virtual bank

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

virtual bank

A financial institution that handles all transactions via the Web, email, 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 ?
Global Banking News-March 2, 2018--ProCredit Bank to remain focused on co-finance & direct banking projects
Summary: China's Citic Bank and search engine firm Baidu have come together to launch a direct banking joint venture called AiBank, …
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in US financial services.
NYSE: ALLY) direct banking subsidary Ally Bank said it has expanded its Ally Mobile Banking app to include Ally Assist, a virtual assistant that responds to customer inquiries in a way that delivers a more intuitive and personalized banking experience.
Summary: Emirates Islamic has revamped its direct banking channels to provide customers with an enhanced banking experience and to encourage them to move towards online and mobile banking
He noted that Islamic countries have no direct banking ties, the business visas, and trade facilities.
ADPnews) - Dec 3, 2009 - Bank holding Raiffeisen International (WBAG:RIBH), or RI, is setting up a new direct banking subsidiary for the European Union (EU) members in central and eastern Europe (CEE), RI said on Thursday.
Honk Kong`s interest in expansion of economic ties with Iran has removed certain bans preventing expansion of bilateral ties, he said adding that direct banking ties will also help expansion of trade and joint investment between the two countries.
AllyBank, the direct banking subsidiary of Ally Financial Inc.
NS) has announced that it has named a president for Direct Banking.
It said that it was expecting to open a direct banking operation in Germany in the third quarter of the year.
Callatay & Wouters developed Thaler Direct Savings Bank as a result of its work with Rabobank International Direct Banking (IDB), the internet retail banking division of the Dutch Rabobank Group.