Withdrawal Of Money Research Articles

Analisis Efektivitas Penggunaan E-Wallet dalam Pembayaran Digital Bagi Mahasiswa Program Studi Manajemen Bisnis Syariah UMSU

This research aims to determine the motives, impacts and experiences of FAI UMSU Sharia Business Management students in using E-Wallets for Digital Payments. Based on the results of observations and interviews based on this title, researchers found that there are many factors that influence students to use E-Wallets for digital payments, including: promos, ease of use, service features, security of the e-wallet digital product. Almost all provinces in Indonesia have touched digital e-wallet applications (OVO, Gopay, Link Aja, Flip, DANA, Shopeepay and so on). E-wallet users are increasing rapidly and are widely used by various groups, including students. Although e-wallet service providers offer a variety of products, not all of them are used by students. E-wallet is a digital payment transaction method that includes features such as balance top-ups, bill payments, inter-bank transfers, money withdrawals, and so on. The use of digital e-wallets is still dominated by payments for online transportation transactions, purchases via e-commerce, and food and beverage delivery services. Security is also one of the factors that makes students interested and interested in using E-Wallet. Meanwhile, the existence of a security verification system makes consumers feel protected regarding the security of their personal data information when using E-Wallet. One of them is by launching fingerprint and facial verification features to validate every transaction.

APPRAISAL OF BANK’S LIABILITY ON AUTOMATED TELLER MACHINE (ATM) DEBIT-WITHOUT-DISPENSING TRANSACTION UNDER NIGERIAN LAW: JWAN V. ECOBANK & ANOR. IN PERSPECTIVE

Technological advancement has been adopted in the banking sector through the use of ATM and ATM cards issued by banks to ease saving and withdrawal of money by customers. Once a customer’s account is liquid, the insertion of an ATM card in an ATM and following the procedure, should lead to cash dispensation. However, there are instances where a customer’s account is debited but the money is not dispensed. This is an ATM debit-without-dispensing quagmire. Recently, the Nigerian Court of Appeal in Jwan v. Ecobank & Anor held that an ATM card is akin to a cheque, where it is inserted into an ATM by a customer whose account is funded, a debit-without-dispensing transaction equals to a dishonoured cheque which is breach of banker’s duty to the customer. This conclusion was reached based on the doctrine of res ipsa loquitur. This paper adopts doctrinal method in examining the propriety of making an ATM card akin to a cheque. It attenuates the nuances of the decision with particular reference to the ambit of banker’s duty of care. It seeks to evaluate whether the decision took cognisance of the vagaries of technological glitches in technology driven transaction like the ATM. It discusses the impact of the decision on Nigeria’s banker-customer jurisprudence. It makes vital recommendations as way-forward.

Integrating Theory of Planned Behaviour to Explore Young Private Sector Employees’ Retirement Planning Behaviour

The concern surrounding retirement planning has become a prominent source of concern among the younger labour force in Malaysia. A substantial percentage of individuals between the ages of 18 and 40, who are employed in the private sector, rely on the Employee Provident Fund (EPF) as a means of saving for their retirement. The government's COVID-19 policy allowed for the withdrawal of money, leading to a reduction in savings levels for this particular group. The increasing incidence of bankruptcy cases and insufficient reserves is a worrisome factor for the future survival prospects of upcoming generations. Although several retirement initiatives have been introduced by governmental agencies and financial institutions, a significant number of young Malaysians still lack the necessary dedication to start saving for retirement at an early stage. According to the existing data, people are more likely to spend money than to save it. This study seeks to examine the factors that influence the retirement planning behaviour of young adults in Malaysia. The study suggests that spending attitude and financial literacy are dependent variables, whereas saving intention acts as a mediating variable, and retirement planning behaviour is also a dependent variable. The objective of this study is to enhance the current body of knowledge by developing a theoretical framework that explains the role of saving intention as a mediator between financial literacy and saving attitude in the context of retirement planning behaviour. According to the theory of planned behaviour, the desire to engage in saving behaviour is influenced by both financial literacy and attitudes towards saving. The characteristic that has the strongest link with retirement planning activities is the individual's level of saving intention. The suggested recommendations for further investigation are delineated.

Nudging Online Gamblers to Withdraw Money: The Impact of Personalized Messages on Money Withdrawal Among a Sample of Real-World Online Casino Players

A number of scholars have argued that online gambling can be more problematic than land-based gambling. Motivating gamblers to withdraw money from their online gambling account could lower losses because there would be less money available to lose. Therefore, the present study investigated whether personalized messages are an effective way of ‘nudging’ gamblers to withdraw money from their online gambling account. The authors were given access to a secondary dataset by Nederlandse Loterij (the national Dutch Lottery operator) comprising 4049 online gamblers. Two types of messages were used to ‘nudge’ gamblers to withdraw money from their gambling account (i.e., a ‘winning streak’ message and a ‘withdrawal’ message). The findings indicated that (i) 38% of gamblers reading the ‘winning streak’ messages withdrew money from their gambling account on the same day, and (ii) 18% of gamblers reading the ‘withdrawal’ messages withdrew money from their gambling account on the same day. Gamblers who read personalized messages also withdrew larger amounts of money from their gambling accounts compared to gamblers who did not read personalized messages. The findings suggest that the personalized messages can have an impact on both the likelihood to withdraw money as well as the amount of money which was withdrawn and could help reduce gambling-related harm.

The Effect of Bank Health Level and GCG Self Assessment on Banking Performance

Bank Bukopin's liquidity difficulties in 2020 were triggered by internal problems which resulted in disruptions to payment traffic, money withdrawals and financing distribution, this had an impact on decreasing public trust and causing harm to the banking world. The research aims to prove the effect of banking soundness level and GCG Self-Assessment on the financial performance of Indonesian banks. The research design is quantitative associatif and the unit of analysis is the company's annual report. Samples were taken from a population of banking entities listed on the IDX for the 2017-2021 period through a purposive-sampling technique and data analysis using panel data regression with the E-Views 10 program. The research results prove that simultaneously financial performance (ROA) is influenced by CAR, BOPO, NPL, LDR and SA-GCG. Partially the CAR, BOPO, and NPL variables affect financial performance (ROA). while LDR and SA-GCG do not affect financial performance (ROA). The research findings indicate that the LDR owned by banks is still in a safe condition and the Self-Assessment-GCG made by the bank does not provide a guarantee that it will increase banking performance.

Policy to increase the maturity of household deposits in order to strengthen the resource base of Russian banks

The role of client funds and bank deposits of individuals, in particular, as a source of funding for Russian banks in the context of tightening sanctions, is significantly increasing. At the same time, it is necessary to pay special attention to increasing the stability and urgency of the resource base of banks, since in the current conditions banks are often under the threat of a massive withdrawal of money, and the urgency of deposits remains uncertain. This forces banks to maintain excess liquidity reserves, reducing investment lending to the real sector of the economy. The article substantiates a set of measures aimed at increasing the urgency and stability of retail deposits.

Transaction System Based on Blockchain Technology using Smart Contract

Blockchain is a peer-to-peer distributed ledger technology, nowadays widely used and a hot topic in the industries. A Smart Contract is a virtual contract based on Blockchain technology which executes and operates between two parties (especially a buyer and a dealer) when a certain condition of the contract is met. The objective of this research is to present a decentralized transaction system based on Blockchain technology implemented using Smart Contract. Blockchain based cryptocurrencies are an evidence for a secure implementation of any currency-based centralized systems put forth in use in a decentralized way. Current transaction systems and payment gateways are centralized systems that need monitoring and verification from a central agency like a bank or a third party organization which are not completely automated as some of the processes are human controlled. Also deposition and withdrawal of money sometimes take a long procedural time. Still these systems are neither completely error free nor secure and time to time certain issues may arise. Even nowadays some payment methods charges transaction fee which is like paying for the money you are paying for. In this research paper we are proposing an automated Ethereum blockchain technology based transactionsystem which will eliminate the bank and third party verification.Each block of the Ethereum blockchain in the system will store the transaction details also linked with all the previous transaction details in the form of a chain. A Smart Contract is used to define the terms and conditions of the transaction which include account creation, ether deposition and withdrawal. This system enables users to carry out transaction without any fraud and losses from anywhere around the globe within split seconds. Keywords: Transaction system ,Blockchain, Smart Contract, decentralized,crypto-currency

Cash holding management for self-financing phase-able and non-phase-able project portfolio selection and scheduling problems

This article presents a novel mathematical model for managing the level of cash reserves for the self-financing phase-able as well as non-phase-able project portfolio selection and scheduling problems. Practically, the executive managers of project-oriented organizations tend to keep cash within their organization to increase their decision-making power. Although this allows managers and investors to invest in future economic projects, it imposes opportunity costs on owners and investors, in which case maintaining cash reserves can turn out to be a major challenge between owners and executive managers. This issue becomes more acute when the project-based organization operates self-financing. Because the financing is limited to the revenues of the finished projects, money withdrawn from the project account without proper management exacerbates financial constraints. Consequently, managers will bypass some future valuable investment opportunities. In this article, from the point of view of cash holding, the expectations of managers and investors in a self-financing phase-able and non-phase-able project-based organization will be met simultaneously. The proposed model is a nonlinear integer program. After linearization, an example is provided to illustrate the applicability and performance of the proposed model.

Application of Fuzzy Logic to Find Out the Amount of Spending Money at the Bank

Banking is an important part of the financial system for smoothly running a country's economic activities. Quality of service is a form of consumer assessment of the level of service, and the factors that influence service quality include factors of employees, systems, technology, and customer involvement. Banking services are carried out to make it easier for customers to make transactions. The needs faced by customers cause the spending of money at the bank to be often not properly controlled. For example, for money withdrawn in large or small amounts for daily needs, fuzzy logic is used to make it easier for customers to know the amount of money spent each month. Given these problems, the authors are motivated to do further research in solving the case with the fuzzy method. Based on the data obtained from the bank, by utilizing fuzzification, fuzzy inference, and fuzzy rule base, as well as defuzzification of fuzzy logic, fuzzy logic can be applied to determine the amount of money spent. The research results show nine sales functions (Membership Function) from two input parameters, namely withdrawal of money and remaining balance. The linguistic variables used are Little Expenditure, Moderate Expenditure, Much Expenditure, Little Balance, Moderate Balance, and Many Balance.

GST Implication and its Impact-A Public Perspective

Abstract: Goods and Services Tax issue has been debated for several years since 2005 some of the individuals support the implementation of GST, some oppose to it. The main reasons for the consumer unwilling to support or opposed the implementation of GST because of the fear of price hike majority of the respondents believed that GST would causes higher inflation. In addition , lack of information and unclear about the purpose of GST implementation consumers are too worried until they brought up one issue , particularly regarding charges of 6% of GST on money withdrawn from the ATM . This will replace sales tax and service tax which has been payable tax annually, where as GST is payable monthly. Because of this SME’S should plan for additional cash and be aware that GST is payable whether they have received payment from their customers or not. This paper begins with introduction to GST, Concept of GST, further analysis of challenges, problems of indirect tax system and GST implicationin Indian economy. It also cites on effective management of GST implications in Indian Economy. Hence, this present article explores how perception of public on GST implication and its impact on the Indian economy. The study has been conducted with respect to Shivamogga region general public professionals and non-professionals. The primary data have collected from 100 respondents and draws some conclusions about possible future directions for research in GST offered by various researchers.

Competition between Variable–Supply and Fixed–Supply Currencies

For one variable–supply currency in isolation, one player’s Cobb–Douglas utility depends on the current supply divided by the initial supply, multiplied by the inverse of the accumulative inflation/deflation. With equal weight assigned to both factors, money printing outweighs inflation, and money withdrawal outweighs deflation. The study design is to analyze how competition between one variable–supply and one fixed–supply currency impacts the player’s choice of currency. Applying the 1959–2021 US M2 money supply data and the 1635–2021 US inflation data, the player’s utility increases over time when assigning high weight to money printing/withdrawal and increases less or decreases overall when assigning high weight to inflation/deflation. With different player support for the two currencies, depending on each currency’s backing, convenience, confidentiality, transaction efficiency, financial stability, and security, replicator dynamics is used to determine the player’s volume fraction of transactions in each currency. Low, high, increasing, and decreasing support of a currency are analyzed. Each fraction may increase, decrease, be inverse U–shaped, U–shaped, and approach low or high levels over time. For example, high weight assigned to money printing may cause the player to eventually prefer the variable–supply currency unless the player supports the fixed–supply currency highly and increasingly.

Bank branch outreach and access to banking services toward financial inclusion: an experimental evidence

PurposeBoth branch and automated teller machine (ATM) are playing a crucial role in banking coverage expansion in India. People prefer to go to an ATM for withdrawal of money rather waiting in a queue for hours at a branch. Without the existence of a full-fledged brick-and-mortar branch, ATM also plays an important role by providing basic banking services. In India, a significant part of the population is excluded from banking access. The present study aims to investigate how the branch and ATM penetration influence financial inclusion.Design/methodology/approachThe study covers the period from 2008–2009 to 2019–2020. With the application of Welch'st-test, a comparative study is being conducted between branch and ATM. Further, with the application of regression analysis, the study analyses how the branch and ATM network expansion influence financial inclusion.FindingsThough in recent times customers prefers to visit an ATM and its growth rate is higher than branches, the study found no significant differences between the growth of branch and ATM. Further, results of regression show both branches and ATMs have significant impacts on financial inclusion.Originality/valueIn micro concept both have a common role in respect of service provided to customers. While in macro concept a list of specific services can be provided through branch level only. This study has a significant role, considering the importance of branches or ATMs and cost of installing a physical branch.

Money issue and money circulation: concept and essence

The article is devoted to the research with the use of a comprehensive systematic analysis of the current state of money issuance and money circulation in Ukraine in the context of the implementation of the Association Agreement between Ukraine and the European Union. The current national financial legislation and the experience of formation of money issue and money circulation in the European Union are considered. It is noted that the issuance of money is an important element of the monetary system of the state. The monetary system is a certain model, type of organization of money issue and money circulation, which is enshrined in law, which exists only through the establishment of rules for the organization of money issue and circulation in mandatory regulations. Under the issuance of cash means the issuance of cash in order to increase the money supply in the economic circulation of the state. The reverse issue procedure is the withdrawal of money from circulation, which is aimed at stimulating the state's economy. It is stated that money circulation is an integral part of the financial system of the state, as the established mechanism of money circulation regulation is the foundation for the development of banking and investment activities in the state with foreign capital, optimization of financial services market, including insurance. The issue of money in circulation is constant. Non-cash money is issued when credit institutions lend to their customers. Cash is issued in cash when carrying out cash transactions by banks, which issue them to customers from their operating cash registers. Money circulation is a process of cash flow in cash and non-cash forms in the economic circulation of the state, based on certain principles, which are based on and follow from the provisions of the legislation of the country in order to effectively regulate the money supply. To implement the financial functions of the state in the field of formation, distribution and use of monetary funds requires an effective mechanism for organizing and regulating the circulation of money in cash and non-cash forms regulated at the legislative level.

Typical mistake regarding illegal withdrawal of money. Disclaimer refit

Typical mistake regarding illegal withdrawal of money. Disclaimer refit

Organization of work to counteract illegal withdrawal of funds and money laundering through microfinance organizations

The relevance of the chosen topic is due to the problems of ensuring the protection of personal rights when interacting with microfinance organizations, protection of personal data of citizens, fraudulent actions when entering into a loan agreement using copies of documents, personal data in the information telecommunications network Internet, as well as stolen or lost documents, protection of citizens rights when processing personal data by microfinance organizations to obtain a consumer loan. Ensuring the protection of society and the state by creating a legal mechanism to counteract the legalization (laundering) of income and funds withdrawal abroad. In the microfinance market, there are organizations that operate illegally; they do not belong to any state register, as a rule. You will never find any responsible persons at the legal address of such companies. Therefore, in case of damage, compensation for losses through civil mechanisms or appealing directly to the culprit or to the court is almost impossible. The average citizen is not able to ensure their own economic security and financial stability. Due to legal illiteracy and the specific features of this type of activity, the citizen is the vulnerable party of relationship. A growing social tension in connection with filing by creditors in the face of microfinance institutions is due to obviously overestimated obligations in the loan agreement in case they were not performed during a long period of default. Such practice was quite common prior to the amendments to the legislative acts regarding limitations on the accrual of interest on consumer credits (loans) for up to one year. The activities of microfinance organizations are directly related to financial transactions involving the transfer and provision of funds, which may be of interest to criminal circles or other persons engaged in money laundering and terrorist financing. The relevance of the research is also dictated by the lack of sufficient scientific recommendations to create the necessary legal mechanisms and train government agencies, including the Ministry of Internal Affairs, the Prosecutors office and the courts, in order to prevent infringement of citizens rights when they deal with microfinance organizations in obtaining consumer loans. The lack of effective management of such relations is dangerous in terms of requirements set up in article 46 of the Constitution of the Russian Federation on the right to guaranteed judicial protection of the rights and freedoms of citizens. The novelty is related to the attempts to analyze the activities of microfinance organizations not from the position of presenting this type of activity as an economic tool for providing financial assistance to vulnerable segments of the population, but as a potential threat to society, since uncontrolled monetary relations will lead to criminalization of the activity and further worsening of the financial situation of citizens. Practices of foreign countries show that these tools are implemented only in countries with a low level of economic development. In Western Europe, microfinance is practically not used; instead, other tools are applied, such as raising household incomes through the creation of highly qualified jobs, which is a contradictory practice. The purpose of the research is to study public relations in the field of microfinance organizations, identify gaps and contradictions in this area, develop and justify possible legal proposals to eliminate them. Based on the analysis of international agreements in the field of countering the legalization (laundering) of income and withdrawal of funds, mechanisms of interdepartmental interaction in the Russian Federation, it is advisable to develop measures aimed at improving Russian legislation on microfinance activities.

A Secure and Efficient Multi-Factor Authentication Algorithm for Mobile Money Applications

With the expansion of smartphone and financial technologies (FinTech), mobile money emerged to improve financial inclusion in many developing nations. The majority of the mobile money schemes used in these nations implement two-factor authentication (2FA) as the only means of verifying mobile money users. These 2FA schemes are vulnerable to numerous security attacks because they only use a personal identification number (PIN) and subscriber identity module (SIM). This study aims to develop a secure and efficient multi-factor authentication algorithm for mobile money applications. It uses a novel approach combining PIN, a one-time password (OTP), and a biometric fingerprint to enforce extra security during mobile money authentication. It also uses a biometric fingerprint and quick response (QR) code to confirm mobile money withdrawal. The security of the PIN and OTP is enforced by using secure hashing algorithm-256 (SHA-256), a biometric fingerprint by Fast IDentity Online (FIDO) that uses a standard public key cryptography technique (RSA), and Fernet encryption to secure a QR code and the records in the databases. The evolutionary prototyping model was adopted when developing the native mobile money application prototypes to prove that the algorithm is feasible and provides a higher degree of security. The developed applications were tested, and a detailed security analysis was conducted. The results show that the proposed algorithm is secure, efficient, and highly effective against the various threat models. It also offers secure and efficient authentication and ensures data confidentiality, integrity, non-repudiation, user anonymity, and privacy. The performance analysis indicates that it achieves better overall performance compared with the existing mobile money systems.

DIGITAL FINANCIAL INNOVATION SERVICES AND THEIR IMPACT ON THE PERFORMANCE OF COMMERCIAL BANKS IN KENYA

The study aimed at investigating the impact of digital financial services on the financial performance of Commercial Banks in Kenya using secondary dataset generated from the Central Bank of Kenya (CBK) and the Communication Authority of Kenya (CAK) for a period of five years (2015-2019). To achieve this objective, the study used a multiple regression and Pearson correlations. The study using the Pearson correlations found negative correlations between mobile money (registered mobile money accounts, active mobile money agents and mobile money deposits and withdrawals), digital payments (P2P transfers) and performance of commercial banks. However, the study found positive and significant relationship between customer deposits, Gross non-performing loans and performance of commercial banks in Kenya. The study therefore concludes that digital financial services offered by Fintech companies have a negative impact on the performance of Commercial banks in Kenya and recommends that commercial banks should continuously develop more digital financial services and collaborate more with Fintech companies to improve on their performance. The originality of this study will be of benefit to managers of Commercial banks.
 
 JEL: G21, G23, N27, O30, O31, O39
 
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The Devil’s Laugh at Corporate Governance: The Case of Punjab and Maharashtra Co-operative Bank (PMC Bank) India

The trust of depositors in the Indian banking system was shaken in September 2019 when the five-page confession letter written by Joy K Thomas, Managing Director and Chief Executive Officer of Punjab and Maharashtra Co-operative Bank (PMC Bank), one of the ten largest co-operative banks in India revealed gross financial irregularities, collusion and fraud in banking operations of PMC Bank from 2008 onwards. The Reserve Bank of India (RBI) came into swift action and placed curbs on routine banking activities and restricted the withdrawal of money to a limited amount. Succumbing to the shock, depositors protested at several places and even, eleven depositors lost their lives. With a huge exposure of 73% of the overall loan portfolio to a single borrower, Housing and Development Infrastructure Ltd (HDIL) & group companies, that too facing insolvency proceedings, the recovery of full money was almost impossible. The malice at PMC Bank is the classic case of crony capitalism, collusion and fraud, and failure of corporate governance. The case draws important lessons for reforming co-operative banking sector and strengthening banking supervision in the country.

계좌양도시 계좌명의인의 예금인출행위와 횡령죄 성립 여부 - 대법원 2018. 7. 19. 선고 2017도17494 전원합의체 판결 -

The target judgment held that if the account holder withdraws a deposit from the account used for the voice phishing offense, the crime of embezzlement is established if there was no intention to commit the voice phishing offense. The Supreme Court made a theory that the embezzlement crime against the remitter was established by citing the precedent of the mistaken remittance, and it has been criticized a lot. However, this case should have been examined first to see if it constituted a crime of fraud. This is because the account holder had a fraudulent intention to withdraw cash in violation of the account transfer contract from the time of the account transfer contract. However, since the target judgment has been sentenced, in general cases where the account holder is not willing to cheat when signing an account transfer contract, the target judgment is stated as a reference precedent, so it is necessary to discuss whether such a crime of embezzlement can be established. The target judgment can be criticized in the following respects. First of all, it is not correct in that it was trying to regulate what should be regulated as fraudulent as embezzlement. Even if the prosecutor charged with embezzlement, the court should have requested a change of the indictment for fraud, and if the prosecutor had not complied with this request, he should have been acquitted of the crime of embezzlement. Secondly, the crime of embezzlement is denied by applying the "need to protect the consignment relationship" standard in determining the constituent requirements of embezzlement against the account transferee, but this standard should be replaced by "need to protect ownership". Lastly, it is not correct in that it deals with the same purpose as the "error remittance case" and the "case of withdrawal of money from voice phishing-related account providers." This is because the review of embezzlement in the case of account holder's money withdrawal related to voice phishing must be reviewed in terms of the three-party embezzlement structure. Looking at the structure of the three-party embezzlement, if the account holder does not acknowledge the intention of the voice phishing fraud, it is considered that the crime of embezzlement with the account transferee as the consignor and the remitter as the victim can be recognized.

Assets Recovery of Money Laundering Criminal Acts: A Study of Restoring Assets for Money laundring Criminal Acts Related in the Account of Overseas Bank

This research was conducted to investigate the obstacles to asset recovery for the proceeds of money laundering deposited in offshore bank accounts, as mandated in Law Number 8 of 2010. The issues raised in this study are about the relationship between corruption and money laundering. As well as law enforcement in the monetary sector in Indonesia through the criminal approach and Asset Recovery in the Money Laundering case. Based on the research, it was found that the recovery of assets resulting from money laundering that was stored abroad experienced obstacles due to differences in legal concepts (money laundering and assets proceeds from money laundering). The research was conducted through juridical normative methods and data collection. It is concluded that the Asset Recovery approach is more of a deterrent effect for the perpetrators of corruption than punishment. To facilitate the withdrawal of money laundering funds abroad, a bilateral cooperation agreement between the Indonesian and recipient countries of money laundering assets is necessary.