Internet Banking Facility for Corporates – Corporate FEDNet

Federal Bank introduced Internet Banking Facility for Corporates and Customers with multi-user environment in the name Corporate FEDNet. Using this service, corporate banking can be done from your office. Business rules can be set as per your requirement. Limits can be set at as required. Your officials can be given authority to make funds transfer and authorise / approve transactions. Bank statement can be printed in your office as hard or soft copies making bank reconciliation all the more easy. Corporate banking has never been this convenient.

Benefits

• Corporates
• Entities with multi branch operation
• [advt]Broking firms
• Wholesale distributors
• Government contractors
• Entities with multi-user environment

Features

• Multiple users with different roles: Have as many users as required with different roles and limits for transactions. Under the corporate-id, each user can have individual user-ids. To log on, the corporate-id, user-id and password have to be keyed in.
• Division and location-wise access of accounts: Choose which user should access which account. Account level access control to users based on their division and location is possible.
• Multi-level workflow: It is possible to assign different workflow rules for data entry and approval of transaction to each user, as desired by the customer. Freedom to decide as to who can do transactions, up to what limit and whether another user has to approve the same before it is processed.
• Hold Release function: Users can approve but hold a transaction for any reason (say funds are not readily available) without releasing it to the next person / process and release it when he thinks it is appropriate.
• Login time check: Login time restrictions can be imposed for a user. The user will not be permitted to login outside the specified time range.
• Trade finance related queries and requests: FedNet provides utility for submitting requests for opening LC & BG to corporate clients in addition to requests for Cheque book, demand draft, opening of term deposit etc.
• File upload: There is option to make bulk fund transfers by uploading the data in file format rather than keying in individually (for example for disbursement of salary). Different types of file upload is available – single debit & multiple credits, multiple debit & single credit between linked accounts and multiple credit & multiple debits between linked accounts.
• Higher limits: Higher limits are available for funds transfer. There is no restriction imposed by the system. It is up to you to decide.[source]