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Protocols and Standards for e-Pay Clearing and Settlement |
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(A Collaborative Project with Ministry of Communication and Information Technology, Govt. of India) New Payment Instruments like the Electronic Check are being introduced for Payments over the Internet. These new Instruments need a well developed Electronic Inter-bank Clearing and Settlement System. Lack of a suitable Clearing and Settlement System is one of the main bottlenecks for the growth of E-Commerce. Electronic Check offers the advantage of both traditional paper Checks and modern cryptographic techniques – in short the best of both worlds. But to derive the maximum benefit from the deployment of Electronic Checks, a suitable Inter-bank clearing and settlement system for e-checks needs to be developed and integrated with the existing Clearing and Settlement Systems. This project involved developing the Protocols and Standards for E-Check Clearing Systems, testing the interface with the existing settlement systems, using this system to pay utility bills like the telephone, electricity, taxes and designing a prototype for Check Truncation. |
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