...Main system I would consider to adding a central server at the headquarters of RFC. Especially since they are considering to expand in the next three years. Using a central server gives the branches the opportunity to be up-to-date in real-time. To accomplish this, all branches need an Internet connection with a VPN connection to the headquarters central server. Every branch has its own ERP branch software that is connected to the headquarters ERP system and therefore also with the central server. When using a process like this it is important that the ERP systems know when someone is watching a certain profile or editing it as it will prevent errors and or double entries. The vouchers and bank receipts will not be used anymore and will be replaced by the ERP system. Customers have to sign a form whether they pay at a branch or at the HQ. If a branch deposited the money, an e-mail will be sent to the branch and HQ to inform the employees. The bank will send data to the main server that updates the main ERP system and thereby also the ERP branch software. Customers It is a must for customers to be able to use a web application that gives them the opportunity to pay online and have an overview of their profile. Each customer has its own account that can be used to log on the website. An online chat gives them a fast helpdesk service for any quick questions. Furthermore, Internet banking is also possible if they enter the right reference number that has been given in the...
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...Question 2 The company RFC encounters some difficulties in its payment processing system. Re-engineering might solve some of the issues faced by its managers. First of all, a full understanding of the five different problems RFC listed in this case study is necessary. Althought each one of these problem is unique, affects different part of the organisation and have their own consequences, they all come from the same origin: Complexity of information management and communication Process too slow Here are some possible changes that would improve the payment processing. Eliminate the possibility for the customer to pay in the Home Office directly. Indeed, the Home Office have huge difficulties to find informations about the payment, leading therefore to lots of errors of payments (Problem #1). This action will simplifies the payment processing and reduce factors of errors and clerical work (Problem #3). Beside, it will also reduce the time needed to make necessary file updating. There is a delay between the moment a payment is made, and the moment when this fact is taken into account in the business process database. Alas, no matter the changes in the processes, there will always be a little delay. In this case, batch payment processing is run every evening to update all data centrally, so the delay is at least 1 day long. An action would be to urge managers of the branchs to hurry to update particuliary important file each time they have to make a modification...
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...processes and information do you feel will improve the payment processing system at RFC? For RFC to improve the payment processing system they must make a few changes. First, I suggest that RFC take the existing data they have obtained from current and previous customers and compile a process in which to weed out potential delinquent customers. They must take this information and data and set a guideline that the application acceptance personnel must follow in order to grant a loan to a customer. They must become stricter and more organized to improve all aspect of the business and other processes in the company. Once they have created a system of weeding out potential delinquents from receiving loans they will need to add a centralized database that is updated daily through both the home office and the branch offices. The methods of payment; pay in branch by cash, check or money order, mail to branch, and direct payment to home office are still important variables that the company must keep in order to keep the customer happy. When a customer has setup a loan, RFC needs set up a payment process in which each individual customer will follow. For example if the customer wishes to keep a credit card on file and the payment is automatically taken out of the account each month or RFC sends a prepaid envelope to the customers house a week prior to payment for them to mail the payment in or if they wish to bring the payment into the branch then RFC needs to have an automated...
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...activities in an organization that are intentional and goal-oriented (Nameer, 2008). Proposed Change Brownstone Square is an owner run Homeowners Association in Phoenix, AZ. The association manages paperwork for sales, the grounds, owner complaints, and accounts receivables and payables. Owners make a monthly payment of $125.00 to the association for the services provided to them as outlined in the associations’ contracts with each of them when they joined the community. Overall the association provides services as promised in a timely manner consistently. The homeowners on the other hand do not always make their monthly payments on time, consistently. The association faces the problem of missed payments and homeowners who are frustrated with the very antiquated system of having to “snail mail” a monthly check to the association. Homeowners have approached the elected board members to make changes to this payment system to assure an easier means of making the payment each month. The homeowners have communicated to the board at the last 3 board meetings and recently an email was received with a suggested payment company that could handle the payments and make the necessary deposits to the associations bank account, there are fees associated with this...
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...plus travel and entertainment which covers better control over spending limit, establishes separate spending allowances for purchasing and travel and also reports for all company spending (PNC, 2010.) These reports help businesses keep track of all spending and purchases made by any employee who holds a card or who has access to these funds. The cards for travel or entertainment are for medium to large sized companies. According to PNC, these help reduce time and cost. PNC also offers Active Pay. Active Pay helps maximize payment controls, enhance transaction and data management and increase financial benefit (PNC, 2010.) Although PNC’s website does not expand on how this is done they do have a contact number for any business that is interested in opening an account with their financial institute. PNC also boasts with their cash management programs they help lower fees for payments as well as balance transfers. With businesses transfers and payments off an account may be more than a personal account, so lower costs in bank fees is always appealing to any company. Another bank that offers treasury management services is Wells...
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...E-commerce is forecast to continue to grow fast, and m-commerce twice as fast for that matter, the latter poised to reach a value of $600 billion by 2018. The Internet of Things (IoT) is at last leaving the hype phase and is becoming a revenue-creating reality. By 2020, there could be as many as five connected objects per every smartphone user. And by then, the IoT market is set to reach a value of $1.7 trillion. IoT and e-commerce have until now evolved in parallel. They are now embarking on a common journey where every connected object becomes a potential e-commerce real estate. With IoT, washing machines can now not just deliver detergent just in time by knowing when your supplies run out, they can also recommend the right detergent, based on your usage or type of clothes, on demand. Car makers can recommend where you buy your gas, by understanding your drive journey, availability of gas stations, pricing on-demand discounts, and gas station commission – in fact Google’s Waze does this already. Watchmakers can command a commission from health insurers, as they can monitor your heart rate, temperature, fitness habits and determine what risk zone you are in. Moreover, makers of connected devices can now afford a negative BOM (bill of materials) “à la Dell”, by subsidizing the cost of hardware with the revenues from bundled e-commerce services. E-commerce is already the biggest revenue generator among mobile developers, yet only a small minority have acknowledged it and...
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...ERP-systems (1729) Case: Re-engineering the Payment Process System at RFC Question 1: Draw a current process model for the payment processing system at RFC. Question 2: What changes in business processes and information do you feel will improve the payment processing system at RFC? Main system I would consider to adding a central server at the headquarters of RFC. Especially since they are considering to expand in the next three years. Using a central server gives the branches the opportunity to be up-to-date in real-time. To accomplish this, all branches need an Internet connection with a VPN connection to the headquarters central server. Every branch has its own ERP branch software that is connected to the headquarters ERP system and therefore also with the central server. When using a process like this it is important that the ERP systems know when someone is watching a certain profile or editing it as it will prevent errors and or double entries. The vouchers and bank receipts will not be used anymore and will be replaced by the ERP system. Customers have to sign a form whether they pay at a branch or at the HQ. If a branch deposited the money, an e-mail will be sent to the branch and HQ to inform the employees. The bank will send data to the main server that updates the main ERP system and thereby also the ERP branch software. Customers It is a must for customers to be able to use a web application that gives them the opportunity to pay online and...
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...Bitcoin is a software-based online payment system described by Satoshi Nakamotoin 2008 and introduced as open-source software in 2009.Payments are recorded in a public ledger using its own unit of account,which is also called bitcoin.Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. Called mining, individuals or companies engage in this activity in exchange for transaction fees and newly created bitcoins.Besides mining, bitcoins can be obtained in exchange for fiat money, products, and services. Users can send and receive bitcoins electronically for an optional transaction fee using wallet software on a personal computer, mobile device, or a web application. Bitcoin as a form of payment for products and services has seen growth,and merchants have an incentive to accept the digital currency because fees are lower than the 2–3% typically imposed by credit card processors. The European Banking Authority has warned that bitcoin lacks consumer protections.Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial...
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...b 4P’s DESCRIPTION OF BAJAJ FINSERV LENDING IN CONSUMER DURABLES FINANCE SUBMITTED BY : - SUBMITTED TO: Amey Deshpande PROF. ARPITA PANDEY PGDM- 822 (MARKETING-M1 BATCH) PRODUCT The products/services that we are assigned to market out for Bajaj Finserv Limited are: 1) 0% Interest on Consumer Durables Finance With the 0% interest Consumer Durables Finance from Bajaj Finserv Lending, customers don't have to pay any interest whatsoever on the loan amount opted for, simply divide the total amount of purchase with the loan tenor opted for, pay a few installments upfront along with a nominal processing fee and off you go with your favourite consumer durable. There are no hidden charges on those consumer durables. Bajaj Finserv is able to finance goods to consumers without charging any interest as they have tie-ups with manufacturers and dealers regarding price of the product as company cannot do business without earning profits. Bajaj Finserv has been growing well since 2008 as due to the recession many of the companies stopped there financing business and there is only one competitor in market HDFC. HDFC provides facility to its credit card customers only so the rest of customers are bound to come to Bajaj Finserv but even HDFC charges interest on EMI but Bajaj Finserv doesn’t charge interest. The extra advantage on Financing for CDs are that BFL is giving...
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...Balance Details Statement Date 23 Dec 2012 Payment Due Date 07 Jan 2013 Card Account Number Current Balance 23,421.29 Minimum Amount Due 1,172.00 Statement of Account MR MOSTAFIZUR RAHMAN APMO STANDARD CHARTERED BANK 12 WATER WORKS ROAD CHAWKBAZAR OLD TOWN DHAKA BANGLADESH 4321 5500 8135 0504 Total 23,421.29 1,172.00 Settle your credit Card outstanding using any of the following methods: • Payment through Online Banking (http://www.standardchartered.com/bd/en/) • Fund Transfer through our 24-hour ATMs • Cash payment at our 24-hour deposit machines • Cheque payment at our 24-hour deposite machines. Please issue the cheque in favor of 'Standard Chartered Bank' and mention your Credit Card number on the back of the cheque • Fund Transfer through our 24-hour contact centre • Direct Debit or Standing Instruction from any Standard Chartered Account NAME Cards Services 67, Gulshan Avenue,Dhaka - 1212 Statement Date 23 Dec 2012 MR MOSTAFIZUR RAHMAN Credit Limit ( BDT) 25,000.00 Available Credit Limit (BDT)* 1,578.71 Available Cash Limit (BDT)* 1,578.71 Payment Due Date Minimum Amount Due 07 Jan 2013 1,172.00 Current Bal 23,421.29 Amount (BDT) Prevoius Balance+ Purchases+ Cash Advances+ Interest/Charges2,070.19 Date Payments700.00 Credits 0.00 Currency Amount = 21,230.00 Description 0.00 821.10 Visa Classic - Global 23 23 29 29 29 01 08 08 08 13 23 NOV NOV NOV NOV NOV...
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...case in detail. The extreme view is that the optimal level of NWC is zero. This is based on the premise that working capital is an idle resource that provides little or no value to the stockholders. Research shows that there is a positive relationship between a reduction in working capital and stockholder wealth. However, is it possible for a firm to operate without any investment in working capital? It depends, probably not. Some investment in working capital acts as a shock absorber and reduces the firm’s risk and the cost of capital. 2. Describe the three motives for holding cash. Managers have a transactions motive to hold cash when expenses are unsynchronized with cash inflows. In this case cash provides a medium to fulfill payments in lieu of liquidating long-term assets. Thus, cash can reduce transaction costs and opportunity costs that stem from lost returns due to early liquidation. The transactions motive for holding cash is important for firms with unsynchronized cash inflows and outflows. Managers may hold cash for precautionary purposes because cash can buffer against unexpected contingencies or cash flow shortages; realized cash inflows may be less than expected. Precautionary cash holdings provide funding for purchases and repayment of debt, which are even more critical during tight credit periods when external capital is more difficult to acquire. Managers also have a speculative motive because cash holdings allow for the acquisition of positive net...
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...procurement of Home loan. It is advisable for you to first look at the different stages required for obtaining a Home Loan. The followings are the step by step procedure of getting home loan: Step 1 : Application form The first step involved in applying for home loan is the procurement of application form from the HFC of your choice. The Performa of application every HFC (Housing Finance Companies) is different from the other but about 80% information required to be furnished is the same. Along with the application form necessary documents like address proof, age proof, proof of income, bank balance etc. are also to be attached with the application form before it is submitted to the HFC. Along with all these documents HFCs also ask for processing fee of the home loan that varies 0.25% to 0.50% of the total loan amount. Step 2 : Personal Discussion After successfully filling the application form and submitting it to the authority the next step is face to face with bank or HFC where you have applied for the home loan. The bank first evaluates the papers submitted and summons the applicant for the personal discussion regarding the home loan applied for. It is advisable that you carry all your original documents of whose copy you have submitted along with the application. Step 3 : Bank's Field Investigation The next step is the field investigation done by the HFC or banks. They sent their representatives to the existing residence of the applicants or...
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...Motives for Holding Cash John Maynard Keynes suggested three reasons for individuals to hold cash.1 Keynes labeled these motives as follows: transactions, speculative, and precautionary. Shifting the emphasis away from individuals, we can use these three categories to describe the motives for corporations to hold cash. Motives for holding cash: l Transactions motive: to meet payments, such as purchases, wages, taxes, and dividends, arising in the ordinary course of business. l Speculative motive: to take advantage of temporary opportunities, such as a sudden decline in the price of a raw material. l Precautionary motive: to maintain a safety cushion or buffer to meet unexpected cash needs. The more predictable the inflows and outflows of cash for a firm, the less cash that needs to be held for precautionary needs. Ready borrowing power to meet emergency cash drains also reduces the need for this type of cash balance. It is important to point out that not all of the firm’s needs for cash call for holding cash balances exclusively. Indeed, a portion of these needs may be met by holding marketable securities (cash-equivalent assets) and by maintaining unused borrowing capacity (e.g., bank lines of credit). For the most part, firms do not hold cash for the purpose of speculation. Consequently, we concentrate only on the transactions and precautionary motives of the firm, with these needs being met with balances held both in cash and in marketable securities...
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...students by CDU will be sent to the student’s official CDU email address. CONDITIONS OF REFUND Please read the following Conditions carefully before applying for a student refund. A B Once the cashiers have received correctly completed documents your refund will be processed within 30 days. Refunds are processed in the same method of payment that they were originally received in. Refund cost and payment methods: • • • • • • Electronic Funds reansfer (EFT). Once the university has processed the refund, access to these funds will show within three (3) business days. Chq only change 3 business days. Credit cards 7-10 working days Cheque refunds in Australian Dollars are only processed on Thursdays and may take at least three (3) business days before you can access the funds once you have deposited the cheque into your bank account. Credit card refunds are only processed back on to a card if the original payment was made by credit card. Once the University has processed the refund, it may take up to seven (7) working days before the credit appears on your account due to bank processing practices. Under banking regulations, if a student has made a payment with a credit card any refund must be credited to the original card. Charles Darwin University will refund to the original credit card...
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...Study of Overall Finance Department at BHEL, Bhopal SIP project report submitted in partial fulfilment of the requirements for the PGDM Programme Institute of Management Technology, Nagpur 2010-12 ACKNOLEDGEMENT I take this opportunity to extend my deepest gratitude to all those who have helped me in the completion of this project and my Summer Internship Program. First of all I wish to express my profound thanks to the management of the Institute of Management Technology, Nagpur for providing me a platform for industry exposure and training. I am thankful to Mr. Girish Shrivastava, GM HR, BHEL Bhopal, and Dr.G.L.Pradhan Coordinator, BHEL Bhopal, for showing trust in my abilities and providing me an opportunity to work and have a learning experience. I have put in my best efforts to justify this trust and to ensure that the value addition resulting from this project is mutual. I am extremely grateful to my Company Guide Mr. K.S. Mathur, Sr. DGM Finance, BHEL Bhopal, for providing the guidance and advice towards the completion of this project study. His constant support and valuable inputs from time to time helped me a lot in conducting this study. The resources and the documents provided by him also helped a lot. Guidance from my Institute guide, Prof Agam Nag, has played a significant role in the preparation of this report. His experience in academics contributed a lot to the conceptual framework discussed in the report. I would like to express my thanks to Prof...
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