are getting automated. From simple bicycle to the airplane every thing is automated with help of latest technologies. “Software” an invisible thing to say actually changes the way of our living & thinking. Now a day Software is available for banking, finance and all other small, medium and large-scale business organizations.

 

The industry of software development continues to grow each year with more and more businesses are getting their own software developed having their own specific requirements. Software market is developing with a pace of 5- 7% per year. This software industry is engaging a lot of hands together and changing the future of many people.

 

Custom software development is a highly demanded concept. It helps continuously by improving information technology based solutions. Many companies’ demand customized software packages for managing their solution & services. Companies need custom software for greater control over their processes, enhanced work environment and better return over investment. Every firm is emphasizing and searching for tailored, cost-effective, high quality scalable custom software solutions that can perform and deliver fast results. Reputed company presently relies on cutting-edge technologies to provide solutions and need customized software to tailor their business needs.

 

Some of core area of software application development are banking and financial software, data recovery software. The software applications are used for a variety of purposes that include managing many business practice. Many software applications are available in market includes language applications, office applications, entertainment packages and applications for education.



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Terry Cartwright asked:


DIY Accounting produce Accounting Software for UK limited liability companies which consists of teamplates on excel spreadsheets, suitable for any small limited company aimed at automating monthly profit and loss account and a set of final company accounts with balance sheet ready for publication.

As the whole small business accounting software for a limited liability company is written on excel spreadsheets all bookkeeping transactions are visible. The excel spreadsheets have 12 monthly sheets in each work book. Prime data entry excel spreadsheets being provided for sales, purchases, cash, bank, savings account and credit card account. Financial transactions such as sales or expenses are then simply listed on the appropriate months? sheet. And changes or errors can easily be rectified by simply deleting errorsa or entering new information. This simple listing process is a huge advantage to non accountants as no previous bookkeeping or accountancy software knowledge is required.

Bank spreadsheets can be entered by listing the items that appear on the bank statement and include a box to enter the statement balance each month. The formulae within the excel spreadsheet then automatically checks that the entries made agree with the statement balance producing effective bank reconciliation. A good feature that ensures entries are recorded accurately in the companies accounts.

The simple bookkeeping entries that have been made to the sales,purchases and the bank statement is automatically transferred to the financial accounting file. In this file is a trial balance which actually automates all the double entry accounting transactions. No entries are required removing the need for users to have accounting experience. The Trial Balance is purely an accounting solution, visible and contains an audit check to again ensure the company accounts are accurate with no entries are required. The lack of entries in the area of accounting makes the product an ideal package for companies requiring a small business accounting software package.

Within the financial accounting software file is an automated monthly profit and loss account to enable limited companies to track their financial performance and very important, the package also produces a balanced profit and loss account and Balance Sheet in the correct format for submission of the final accounts. This set of final accounts automatically gathering the financial information from the basic entries made and includes the statutory notes required for a set of company accounts being published.

The package is equally suitablke for both vat and non vat registered business with vat returns produced at the touch of a button each quarter. To produce a vat return clients simply go to the vat file and select the quarter end date from a drop down menu and the figures for the vat return are automatically generated. The vat calculations can be disabled by non vat registered small businesses by simply changing the standard vat rate from 17.5 to zero making the accounting software suitable for both vat registered and non vat registered businesses.

The fixed asset schedule is preset with the capital allowance tax rates to automatically calculate capital allowances when fixed assets are entered. Depreciation is also automatically calculated with preset percentages that can be changed as required.

The limited company corporation tax liability is also calculated automatically in such a way that all the calculations; additions and deductions are both automated and visible. Capital allowances on both existing and new assets being shown on the corporation tax calculation.

Accountancy Knowledge Required

The limited liability company accounting software is based upon single entry of transactions requiring no accounting or bookkeeping knowledge. All the accounting knowledge required to perform the double entry of transactions which is a required feature to produce a balance sheet has been automated. The company accounts package has a feature so that the previous years? figures may be entered and lists of opening debtors and creditors recorded. A minimal level of accounting knowledge is required to correctly list the closing debtors and creditors and check the totals of those lists agrees with the automated balances shown on the company accounts balance sheet

Very Low Priced

At £15 the accounting software can save many businesses exempt from a full audit the need to employ an accountant potentially saving hundreds of pounds in professional fees. Hundreds of small limited companies with up to 20 employees also purchase the DIY Accounting Payroll Software which is sold separately from £14.99 and fully integrates into the Financial Accounting Software.

Other Features

The product has a stock control feature to monitor any stock losses. The limited company accounting software contains a wages interface that fully integrates the DIY Accounting Payroll Software when those files are saved into the same folder as the accounting software files. Being written on excel spreadsheets all transactions are visible and capable of being changed by for example overwriting any errors as opposed to a database system that requires new transactions to be entered to reverse previous entries. The sales and purchase spreadsheets include columns for entering CIS tax deductions and payments and the certificate numbers. The CIS tax being then automatically entered on the self assessment tax return. As the small business accounting software is written on excel spreadsheets then it is essential that users have a version of excel from 1998 onwards installed to use the program. The accounting software also works fine with an Open Source spreadsheet package.

Conclusion: to Buy or not to Buy

Exceptionally good value, very easy to use and produces exactly what every small limited company requires in a small business accounting software package, automated accounts requiring no bookkeeping skills and no previous financial accountancy software experience with the valuable end product of a fully automated final set of accounts for the limited liability company.



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RuntimeSoftware asked:

Creating a destriped image with a two drive RAID 0.

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Ann Knapp asked:


There was a day when personal banking required a trip to the bank, standing in often long lines, and making a transaction via a bank teller. Money was accessible only at a brick and mortar location. Any financial needs not taken care of by the end of the business day would have to wait until the next. Access to one’s money was dictated largely by the bank’s hours of operation.

Times have changed. Today, with the advent of the Internet, accessibility to one’s finances is more convenient than ever. With online banking there are no long lines or gas-guzzling drives to the bank. Transactions, bill payment and ordering new checks can all be accomplished with the click of a button in the comfort of one’s own home. ATMs allow instant access to cash. For some people, there is no brick and mortar bank behind their online accounts - their banking is conducted entirely with an Internet bank.

In fact, online banking has become the preferred transaction method for most of America’s banking customers. While an online transaction can take just under three minutes, it can take nearly 10 minutes at a bank to conduct that same transaction due to waiting in line and interacting with a branch teller.

While some may have questioned the validity of online banking in the 1990s, it has proven to be one of the most valuable assets banks can offer their customers today. While fewer than one in seven Americans were online in 1995, two out of every three Americans are online today, according recent statistics. Americans are surfing the web, conducting e-commerce, and examining their bank statements from their personal computers at rates much faster than in the time those things could be accomplished apart from a computer.

With the advent of the Internet in the 1990s, confidence in this new form of collecting and transferring information was an obvious pathway for banks to pursue. It gave bank customers what they never had before — access to their money 24/7. Features have become more sophisticated and user friendly through the decade. Today’s banks offer online banking services which allow users to conduct a variety of transactions - everything from account to account transfers and paying bills to applying for a loan or making an investment. Especially convenient, online banking allows users to instantly view their accounts, balance the books, and monitor spending. And with the use of personal finance programs, data can be easily imported making personal financial management easier than ever. Some banking programs even allow users to monitor all of their accounts at one site regardless if they are with their main bank or with another institution.

Online banking has also opened doors for those shopping for a loan. Online lenders make applying for a loan easy and convenient, including everything a customers needs to make an application, including application forms and instant assistance on their website. The success of these types of services have allowed consumers to seek the best terms and have brought about a new level of competition between banks looking to expand their bottom line.

One of the most important features to the growth of online banking has been the development of protection barriers to safeguard users and their money. Personal Identification Numbers (PINs) and/or passwords have allowed users to authenticate and protect accounts and transactions.

Indeed, the Internet has proven to be a powerful and growing tool for today’s consumers. Through it, online banking has provided customers more control over their finances and freed up time that would have been spent standing in a bank line. But as with many things, precaution and education are important elements for online banking customers. At the end of the day, online banking succeeds only with the vigilance of the banks and their customers.



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Outsource India asked:


Data Enrichment involves a process whereby data is standardized, validated and corrected in order to maximize its integrity and value. Data intensive fields such as banking, insurance, retail, and telecommunications are in constant need of Data Enrichment Services and Data Extraction Services in order to acquire the business results they desire. Data Enrichment also helps source information that would give easy access to marketing, sales and support teams and all other personnel who interact with the customers on a daily basis. It also ensures that a company’s database - material files, product catalog files, and item information etc. - are current, accurate and complete.

Outsourcing to India reduces unnecessary costs and provides the best service available in the industry. Indian outsourcing companies offer the following data enrichment services

? Identification and removal of duplicate and incorrect data

? Removal of obsolete data

? Consolidation and interlinking of multiple data sources

? Page maker to Adobe PDF Conversions

? Verification of  the accuracy of the customer data

? Validation of consolidated data (for example: using a post code checker to validate addresses)

? Enrichment of data – with product attributes, images, and manufacturer specifications

? Identification and tagging of similar records

? Identification of missing or incomplete data

? Removal of spurious and invalid records

? Comparison and removal of records matching third party information, such as the opt-in and opt-out list

? Data aggregation, organization, and cleansing

Businesses outsourcing their Data Enrichment Services to India are also benefitted by data scrubbing services. Data scrubbing software is used to systematically examine data for flaws by using rules, algorithms, and look-up tables. Since data may have been derived from various sources, its format is often inconsistent. By using the above tools the process of data cleansing is accelerated and both cost and effort is minimized.

Clients worldwide have now realized the huge benefits they reap by outsourcing their Data Enrichment Services to India. Since all projects are custom based to suit the exact needs of the customer, huge savings in terms of time, money and infrastructure are among the many advantages that outsourcing brings. The signing of Non-Disclosure Agreements and Service Level Agreements ensure that all Data Enrichment projects are secure and will be completed well before the given deadlines. A few other advantages are

? Skilled and qualified technical staff who are proficient in English

? Quick turn around time

? High quality records

? Cost-effective prices

? Well developed infrastructure and redundant systems  that offer uninterrupted services

? Secure Network systems to ensure data safety

? Usage of Data Scrubbing tools to identify errors

Outsourcing of Data Enrichment Services not only saves businesses thousands of dollars and man hours but it also enables them to have a standardized database which will help them develop an edge over their competitors. Subscribing to data enrichment services would ensure an accurate and up-to -date database at a minimal cost.



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bankingonly asked:


Deposit insured in India, if bank fails

                                     - S. C. Ojha

                     The depositors are secured in India if a bank fails. In India norms of banking is very strict and monitoring system is in direct control of country’s central bank Reserve Bank Of India.

                     In the beginning in 1961 an act came into existence the Deposit Insurance Act, 1961 and made effective on January1, 1962.  Up to 1977 two organizations the DIC & CGCI were looking after the function of deposit insurance and credit monitoring. The present Deposit Insurance and Credit Guarantee Corporation (DICGC) came into existence with merger of DIC & CGCI on July15, 1978.

Covered Banks

                  In 1968 co-operative banks have got protection under deposit insurance with some eligibility norms. Initially only commercial banks inclusive of State Bank Of India & its group and foreign banks operating in India were covered.

                 Presently all commercial banks, foreign banks working in India, local area banks, regional rural banks, all eligible urban co-operative banks( central, state & primary co-operative banks ) are covered under the Deposit Insurance Scheme.

The insurance coverage scheme is compulsory in India and no bank can withdraw from it.

Types of Deposit Covered

                      All types of bank deposit are covered under this scheme like savings, current account, fixed deposits, recurring deposits etc.

Deposit not covered

            Any amount due on account of and deposit received outside India, any amount, which has been particularly exempted by DICGC with the prior approval of RBI are not covered under this scheme. Govt deposits Central or State, Foreign Govt deposits, inter-bank deposits, deposits of State Land Development Banks  with State Co-Operative Bank are also not covered. 

Limit of Amount Covered

            Each depositor is insured upto a maximum of Rs. 1, 00,000(Rs one lac) per bank. Insurance cover is available customer wise not scheme wise.  The deposit kept in different branches of same are aggregated and total cover provided will be a maximum of Rs. one lac. All funds held in the same capacity in the same bank will be clubbed together for the purpose of insurance cover.   Joint account will be treated as separate account and will get cover. Each joint account with different combination treated as different entity and get insurance benefit separately. All joint accounts with same person’s combination will be treated as one customer account and the combined total will be insured upto Rs, one lac.

De-registration of a bank & Liability of DICGC 

                 If bank is prohibited from receiving deposit, or it’s licence is cancelled by RBI or it is wound up compulsorily or voluntarily or it is ceases to be a banking company or on amalgamation or merger or reconstruction where acceptance of deposit not permitted, the registration of an insured bank stands cancelled. In such situation liability of DICGC is limited to extent of deposits as on the date of cancellation.

             In another situation DICGC cover is limited upto date of cancellation where a bank fails to deposit the premium amount for three consecutive periods. 

Payment of Insurance Premium

            Depositors have no liability to pay insurance premium. Deposit insurance premium is fully paid & born by the insured bank. Now DICGC increased the premium rate from 5 paise per Rs. 100 per annum to 10 paise per Rs.100 per annum since April 2005. The premium is payable half yearly in advance in April & October. The premium payment is compulsory to pay latest by 31st may & 31st October.

Payment of Insured amount

            If a bank fails or goes into liquidation, the DICGC is liable to pay to each depositor up to Rs. one lac. The payment will be made through liquidator within two months from the date of receipt of claim from the liquidator.

            In case of amalgamation or reconstruction or merger with another bank, the claim will be paid to concerned existing bank by the DICGC. The claim will be payable to transferee bank within two months from the date of claim list submission. In such case, the difference amount between the full amount of deposit or the limit of insurance, which ever is less and the amount received under amalgamation/reconstruction scheme will be paid.

           The above deposit insurance scheme came into force keeping the view to protect the interest of small depositors of the country. Now feel free to enjoy opening your account in different banks and get your deposit secured more & more.  

Historical data related to bank failure in India

                At present upto march ’08 there are 2356 banks including public sector, private & co-operative banks in India are protected under scheme of DICGC. In previous three years no instance of failure of any major bank in India.

             A number of co-operative banks have failed due to various reasons in previous years. From 01.04.06 to 30.09.08 there are 63 co-operative banks are failed and all qualified customers get payment from DICGC. In these failure banks Gujarat is on number one with 25 banks and Maharashtra is on 2nd position with 10 banks. The size of failure banks are a little bit and not in percent. It is magic of Indian economy and strategic control of the system that Indian banks are protected well.

More insurance cover expected

            In USA in a temporary phenomenon all deposit accounts are insured up to at least $250,000 per depositor until December 31, 2009 at the place of regular insurance coverage $ 1,00,000 . Unlimited insurance coverage also provided for entire amount to all non-interest bearing transaction deposit account on temporary basis up to 31.12.09 for strengthen banking system and making confidence in depositors in USA.

          Likewise USA, in India govt may think. In present context of global economic scenario for more protection of public deposit in the country, limit of insurance coverage is required to be increased to Rs. 2.5 lac from present Rs. 1 lac . 

It will more beneficial for depositors in India if RBI can liberalize banks to get additional deposit insurance cover on higher premium for their depositors for attracting more deposits and strengthening the economy.

                                                                                          contact@bankingonly.com



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