Online Banking Software Key Terms

Stay informed with online banking software terms

By Darcy Chadwick

If you run a business, you need to have access to online banking software. It can be used to pay bills, issue checks or transfer money to other accounts. Business banking offers some of the same components as a consumer banking software program. Knowing these key terms can help you maximize the software's capabilities and ensure that your business runs smoothly.

Cash flow calendar

Found in some banking software applications, a cash flow calendar can help you foresee what your account balance might be in a month's time. This can help you plan ahead and ensure that you have enough money in your account.
Try: To see an example of a cash flow calendar, check out Accounting Software Advisor.

Web-based software

Web-based online banking software resides on the provider's file servers so it doesn't bog down your hard drives or servers. A benefit to using this type of service is that you do not need to worry about updates to the system, as these are handled by the provider.
Try: Learn more about the benefits of web-based software at Websystems.

Mobile banking

Mobile banking allows you to manage your finances from anywhere, as long as you possess a mobile phone. This application is situated on your phone, allowing you to access your account with the touch of a button.
Try: Visit AT&T to learn more about mobile banking and how it could benefit your business.

Funds transfer

Most online banking software programs have a funds transfer option, whether it's to different accounts that you own or other banks or brokerage companies across the country.
Try: Learn more about a funds transfer by visiting Bank of America.

Bill pay

Online bill pay functions allow you to set up payments without worrying about checks or paper bills. Bill pay can either be offered by your bank or your service provider, and you can implement this into your software programs. You can choose to deal with one or both types of bill pay, depending on what is more convenient for you.
Try: Visit Guaranty Bond for more information about how bill pay works.

Online check images

If you're concerned about knowing when your checks have been cashed, then look into an application called online check images. This allows you to visually see who the check was made out to, when it was cashed and for how much.
Try: Visit Citigroup to learn more about online check images.