S.Y.B.

COM (BANKING & INSURANCE)

GROUP MEMEBERS:Name Snehal Mhatre Jyoti More ROLL NO. 31 32

ELECTRONIC CHEQUE AND ELECTRONIC CASH

Content:1} ELECTRONIC CHEQUE:-

Introduction Definition Process of electronic cheque Advantages of Electronic cheques Disadvantages of electronic cheques
2} ELECTRONIC CASH:-

Introduction Examples of electronic cash Advantages of electronic cash How it used

ELECTRONIC CHEQUE

INTRODUCTION:An electronic cheque is an electronic copy (scanned image) of a real cheque, which is then transferred by email. In addition to the cheque's 'real' signature, the transfer must be digitally signed using the sender's private key to authenticate the transfer. Electronic cheques are an electronic funds transfer (EFT). It permits use of electronic cheques to transfer funds from one account to another. It makes transfer of funds easy by making it immediately available. Electronic cheques can be signed just like the standard cheques.

DEFINITION:Electronic cheque means of paying electronically a payment system in which fund transfers are made electronically from the buyer's checking account to the seller's bank account.

PROCESS OF ELECTRONIC CHEQUE:-

ADVANTAGES OF ELECTRONIC CHEQUES:They are a fast, secure and convenient mode of electronic payment With e-Cheques you can Payment, transfer, deposit, certify, stop, inquiry, present, Represent. Operating expenditures like costs of printing cheque books etc. are reduced

The Bank's liability in preserving passwords, PINs etc. is reduced.

DISADVANTAGES of electronic cheques:The Problem Come When Your Merchant Does Not Accept E-cheque The Other Problem Could Be When You Have More Than One Signer Or Endorser.

ELECTRONIC CASH

INTRODUCTION:Electronic cash is centralized German debit card system for handling money withdrawals from cash machines. Electronic cash is the debit card system of the German Central Credit Committee, the association which represents the top German financial interest groups. Usually paired with a checking account, cards with an Electronic Cash logo are only handed out by proper credit institutions. An electronic card payment is generally made by the card owner entering their PIN (Personal Identification Number) at a so-called EFTPOS-terminal (Electronic-Funds-Transfer-Terminal). EXAMPLES OF ELECTRONIC CASH:Electronic cash examples include:- prepaid cards, Payment cards, Special electronic checks from electronic bank accounts; Micro-payments, Anonymous cash, also coupons, Scrip, Smart cards as well as debit cards etc,

ADVANTAGES OF ELECTRONIC CASH:SAVED TIME:Reduce transaction process time Speed up transaction processes. REDUCED COSTS: Reduce transaction costs Reduce cash distribution costs. FLEXIBILITY:Digital cash can take many forms, including prepaid cards Digital cash can be converted into different currencies.

HOW IT USED:E-cash is used over the Internet, email, or personal computer to other workstations in the form of secured payments of "cash" that is virtually untraceable to the user. It is backed by real currency from real banks.

CONCLUSION:Electronic cheques are an electronic funds transfer. a system that transfers money electronically from the buyer's current account to the seller's bank Electronic cash is system for handling money withdrawals from cash machines. Since Electronic cheques use conventional encryption than Public and private keys as in e-Cash, Electronic cheques are much faster. Electronic cash included prepaid cards, payment cards, special electronic checks from electronic bank accounts; micro-payments etc,

REFERENCE:www.authorstream.com/.../sree6334-1142877-e-cashpayment-syste. www.slideshare.net/SumantDiwakar/e-cheques www.sqa.org.uk/e-learning/ECIntro02CD/page_14.htm http://www.scribd.com/ en.wikipedia.org/wiki/Electronic cash www.itvdictionary.com/definitions/ecash_definition.html

homepages.inf.ed.ac.uk/dts/pm/practical/ecash.htm http://www.dmi.unipg.it/ http://www.legalserviceindia.com

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