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E-CHEQUE
E-CHEQUE
Recent years have seen a tremendous
increase in e-commerce transactions. The
success of e-commerce relies on developing
adequate payment technologies. One such
technology is e-Cheque.
An e-Cheque is an
electronic document which substitutes the
paper check for online transactions. Digital
signatures
(based
on
public
key
cryptography)
replace
handwritten
signatures.
Definition of 'Electronic
Cheque'
PAYER PROCESS
In order to send a cheque, the client
PAYEE PROCESS
When the payee receives the e-
BENEFITS OF E-CHEQUE
TO CUSTOMERS;
No physical movement of cheques so no
Benefits to Bank
clearing
Superior verification and reconciliation
process
No geographical restrictions
No physical movement of cheques- it
saves cost and time for banks.
No chance of cheque dishonor- The risk is
taken care of by the accounting server,
which will guarantee that the cheque
would be honoured.
payments
Reduce processing costs by up to 60%.
E-cheques require less manpower to
process and dont come with any
deposit or transaction fees. As a result,
processing an e-cheque is generally
much cheaper than processing a paper
check or credit card transaction.
DRAW BACKS
Customer education
Chances of misuse, hacking etc
Need a different infrastructure
Unauthorized transactions becomes
THANK
YOU>>>>>>>>