Distributed Securities against Eavesdropper in Electronic Funds Transfer

Many people have speculated that cash and checks will eventually go the way of the dinosaur or the passenger pigeon; that is, at some point, they will cease to exist in the market, having been replaced by new emerging, electronic payment methods. Generally the banking laws, regulations and supervision were designed primarily to address the fundamental principle relating to safe and sound business practices by financial institutions. For many consumers, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or Direct Deposit of paychecks into checking or savings accounts. But electronic banking now involves many different types of transactions. Electronic banking, also known as electronic fund transfer (EFT), uses computer and electronic technology as a substitute for checks and other paper transactions. Electronic funds transfers are based on technology that by its nature is designed to extend the geographical reach of banks and customers. This kind of a market expansion extend beyond borders, therefore there will be problems which banks will try to avoid like regulation and supervision. Electronic Funds Transfer (EFT) provides for electronic payments and collections. In this paper we discuss about new electronic payment methods and different securities level of distributed database. We also Discuss the distributed securities of Electronic funds Transfer. The aim of this article is to briefly examine and explain the issues of electronic funds transfers, security and privacy of transactions pertaining to internet payments. This paper introduces electronics funds transfer, discusses some of their basic properties of EFT and outlines their general role in securing software applications on the EFT. In addition, the architecture of a EFT is described.