Server A computer which facilitates electronic financial transactions and information flows. It also facilitates transfer of information between customers and institutions. The Transaction processor executes consumer requests for transactions by assembling information in an appropriate form or actually conducting transactions. Electronic bill payment is a good example of a transaction facilitated by servers. The Settlement facilitator enables banks to settle transactions between themselves.
Servers can prepare information for settlement as well as conduct settlement activities.
According to Webster's Dictionary, a large computer network linking smaller computer networks worldwide. With secure transactions made possible through CAs, the Internet could serve as a new distribution channel for both financial and nonfinancial commercial services. In the context of on-line electronic payments, an account holder with a commercial bank to whom a payment is made, i.e. the payee. The settlement, through an actual transfer of funds, of the net effect of a series of financial transactions involving customers of two or more banks. Rules A set of business practices to which industry infrastructure providers would have to conform in order to receive certification.