E Cheques
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E Cheques

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E-Cheques- Definition, working, advantages, disadvantages

E-Cheques- Definition, working, advantages, disadvantages

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E Cheques E Cheques Presentation Transcript

  •  
    • E-cheques are a mode of electronic payments.
    • E-cheques work the same way as paper cheques and are a legally binding promise to pay.
    • This technology was developed couple of years ago by a consortium of Silicon valley IT researchers and merchant bankers and since then has been promoted by many of the financial bodies.
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    • E-cheques work the same way as paper cheques and are a legally binding promise to pay. The payment system uses digitally signed XML documents that provide mechanism to authenticate parties to a transaction. E-cheques are defined using FSML (financial services markup langauge) which allows for addition and deletion of document blocks, signing, co-signing, endorsing, etc. Signatures are accompanied by bank-issued certificates which tie the signer's key to a bank account.
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    • Different accounts are used for e-cheques to protect standard chequing account against fraud. Settlement is handled via existing standards - ANSI X9.46 with FSML representation instead of cheque image and ANSI X9.37 cash letter contained in X9.46 encapsulation.
    • It seems that consumers would gain from having E-cheques available to make payments for online purchases. The online merchants on the other hand could receive payments instantly and since the customer’s bank will be involved in the transaction.
    • It would be impossible for an E-cheques to bounce.
    • Banks can do paperless, efficient transactions.
    • The problems come when your merchant does not accept E-cheques.
    • The other problem could be when you have more than one signer or endorser.
    • Sumant Kr. Diwakar