virtual bank

(redirected from Direct banking)
Also found in: Financial.

virtual bank

A financial institution that handles all transactions via the Web, e-mail, mobile check deposit and ATM machines. By not having the overhead of physical branches, people expect a virtual bank to offer higher interest rates on their accounts.

All transactions in a virtual bank are handled entirely online, whereas "online banking" is an Internet-based option offered by regular banks. See mobile check deposit and online banking.
References in periodicals archive ?
The bank said further evidence of the importance of direct banking is the growing number of banks that are expanding their direct banking services, and the number of non-bank companies that have begun offering such services or have announced their intention to do so.
The firm said, 'Germany is a large market, and we are just going to dip our toe in the direct banking space.
At Emirates Islamic, 'Customer first' is one of our leading brand values, and this is reflected in the improved phone banking menu and the new Bill Payment campaign from our Direct Banking division," said Faisal Aqil, Deputy CEO - Consumer Wealth Management at Emirates Islamic.
He said : "Trade facilities, issuance of business visas and direct banking ties do not exist among the member states of this organization (the OIC).
de will thus be the first European bitcoin trading platform with a direct banking cooperation and is following the financial market regulations, e.
In the entire European Union, almost 30% of the private clients already use direct banking.
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.
Direct banking allows direct sales of financial products and services via the Internet, telephones and ATMs, eliminating the need for entity outlets.
Finacle™ will Support the Bank's Growth Strategy to Bring Direct Banking Convenience to new age Customers
The strategic transformation is nearly complete and, looking ahead, we will be focused on taking steps to further improve profitability, maintain strong core auto finance and direct banking franchises and fully exit the Troubled Asset Relief Program," said Carpenter.
We are pleased to be able to put these matters behind us and continue to focus on our leading automotive finance and direct banking operations.
IT solutions provider, Oracle, has announced that its Oracle Flexcube Universal Banking Solution, and Oracle Flexcube Direct Banking, were implemented at Afghan United Bank.