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 You may be familiar with electronic financing, but do you know its history? Let’s jump right in! The concept of electronic banking originated in the late 1960s, when banks in the United States began experimenting with methods to automate specific banking processes using computers. The emergence of online banking in the 1980s revolutionized the banking industry through the first electronic banking system.

Initially, these efforts were limited to constructing basic computer systems capable of account management, transaction processing, and customer data storage. The first genuine electronic banking system was introduced in 1981 by a British company called CHAPS. This system enabled clients to access their bank accounts electronically and make payments without ever having to visit a physical bank branch.


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Source: https://www.powerpacplus.org/the-first-electronic-banking-system/




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