ECommerce Funds Transfers

• Drafts - Checks printed by the payee, payable to the payee with the payors bank account information (MICR line, bank name, routing fraction, etc) and a bit of legalese in place of the payors signature.
  • http://www.ecomorder.com/techref/checkdraft.asp Pay me money via check draft! (a working demo)
• Credit Card Processing - Online approval and deposit of funds to a bank issued credit card merchant account from a credit card company issued client account via a credit card clearinghouse.
• Positive Payments - Where paper checks are still written but a data file listing these checks is comunicated between the bank and the company. Verification may be executed by the bank (positive pay) or the company (reverse positive pay)
• Checks and Verification
• EFT (Electronic Funds Transfer) managed by ACH's aka NACHA (National Automated Clearing House Association)
  • Digital Cash Flow (Small Business Computing and Communications August 1998 pg 49)
  • FedWire funds transfer
• EBPP (Electronic Bill Presentation and Payment) provided by MSFDC, a joint venture between Microsoft Corp. and First Data Corp. (FDC)
  • Service provided by:
    • Electronic Funds & Data Corp.      800-576-0999
    • Priority One Corp.     717-627-5600
    • MSFDC     303-488-8833
    • CheckFree Corp.   770-441-3387  
  • Digital Cash Flow (Small Business Computing and Communications August 1998 pg 49)
• IEDI (Internet Electronic Data Interchange) the EDI format is specified by ANSI x12 but can be transmitted by any media.
  • Service provided by:
    • http://www.harbinger.com Harbinger, an EDI software and services supplier in Atlanta. Dennis Freeman, director of product marketing
  • Easy EDI for everyone (INFOWORLD August 17, 1998)
    • A sample of EDI data from the article
  • GEIS Moves Push EDI Toward the Internet (Internet Week February 22, 1999)
• e-cash A form of anonymous money transfer. Like cash. Seller doesn't know who is buying. Just that someone paid.
• Bank specific services
  • Wells Fargo - Electronic Bill Pay / Electronic Banking possibly provided by EBPP; from the Digital Cash Flow article: "MSFDC is an Internet-based EBPP provider that works with customers of pilot banks including Wells Fargo, Key Bank, Norwest, and Banc One"
  • First Union - WebAchieve due at end of 1998. Estimaged cost 0.10 cents per transaction.
  • B of A, Citibank, Mellon Bank and Zions First National Bank - unnamed pilot program overseen by  NACHA to test the interoperability of digital certificate systems from CerCo, Digital Signature Trust, GTE CyberTrust, Entrust Technologies, IBM, and VeriSign. (Article in Information Week sept 14,1998 p 492.)

See also:

• http://www.occ.treas.gov/efiles/disk2/booklets/retail/retail_toc.htm

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