Internet transactions make it possible for individuals and businesses to do business without visiting, or, indeed, without direct contact with, other businesses. Importantly however, as every transaction generates a payment and a receipt, successful Internet business depends utterly on effective Internet banking. We are all familiar with the figures for the recent rate of growth in international Internet business and have noted projections for its future growth, both in Ireland and internationally. We have also noted the caveats properly expressed about the relative vulnerability of the Internet to viruses and to hackers, also the need, by identification and encryption, to provide full security for participants and for their money. This figure emphasises the hazards and the need to ensure security of such transactions.
Irish banking is, by international standards, advanced and sophisticated.
Irish banking has, however, been a little slow to embrace Internet banking which has, until recently, attracted a belated and relatively low level of investment. Over the last week I have explored the Internet paying and receiving capabilities of Irish banks. These reflected variations in development and maturity. It is an encrypted and secure system, also providing worldwide payment capabilities - beyond the basic credit card process. To operate this service, one need to have an account with Bank of Ireland and to have Internet access, using Internet Explorer.