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Banking on the Internet: A Guide to Personal Internet Banking Services

This publication is a joint initiative of the National Office for the Information Economy (NOIE), 
the Australian Bankers Association (ABA) and the Australian Information Industry Association (AIIA)

This publication is an AEBN/AuseNET endorsed publication
Other Publications in this series include "Getting Paid on the Internet"
The assistance of Sun Microsystems Australia is gratefully acknowledged

Table of Contents

Introduction

Who's offering what

The purpose of this publication

  • This booklet provides you with the information you need in order to assess the benefits of Banking on the Internet and summarises the services offered by 10 Australian Banks.
  • The booklet gives you some background on the domestic and international development of these services.
  • It briefly examines the security and privacy issues, which are issues of concern to many potential users of these services.
  • It gives an indication of the facilities offered and the costs and
  • finally it describes where to go and how to get there if you are interested in joining the fast growing numbers of Internet personal banking customers.

Reproduction Rights:
copyright for this work is owned by  the Australian Information Industry Association August 1999

This publication is part of a series of joint activities undertaken between the National Office for the Information Economy, the Australian Bankers Association and the Australian Information Industry Association aimed at raising awareness and accelerating the uptake of electronic commerce in banking.

The purpose of this work is to assist the Australian community and business to increase the use of fast emerging internet banking, a key component of electronic commerce development.

Industry Associations, Chambers of Commerce and other organisations are invited to point to this document from their web sites, to advertise the web address of the document and to mirror the document on their sites.

The materials may be reproduced for personal use, or for distribution in electronic or in hard copy form subject to the following conditions:

  • no fee is to be charged for copies
  • the current version is to be used
  • the material is to be reproduced in its entirety, including the copyright notice
  • the addresses of NOIE, ABA and AIIA's web pages are to be included
  • appropriate attribution to be given

      In order to use these materials for profit, written approval must be gained by application to AIIA at mail to: AIIA@aiia.com.au. Such business may be subject to the payment of a license fee.

      "Electronic commerce offers considerable new business opportunities and benefits in terms of cost savings for individuals and businesses. It empowers consumers, giving them more information on which to base their decisions, more choice in their source of supply and a greater ability to demand customised goods and services."

       Senator Richard Alston, Minister for Communications, Information Technology and the Arts

      Introduction

      Electronic commerce

      E-commerce has come to be defined as every type of business transaction in which the participants prepare or transact their business electronically. The scope of e-commerce is very wide, covering all forms of electronic processes.

      On line technologies are the most significant kind of e-commerce and include Internet retailing, Electronic Data Exchange, electronic settlements, browsing and the selection and buying of products and services over the Internet.

      PERSONAL INTERNET BANKING

      Customer based electronic banking over the Internet is one of the new, fast growing, applications of e-commerce in Australia.

      Four interlinked factors are driving the global acceleration of banking on the Internet. These are:

    • accelerating customer demand, which has seen the growth of a new kind of footloose customer seeking electronic services from their bank so they are able to transact their banking business at times of their choice and with greater convenience.
    • increased competition between banks and new entrants has led to increased development of new mainstream and niche products and services. It is driving banks to intensify and strengthen their relationships with their customers and to offer new low cost delivery and marketing tools via the Internet and
    • the relentless drive by the banks to reduce costs and achieve new levels of efficiency has increasingly drawn banks towards electronic transaction opportunities.
    • Worldwide deregulation of the financial services market

      CUSTOMER READINESS

    • In February 1999, nearly 1.3 million Australian households (18% of all households) had access to the Internet from home an increase of 50%  over the previous year's figure.
    • nearly 3.2 million households had a home computer at February 1999, an increase of 10%  over the previous year.
    • Almost 90% of Internet households accessed the Internet frequently from home (once a week or more); 40% accessed the Internet daily, 38% two to six times a week and 10% once a week.
    • In the 12 months to February 1999, nearly 5 million adults (37% of Australia's total adult population) accessed the Internet compared to 3 million (23% of all adults) last year. 
    • In February 1999 the most frequently reported sites for Internet access were work (2.5 million people), home (1.7 million)
    • Of adults who accessed the Internet at home 86% did so frequently, compared with 68% of adults accessing the Internet at work.
    • 480,000 adults used the Internet in the 12 months to February 1999 (a rise of 132% over last year) to make an estimated 1.9 million purchases.
    • In the three months to February 1999, 2% of adults used the Internet to pay bills or transfer funds, 2% used an electronic information kiosk to pay bills, 39% used the telephone to pay bills or transfer funds, 64% used EFTPOS and 71% used an ATM.
    • In the three months to February 1998, less than 1% of adults used the Internet to pay bills or transfer funds, 29% used a telephone to pay bills or transfer funds, 58% used EFTPOS and 66% used an ATM.
    • By May 1999 the estimated number of registered users of Internet banking services was approximately 145 000. 
    • It has been estimated 37.7% of the Australian population (ie. 5.1 million people) would be willing to access Online banking services from home.

      Clearly Australian customer take up of electronic financial services is booming. Australians are proving to be avid users of existing electronic services and willing adopters of new services as they become available. As a society we are only behind the US and Finland in business and household use of Internet technologies.

      Australia has an exceptionally strong platform for rapid Internet personal banking uptake.

      ( Statistics from  "Use of Internet by Householders, Australia, February 1999 (ABS Cat.No.  8147.0)

      AUSTRALIAN BANK'S RESPONSE

      It is clear from the succession of recent announcements of new personal Internet banking options by Australian banks that the fast emerging customer readiness is now being matched by a growing and extensive range of personal Internet banking services.

      Certain Australian banks were among the first in the world to introduce Internet banking and bill payment services almost four years ago and other banks have progressively introduced services since then.

      KPMG in their very useful first "Internet Home Banking Survey" July 1998, use a Gartner Group model to explain the four stages in the development of Internet banking services. This model progressively tracks services up the value chain from "Information Publishing" through to fully developed, feature rich, interactive services.

      Most of the major Australian banks, reported in this publication, now offer their customers Transaction and Interactive services at the top of the Model.

      Given the high concentration of retail customers within a relatively small number of major banks, the majority of Australian retail bank customers currently have access to well developed Internet banking services.

      It is likely that such comprehensive personal Internet banking facilities, to such an extensive customer base are not available at present anywhere else in the developed world.

      INTERNATIONAL PERSPECTIVE

      Banking on the Internet has experienced rapid global growth over the last few years and indications are that this trend will continue into the new millennium.

      Recent IDC Research indicates that over 32 million households in the US will bank Online by 2003, up from 6.6 million in 1998.

    • About 16,000 banks representing 86% of US banks will offer an on line service in 2003, up from 1,150 or 6% in 1998.
    • The factors which IDC suggest are driving this growth include the low cost of PCs and networking devices, the alleviation of many security concerns and the surge in the number of banks offering an Online service.
    • In France, early in 1999, it was estimated that 100,000 Internet users use Online banking facilities. This represents a fourfold increase on the number of customers banking Online at the start of 1998.
    • The Online banking community in France represents approximately 4% of Internet users.

      By comparison with Australia, a recent study by Gomez Advisers found that just 39 of the top 100 banks in the United States offered Online services , including bill payment. In February 1999, the American Bankers Association reported that just 6% of US consumer banks offered their customers some form of Online banking (625 out of 9,000).

      WHAT'S ON OFFER?

      As many of Australia's banks are now developing and providing comprehensive, interactive, personal Internet banking services, the list of customer offerings is extensive. In many cases individual banks are offering extensive and sophisticated services under each of the "Offerings" headings listed below. Details of these services can be sourced by examining the Offerings of individual banks, included in the final section of this publication. Offerings include:

      Account Monitoring

      • Account Balances
      • View Transactions
      • Confirming Interest
      • Order Statements
      • Electronic Statements
      • Financial Planning Calculators

      Account Management

      • Bill Payments
      • Schedule Bill Payments
      • Funds Transfers
      • Schedule Funds Transfers
      • Order Cheque Books
      • Apply for Credit Cards
      • Apply for Term Deposits
      • Apply for Loans and Mortgages
      • Change PINs and Passwords
      • Change Address and Account Details
      • Order Bank Cheques

      Other Features

      • Insurance Management
      • Online Securities Trading
      • Foreign Currency Transactions
      • Electronic Reminders

      CREDIT UNIONS

      There are about 220 credit unions in Australia with total assets of approximately $20 billion spread throughout all states and territories. Their business mix is largely personal and housing lending (96%). Funding is about 95% drawn from member deposits.

      While there are a few notable exceptions, generally credit unions appear to have been slow to offer Internet banking services and this is emerging as a contentious issue in a sector noted for providing high levels of innovative and personal services. While traditionally Credit Unions have attained high customer satisfaction rates of around 70%, the slow roll out of personal Internet banking is likely to erode these levels of customer satisfaction.

       

      • IS IT SECURE?

        A brief summary of individual bank's security arrangements for their personal Internet customers is included under the final section "Who's Offering What" of this publication. Clearly it is important for intended customers to familiarise themselves with the detailed security arrangements in place for their intended bank. Most banks include a "Security Section", accessible to their personal Internet customers on their Web sites.

        The security protections offered by banks, and which customers expect, generally should include:

      • Careful publication of their authorised web sites in their publications
      • Verification by digital certificate
      • On screen evidence of security protection eg. Padlock icon
      • Protection of PINs and Passwords
      • On screen and mouse operated keypads for sensitive information
      • Virus protection
      • Use of 128 (or Higher)-Bit encryption
      • Sophisticated firewalls
      • Stated limits to customer liability for unauthorised use of access codes

      IS MY PRIVACY PROTECTED?

      Protecting your private personal and financial information is extremely important, whether using a credit card to make an Online purchase or banking via the Internet.

      In December 1998, the Commonwealth Government announced that it was to develop "light touch" legislation to support and strengthen self-regulatory privacy protection in the private sector.

      The privacy standards in the legislation will be based on the National Principles for the Fair Handling of Personal Information (NPPs), originally released by the Privacy Commissioner in February 1998.

      While it is acknowledged that Australian banks have an excellent record regarding security of customer information, surveys show that net users are concerned about privacy issues including transparency, collection, use and disclosure of their personal information.

      While few banks presently have explicit privacy statements on their web sites, as a minimum standard, banks adopting the Code of Banking Practice are bound by the Privacy and Confidentiality provisions of the Code. The Code of Banking Practice can be accessed on the ABA website.  The website also is a useful point of reference for bank websites. It may be necessary to research the individual bank's privacy policy regarding the collection, use and disclosure of personal information.

      Banks and financial institutions that are credit providers are subject to Part IIIA of the Privacy Act, which regulates credit reporting. Where an Internet banking facility offers Online credit applications, this legislation applies.

      For more information on privacy and what happens to your personal information Online, read "Shopping on the Internet: Facts for Consumers" Paper #5: What Happens to my personal information? Found at: www.dcita.gov.au/shoponline

      WHAT ARE THE COSTS?

      There are two types of costs associated with personal Internet banking

      1. Normal costs associated with Internet Activities
      In the final section of this publication banks have indicated the "Minimum Requirement to operate" their personal Internet banking systems. As a general rule this requires access to contemporary PCs and networking devices, recent versions of software in general use in the Australian community and recent versions of Netscape and/or Explorer browsers.

      2. Bank Costs and charges
      Again in the final section under "Costs" the banks have provided brief statements of fees and charges relating to the use of their personal Internet banking services. Most banks have indicated that they are not imposing any additional fees or charges relating to their Internet offering and in many cases there is a reduction of general fees and charges.

      Because this is a complex area and most banks adopt different approaches to fees and charges, often down to the individual customer level, it is necessary for customers to clarify this issue with individual banks.

      WHO'S OFFERING WHAT

      Adelaide Bank

       URL:   www.adelaidebank.com.au  
      Summary of personal internet banking Offerings:

      http://www.adelaidebank.com.au/home/online/low- 0.html

      Features:

      http://www.adelaidebank.com.au/home/on line/low-5.html

      Privacy & Security:

      http://www.adelaidebank.com.au/home/online/low- 4.html

      Minimum requirements to operate:

      http://www.adelaidebank.com.au/home/on line/low-2.html

      Contact:

      13 22 20 or e-mail form on web site located at http://www.adelaidebank.com.au/home/online/low- 8.html

      Costs:

      No fees to join or use the service.  Normal account transaction fees and government charges apply.



      BankWest

      URL: www.bankwest.com.au

      		  

      Summary of personal internet banking Offerings:

      • Features:

      • Account balance and transactions information
      • BPAY® Bill Payments - immediate and future dated
      • Funds transfers - immediate and future dated
      • Payments to BankWest credit cards
      • Order statements and cheque books
      • Bookmark your favourite websites. You can have access to your bookmarks no matter where you are
      • Communicate directly with BankWest staff using secure electronic mail
      • plus heaps more

      Privacy & Security:

      128 bit encryption

      Password protection

      Minimum requirements to operate:

      Netscape 4 and above

      Internet Explorer 4 and above

      Contact:

      BankWest HelpLine 13 17 18

      Costs:

      No charge



       Bendigo Bank Ltd.

      URL: www.benbank.com.au

      		  

      Summary of personal internet banking Offerings:

      		 Features:

      Internet Banking allows you to do your banking at a time and place convenient to you: at home, at the office or anywhere you have access to the Internet.

      The offerings of Internet Banking include:
      Convenient access to your accounts 24 hours a day, 7 days per week.

      • Do your banking wherever you have access to the Internet.
      • Pay your bills online.

        Access to all Bendigo Bank accounts online including the following features:

        Account Balances - for all of your Bendigo Bank accounts held under your customer number. We can also link other authorised accounts held under different customer numbers.

      • Funds Transfer - transfer today, set up a future transfer or a monthly transfer. Bill Payment - of all your bills which display the BPAY logo.
        Transaction History - an online list of your transactions with a convenient search option. Request a Statement - order a copy of a previous statement.
      • Order a Chequebook - you can choose to collect your chequebook from a branch or have it mailed to you. Bank Mail - contact us online in a secure session. Proactive Notification - an innovative new service. You set a $ amount on your account, and we can notify you if your balance falls below or rises above this level
      • General information, products and services.
      Security and Privacy:

      128 bit SSL data encryption.Unique Access Number and PIN Customers can change PIN at any time. Internal firewall architecture. Security policy and monitoring.

      		 Minimum requirements to operate:

      IBM Compatible or Macintosh computer. Web browser software: Internet Explorer 3.02 or above.  Netscape 4 or above. A modem, and ISP account. Access ID and PIN.

      Contact:

      Andrew Watts, Senior Manager Bendigo OnCall 1300 366 666

      Noel Jessup, Operations Manager Bendigo OnCall 1399 366 666

      Costs:

      $10 annual fee for bill payment - no other transaction charges

      $5 fee for ordering a copy of a previous statement (posted)

      No other fees apply.



      Bank of South Australia

      URL :     www.banksa.com.au

      		  

      Summary of personal internet banking offerings:

      What is Internet Banking

      Internet Banking is all about flexibility, efficiency and most of all, choice. If you feel like balancing your accounts on a Sunday afternoon - go right ahead. Need to pay a few bills while you're interstate on business? Easy.

      If you're already a BankSA customer and registered with QuickPhone, you are ready to start Internet Banking, just go to www.banksa.com.au or call  13 13 76 - 8am to 8pm EST, 7 days a week.

      .

      Features:



      • Transfer funds between BankSA accounts.
      • Transfer funds to nominated third party accounts at other banks.
      • Pay bills via BPAY.
      • Open fixed term deposits.
      • Check balances and view transactions on BankSA Quickphone accounts including cheque, savings, personal/home loan and term deposit accounts.
      • Check how much interest has been earned on these accounts.
      • Obtain the status on cheques.
      • Buy eCash to spend over the Internet.

        Privacy & Security:

        Our Browser Based Internet Banking service utilises strong SSL 128bit encryption technology / Verisign global ID certificates. (A digitally signed certificate stored on our server that verifies that the customer is indeed safely connected to BankSA.)

        Customers access Internet Banking via a unique access number and personally selected PIN.

        Minimum requirements to operate:

      • Operating systems:  Windows 95, NT, 98, Mac
      • Browsers: IE4 and Netscape 4
      • PC requirements: Pentium Preferred, 16mb RAM or better and 28.8k or faster Modem.

        Contact:

        Ian Drabble

        Internet Banking Project Manager

        (02) 9952 3546

        Costs:

      • Free of setup and monthly user charges
      • $0.20 per transfer - only after the free monthly limit has been used up.

        St.George Bank

        URL :     www.stgeorge.com.au

        		  

        Summary of personal internet banking offerings:

        What is Internet Banking

        Internet Banking is all about flexibility, efficiency and most of all, choice. If you feel like balancing your accounts on a Sunday afternoon - go right ahead. Need to pay a few bills while you're interstate on business? Easy.

        If you're already a St.George customer and registered with our phone banking service, you are ready to start Internet Banking, just go to www.stgeorge.com.au or call 1800 243 693, from 8am to 9pm 7Days.

        Features just launched !

        Welcome to the new payments functionality for Internet Banking! With this new functionality you can:

        1) Schedule your payments to occur at a future date and recur on a regular basis ie. weekly, fortnightly and monthly

        2)  Create groups of payees to allow you make batch payments. 

        The latest features for Internet Banking are designed to make Internet Banking do more of the work for you, such as:-

      • Paying  your bills - just set and forget!
      • Regular transfers - build your savings or pay that little extra off your home loan automatically
      • Group batch payments - manage payments to numerous payees, even run a small business payroll.

        Other Features:

      • Transfer funds between St.George accounts.
      • Transfer funds to nominated third party accounts at other banks.
      • Pay bills via BPAY.
      • Open fixed term deposits.
      • Check balances and view transactions on St.George Quickphone accounts including cheque, savings, personal/home loan and term deposit accounts.
      • Check how much interest has been earned on these accounts.
      • Obtain the status on cheques.
      • Buy eCash to spend over the Internet.

        Privacy & Security:

        Our Browser Based Internet Banking service utilises strong SSL 128bit encryption technology / Verisign global ID certificates. (A digitally signed certificate stored on our server that verifies that the customer is indeed safely connected to St.George.)

        Customers access Internet Banking via a unique access number and personally selected PIN.

        Minimum requirements to operate:

      • Operating systems:  Windows 95, NT, 98, Mac
      • Browsers: IE4 and Netscape 4
      • PC requirements: Pentium Preferred, 16mb RAM or better and 28.8k or faster Modem.

        Contact:

        Ian Drabble

        Internet Banking Project Manager

        (02) 9952 3546

        Costs:

      • Free of setup and monthly user charges
      • $0.20 per transfer - only after the free monthly limit has been used up.

        Citibank

        URL:  www.citibank.com.au

        		  

        Summary of personal internet banking offerings:

        CitiDirect Internet Banking lets you bank when and where you like.

        CitiDirect lets you transfer money between your accounts, check balances and order cheques. You can even change a PIN or view your recent account activity instantly.

        CitiDirect is queue free. Now you needn't wait to see where your money is, where it's going and what it's been up to. The figures are there on your screen, giving you total control.

        Features:

        Browser based application

        Account summary

        Balance information

        Recent account activity

        Transfer between your Citibank accounts

        Transfer from your Citibank account to other Citibank accounts

        Payments

        - Pay your Citibank account

        - Pay another Citibank account

        Change PIN

        Request a statement

        Order cheques

        Change time deposit details

        Privacy & Security:

        Uses the latest 128 bit encryption technology

        Minimum requirements to operate:

        For PC's we recommend:

        16MB RAM

        Pentium 133MHz

        Windows 95/98/NT

        A 28.8kbps modem

        Netscape 4.05 or Internet Explorer 4.01

        For Mac's we recommend:

        266Mhz G3/512K L2

        32MB SDRAM

        56kbs modem

        Netscape 4.05 or Internet Explorer 4.01

        Contact:

        Citiphone 132484

        Email facility is available on the web site.

        Costs:

        No additional costs.

        Access using Citicard or Citibank Credit Card.

        Commonwealth Bank

        URL: www.commbank.com.au

        		  

        Summary of Personal internet banking Offerings:

        - http://www.commbank.com.au/ for all you financial information needs

        - NetBank - for your online banking needs

        - ComSec, Share Direct , for online Share trading

        - ComSec Funds Direct, online managed funds

        - ComSec Margin Loans

        - Online Home Loans

        - Online Credit Cards

        - Moving to Australia - visit our website for financial information.

        		  

        Features:

        - Clients may link up to 100 statement accounts (refer following list of accessible accounts)

        - Clients may link up to ten Commonwealth Bank credit card accounts

        - Up to date account balances for statement and credit card accounts

        - Transaction histories listing up to the last 150 transactions for statement accounts and up to the last three months for credit card accounts

        - Funds transfer between NetBank linked Commonwealth Bank accounts

        - Bill payment to BPAY billers (Refer BPAY Biller Directory)

        - Home Loan and Personal Loan accounts cannot be linked to NetBank, however payments to these accounts can be made via the Bill Payment Function

        - Review taxes and interest charged or paid to NetBank linked accounts

        - Cheque book and statement order

        - Print directly from NetBank, including transaction records

        - A record of transactions performed on NetBank can be copied and pasted into other applications or printed directly from NetBank

        - More information and a Guided Tour are available on our Internet site at www.commbank.com.au/netbank

        Benefits:

        - Convenience - saves time and travelling costs by offering a banking service accessible from the home or office, day and night, seven days a week

        - 24 hour a day access from around the world

        - Better funds management - ready access to account information and banking services

        - Reduced transaction fees - using self service banking options, such as NetBank, attracts lower withdrawal fees and

        - Easy to use NetBank software.

        Security:

        - Print transaction records directly from NetBank

        - Security is maintained through a Client Number and Password (which can be changed at any time by the client)

        - All transactions and information transmitted over the Internet between the client and the Bank is encrypted (128 bit encryption)  to protect client information

        - More information on security is available on our Internet site at www.commbank.com.au/netbank

        		  

        Contact:

        Visit the NetBank section of our web site: http://www.commbank.com.au/NetBank/Apply/

        Or  Telephone Freecall 1800 022 955

        between 8am and 8pm Monday to Friday (Sydney time) to obtain your NetBank Client Number. (If calling from overseas telephone  +61 2 976 81070)

        Before calling please note:

        Applying will take approximately 10 minutes; you will need to have your personal and account details ready

        Our customer service staff will issue you with a Client Number and Password over the telephone. You may begin to use NetBank after 8am the following day.

        Costs:

        Personal Clients Nil

        Business Clients $7.50 per month *

        Funds transfer or bill payments made through NetBank may attract withdrawal or transaction fees.  Refer to individual account fees.

        ANZ Bank

        URL: www.anz.com

        		  

        Summary of personal internet banking Offerings:

        Internet Banking

        1. View account balances

        2. View 120 day transaction history (more on some accounts) , sort & print transactions.

        3. Order a cheque or deposit book

        4. View credit card statements

        5. Pay over 1,000 billers by Bpay

        6. Set up future dated bill payments and fund transfers.

        7. Set up recurring bill payments & fund transfers.

        8. Send secure mail 24 hours a day 7 days a week.

        9. Transfer funds between linked accounts.

        Personal Financial Services

        1. Online Home Loan Applications

        2. Enquiry for savings & investment products

        3. Updated interest rates

        4. Online Personal Loan applications.

        5. Online applications for most credit cards.

        6. Enquiry forms on car loans etc

        7. ATM locators

        Features:

        Internet Banking

        Secure form of banking

        Available 24 hour/ 7 days a week

        Accessible anywhere in the world where you can access the internet.

        All your banking information at your fingertips.

        Secure email communications with Bank

        Personal Financial Services

        Quick approval for most products

        128bit Security for privacy

        Incomplete online applications can be stored on the users computer for 30 days.

        Privacy & Security:

        128 bit encrypted.

        Accessed via a registration number and alphanumeric password.

        ANZ employs a range of security measures, from data encryption to firewalls, including a trusted operating system which is certified and currently used by the US Department of Defence.

        Minimum requirements to operate:

        Windows Explorers 4.7 and above, Windows 3.1, Windows 95 & 98, Windows NT

        Netscape Communicator 4.51

        Netscape Navigator 4.07

        Macintosh

        Contact:

        www.anz.com

        133350

        Costs:

        No costs to access service,  reduced fees and charges apply

        National Australia Bank

        URL: www.national.com.au

        		  

        Summary of National Internet Banking:

        National Internet Banking provides secure access to your National accounts via a computer connected to the Internet.

        Features:

        With National Internet Banking you can:

      • view balances of all your linked National accounts
      • pay bills to organisations linked to the BPay scheme
      • transfer funds between your own accounts
      • transfer funds from your National accounts to accounts at any financial institution in Australia
        ( this feature available after October 1999)
      • set up regular payments
      • view and/or print your account balances and up to 100 days transactions history, including transactions on your National Credit Cards
      • open a National Term Deposit online
      • send secure messages to the National Internet Banking Support Team

        Security:

        Security for communications and transactions over the Internet is important for both the National and our customers, and the National Internet Banking security system has been selected by our data security experts following extensive research.

        We employ digital certificate technology with 1024 bit RSA keys to authenticate the customer and the National to one another, and to provide a means of exchanging the secret keys to assist secure encryption of information between the customer and the National. A digital certificate is like an electronic signature.

        Encryption of information between the customer and the National is provided by an industry approved 168 bit cryptographic algorithm (triple DES), not normally available to the general public. This system is currently used to protect trillions of dollars in payment instructions and transactions worldwide each day, and is used in most of the world's high value wholesale funds transfer systems. This ensures that communication between customers and the National is secure.

        In addition to our sophisticated cryptographic implementation, robust firewall technology is employed to help to protect the National's internal systems and customer's information against intrusion from the Internet.

        Also an on-screen keypad is used to minimise the threat of rogue software (eg. keyboard sniffers) capturing Internet Banking passwords from customers' PCs.

        Technical Requirements:

      • a PC with a Pentium processor
      • Windows 95, 98 or NT operating system
      • 32 MB RAM
      • 10 MB free hard disk space
      • web browser software (Internet Explorer v 4.01 with SP1 or Netscape v4.06, or higher)
      • a modem to connect to the Internet (28.8kbps or higher)
      • a connection to an Internet Service Provider (ISP)
      • screen resolution of 800 x 600 pixels

        Costs:

        There will be no fees or charges on personal accounts for Internet Banking until February 2000.

        Internet Banking is a key element of the National's commitment to provide direct banking services at a lower cost to customers and so fees will be lower than for traditional ways of banking. Any fee changes will be advised to customers prior to introduction.

        Fees and charges (including government charges) apply to the account accessed by Internet Banking except that transfers of funds between your own National accounts are currently free of charge. However, transfers from your Credit Card to another National account are deemed a 'Cash Advance' and incur a transaction fee, with interest charged from the date of the transaction.

        Also, telecommunications costs and Internet Service Provider charges will apply.

        Westpac Bank

        URL: http://www.westpac.com.au/internet/publish.nsf/Content/PBOBLCIC+Information+centre

        Summary of personal Internet Banking Offerings:

        Internet Online Banking is a browser based internet banking service available to both personal and business customers.

        In addition to accessing Internet Online Banking customers can open a cheque and saving accounts, apply for home loans or personal loans, obtain foreign currency rates and economic updates.

        Features:

        Account Balances

        Funds Transfer

        BPAY (including future dated BPAY)

        Transaction details

        View and Print last statement

        Online Help

        Security:

        128 bit encryption

        6 character password

        Privacy: www.westpac.com.au/olb/secfaq.html

        Contact: Call 1300 655 505 to register immediately

        Costs: No additional charges apply for Internet Online Banking.

      • Document ID: 41673 |
      • Last modified: 6 February 2008, 12:33pm