What is E-Check?
An electronic check is a new payment instrument that combines the efficiency, speed and security of a similar well-developed legal infrastructure and business processes with similar electronic transactions, structured with e-checks, paper checks, and so on. E-check is a statutory security, speed and efficiency of all electronic processes carried out by the Financial Services Technology Consortium (FSTC) in the United States using a marking language called SDML (Signed Document Markup Language) Infrastructure setup, business processes, and a new payment instrument that combines paper checks and consumer preferences. The e-check initiative is a system established by FSTC under the leadership of over ten banks, government agencies, technology providers and worldwide e-commerce organizations. Examples of institutions included in this study are Agorics Inc., Bank of America, Certicom, Defense Finance and Accounting Service, FED Financial Services, Fleet Bank, GTE, IBM, IntraNet, RDM, SafeNet, Sun Microsystems and US Treasury. E-Check is the first and only electronic payment system that creates high-value payments on the public internet selected by the US Treasury. The first e-check payment made by the US Treasury’s Financial Management Service (U.S. Treasury’s Financial Management Service) was made by GTE Interworking in exchange for a government contract payment. This payment was made by the Columbus Center of the Defense Finance and Accounting Service (DFAS Defense Finance and Accounting Service, Columbus Center).
The reasons for the E-check being chosen by the American Treasury are as follows: Requirement of difficulty in reliability, Contribution to management of the payment system, Strong legal practice in the infrastructure, Leverage effect on the internet, High amount of money transfer information with payment and other payment system alternatives by SMEs It is more accepted than the The e-check in general terms can be defined as a bank payment instrument with sufficient credibility for the internet, where the payment is undertaken by digital signature without payment. The e-check system supports the check system, which is the main competence of the banking sector. It operates in a structure similar to the paper check. It has a very few manual steps aside from the paper drawer. All related transactions are made on the electronic form. Eliminating the need for expensive restructuring processes and complying with today’s business tolerance. Developing existing bank accounts with new eCommerce features and using the latest technolo- gy security techniques, which can be used by all bank customers who have an account with their SMEs, It is a system designed to meet the needs of 21st century business world and consumers. An e-check is a system where a check is made by one-time transfer of electronic funds from your bank account by logging into the official institutions or other institutions via the Interactive Voice Response (IVR) – voice response system. The e-check is an electronic lot containing information about the date, the name of the person to pay, the amount of the payment, the digital signature, the bank number and the routing number. In the e-check system, the payment of the bank account information By entering the e-commerce site. In a sense, the user makes a payment by cutting the check to the trade site. The systems in the bank clean up the transfers every day to check whether the conditions for completing the shopping in the said account are sufficient and transmit the information about the situation to the e-commerce site with encrypted channels. These transactions can also be carried out by financial institutions called clearing centers. As well as being an easy-to-use system, the systems required for more widespread use must be accepted by the financial sector.
Differences Between Other Payment Methods
There are some differences in approach between e-check and other new electronic payments. E-check application is not only a new protocol, but only a document specification. There is a proper working system with paper checks. E-check application is suited to the existing legal structure and minimizes or even destroys reconstruction. It also facilitates the smooth transition of electronic payments. In addition to the online transaction model, e-check application supports offline transaction model. The e-check will soon become an important payment tool for the emerging e-commerce world. In terms of information richness, all e-check copies are very well copied. Second copy allowed, second copy detected. However, the bank is paid once. Anyone can verify the e-check signature and notice that they play with the changes.