• Online banking is a form of transaction by which customers can send/receives money directly from one branch to another branch within the same bank (through branch counter).
• Internet banking is the ability to perform electronic banking services via the I-net Portal, ATM & Bank application

What is the difference between IBFT & Online Transfer?

• IBFT (Interbank Fund transfer) or Fund Transfer is commonly known as transfer of funds from AKBL account to an account in another bank. This electronic payment can be done via I-net banking, Mobile Application & ATMs. It is a charged service as per Schedule of Charges (SOC).
• Online Transfer is a form of transaction which transfer fund directly from one branch to another branch within AKBL.

Example:
Two AKBL account holders located in different cities want to undertake or to conduct a business transaction via AKBL cheque. In this scenario the Account Holder – A can present deposit the cheque drawn in the name of Account Holder – B and the funds are transferred from Account A to B in real-time, without going for clearing.