AUTOMATED INSTRUMENT SETTLEMENT SYSTEM IN COMMERCIAL BANKS IN NIGERIA (A CASE OF STUDY OF INTERCITY BANK PLC)

Abstract

ABSTRACT The introduction of electronic media and Computer in particul~r, into the banking operation has revolutionized banking practice and service delivery. Many application packages are already being marketed from the industrialized Countries such as the USA, Europe and Canada; and of recent less developed Software is that they are general packages, which hardly address peculiar needs of the Nigerian economy. It is this gap that this project seeks to fill with specific reference to instruments settlement activities. The procedure in Intercity Bank Pic is no doubt the focus of this research being the case study used, however, my past experiences in other Banks will make the project useful to other Banks. The use of Computers does not replace the need for judgement on the part of staff neither does it eliminate defalcations rather, the risks associated with certain types of frauds are increased. For this reason, controls have been built into this package to minimize frauds from staff and customers. Access to this package has been developed in modular form to facilitate easy modification and enhancement.