AUTOMATIC RENT AND BILL PAYMENT SYSTEM
Abstract : The main aim of our project is to make the rental charges and monthly bills to pay automatically without any fail. The user management system will be deployed and it will be shown as a banking interface. The digital money will be taken and the deduction for House Rent, Corporation Tax, Telephone Bill and Gas Bill. The virtual money will tend to deducted from the user account on a particular date automatically is our concept of the project. We use the bills like gas bill, house rent, telephone bills, Insurances bill, Car Rents, furniture bills, corporation taxes etc because these are the fixed values each month whereas the variable bills like EB bills, Water Bills, fuel bills, etc could not be done in the project.
Anefficientpaymentsystemactsasanenablerforspeedingupliquidityflowintheeconomy,apartfromensuringproperutilizationoflimitedresourcesitalsoeliminatessystemicrisks.Flowoffundsacrossbordersdemandsthesecurity,integrityofthepaymentsystemandtheharmonizationofthesystemsintherelatedcountries.
? Currently, most of the bills are still paper based and it takes time and costs to send the bills to individual addresses.
? If a user changes address, he/she needs to inform all the billing organizations or they will miss their bills. This also causes a lot of trouble from personal user’s perspective.
hepaperdwellswiththeneedtomodernizethepaymentsystemandmigratefrompaper-basedtoelectronicmodeofpaymentsystemtoenhanceefficiencyandsavecost.Itdelvesintothecoreofpaymentsystemsintheselectcountrieswithacomparativeanalysis.BenchmarkingagainsttheBIScoreprinciplesofSystemicallyImportantPaymentSystemsrevisedascoreprinciplesofFinancialMarketsInfrastructurehasbeendonetoensureconvergencewiththeinternationalbeststandardsforGovernanceofPaymentsystems.Thepaymentsystemofanycountry,thoughadvancedandsophisticated,doesfacevariousrisks,viz.bankfailures,frauds,counter-partyfailures,etc.Suchaberrationscould riggerachain-reactionthatmightultimatelyresultindisruptionanddistrustofthepaymentsystem.Forexample,ifonelargepaymenttransactioncannotbesettled,itdisturbsothertransactionsleadingtofailureoftheinstitutionsinvolvedintheprocessultimatelyupsettingtheentirepaymentsysteminthecountry.
The user can just pay for the consolidated bill once a month and all the bills are settled by the central billing system.
The proposed system consolidates all bills for one userso the user will not need to track and pay the bills individually.
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