electronic cheque

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A form of payment used in ecommerce. An electronic cheque functions in the same way as a paper cheque: it acts as a message to a bank to transfer funds to a third party; however, it has a number of security advantages over conventional cheques since the account number can be encrypted, a digital signature can be employed, and digital certificates can be used to validate the payer, the payer's bank, and the account. There are a number of schemes for electronic cheques which have been developed including one from the FSTC, a consortium of US banks and clearing houses.

Subjects: Computing.

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