The electronic check (eCheck) is a payment mechanism developed by the Financial Services Technology…

 
   

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The electronic check (eCheck) is a payment mechanism developed by the Financial Services Technology Consortium (FSTC). Using public-key cryptography and digital signatures, trading partners and their banks can transmit secure messages and payment information. As with SET, eCheck certificates would be issued by banks certifying that the holder of the certificate has an account at that bank. And, payments would be processed automatically through the existing bank systems. Unlike SET, however, payments would be checks drawn on bank accounts. And, a feature beyond SSL and SET is that the eCheck protocol defines message formats, such as purchase orders, acknowledgments, and invoices, that can be processed automatically by trading parties. eCheck provides protections similar to those obtained with SET. That is, merchants and banks are protected from unauthorized use of checks, and the consumer is protected from check fraud.