Online banking, also known as virtual, internet or e-banking, is an electronic payment system that offers the clients of a bank or other financial institution the ability to handle a wide range of financial transactions by using the bank's website. As online banking is highly dependent on internet access and take-up, the first e-banking services appeared in the early 1980s in New York, when it was known as 'home banking'. Today, bank account management via online banking is in huge demand. Statistics show that 81% of bank clients in the US have used online banking services at least once in the past 12 months. Most banks are able to offer online every service traditionally provided at a local branch, including checking account balances or lists of recent transactions, paying bills or transferring funds to other people.