Netcheque

Netcheque

WebDynamic™ Web Glossary

Developed at the Information Sciences Institute of the University of Southern California. Registered users may write checks to other registered users through e-mail or other network protocols. When the check is deposited, it authorizes the transfer of funds from the issuer's account to the receiver's account. All information is kept on a netcheque server, which is responsible for keeping accounts for customers, approving payments, and making the necessary changes in client accounts.

Deposited just as a paper cheque, funds are moved from the account of the cheque writer to the account of the receiver. The Netcheque has a digital signature mechanism.