Technology and the Internet are interfering in all areas of life and not limited to one area, whether in marketing, investment or trade and through this article let us the address and talk about something new comes under the name of electronic checks.
Digital Checks is a new technological breakthrough in the world of smartphones that develops banking transactions and becomes a substitute for paper documents. Digital or electronic checks are a documented and secure electronic message sent by the issuer (check writer) to the recipient (holder) to be approved and submitted to the bank using technology The Bank shall first transfer the check amount to the account of its holder. The bank then cancels the check and electronically returns it to the recipient of the check to be proof that the check has been paid. The recipient can also verify electronically the transfer of the amount to his account.
Because electronic checks are easy to process, they contain authentication and digital signatures and rely on cryptographic encryption. Digital Checks have many features that are easy to handle in less secure steps than a paper check.
Digital Checks are used as a means of payment through the Internet, such as electronic commerce, charities, electricity companies, tax collection and property management. The use of electronic checks is expected to be widespread in many popular locations such as Western Union, MoneyZap and PayByCheck.
Electronic Check Validation Mechanism
The idea of working the electronic check and rely on a simplified that the person who deals with it as sellers and merchants, for example, a website, includes and contains the form of payment or invoice that the site contains the form of electronic checks, and then the consumer fill out the purchase form, Or bill, and then return to the seller directly by e-mail, after filling out, while making an electronic check for the broker, which in turn checks the authenticity of banking and banking information.
Through the online inquiry in the customer’s bank database, he sends a formal notice to the seller and buyer of the validity of the transaction. After that, the website of the payment broker checks is sent electronically, on behalf of the buyer, and deposited in the seller’s account directly. The broker sends a statement of the amount of the commissions due to the seller at the end of each month and accepts the payment of electronic checks. These commissions are not counted as a percentage of the value of the transaction, however large or fixed, Even if it is done during the weekend, the public holiday, or during the night hours.
The broker, who is the link between the source of the electronic check and the seller, provides two kinds of services:
The first is called the I-Check, where the electronic check is issued without confirmation of the customer’s account.
The second service is the so-called excellent service (I-Check Plus) in which the mediator examines many and a lot of important information, such as the customer’s history and reputation in the issuance of electronic checks at the bank, and the absence of stolen checks, also makes sure that there is no buyer’s account If you freeze the moment of the purchase, or pay the bill.