Voicemail is a computer based system that allows users and subscribers to exchange personal voice messages; to select and deliver voice information; and to process transactions relating to individuals, organizations, products and services, using an ordinary telephone.
The term is also used more broadly to denote any system of conveying a stored telecommunications voice messages, including using an answering machine. Most cell phone services offer voice-mail as a basic feature, many corporate PBXs include versatile internal voice-messaging services and *98 Vertical service code subscription is available to most individual and small business land line subscribers.
This is also known as voice-mail, voice message or voice bank. Read more at Wikipedia
