E-Check Processing

E check processing is a form of electronic payment where the person sending the money avoids the whole process of having to fill a paper check and depositing it in the bank. This method of payment avoids erroneous entries made manually by the person filling in the fields by going through the check once it is filled in and validating the information. 

Consumers are mostly fond of e check processing since this system directly debits their bank accounts to pay for purchases they make. An e check is a check processing system that is normally integrated with a website to allow a business to accept checks from their customers via internet.

E check processing uses different kinds of technology:

Financial Service Markup Language (FSML)

This language is mostly used in e check processing in the completion of e checks and other secure financial documents. It is generally used as a means of structuring documents in the form of tagged content. The simplicity behind FSML is as a result of financial applications maintaining security through a secure card. This card is used to verify the card owners’ identity, to automatically sign and endorse e checks and to send the check.

Digital Signatures

These are arithmetical computations which are used as a unique identification of the account holder. They can uniquely identify the signature holder and the unique document that was signed. They are also used as a means of authentication and provide a tamper proofing mechanism.

Private Key

This is a secret arithmetic key which is used to create a digital name. In this technology, there exist an exclusive public key for each private key. Each private key is equipped with a certificate that can be used to reveal the corresponding public key to anyone who needs to certify a signature. The recipient software uses the private description key to decode electronic checks that are sent by the payer. On the other hand, an email registration process encodes the electronic checks before they are sent by the person making the payment.

Public Key

This has been discussed above and it is used with the corresponding private key. The advantage with it is that it can be accessed by everyone who needs it. For e check processing, public keys are used to verify digital signatures and for mail encryption.