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Open Payment Initiative
The Open Payment Initiative, or O.P.I. for short, was launched to standardize the application interface between the EPOS application and any cashless payments solution installed on the EFT/PoS terminal. The specification for this interface focused mainly on international and cross-industry aspects. Today, the O.P.I. interface is already a de facto European standard, which is spreading from Germany to retailing projects throughout Europe. The specifications, which were first published in 2003, and reference installations are based on the POS EPS specifications from IFSF (International Forecourt Standards Forum), which were developed for the service station industry and to which retail features have been added. The universal O.P.I. interface has made it possible to integrate varying EFT/PoS solutions in European POS projects for the first time. Versions Technical solution The O.P.I. interface implementation does not depend on a specific operating system. It is an XML-based int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronic Funds Transfer
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account". EFT transactions are known by a number of names across countries and different payment systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks". In the United Kingdom, the term "bank transfer" and "bank payment" are used, in Canada, " e-transfer" is used, while in several other European countries " giro transfer" is the common term. Types EFTs include, but ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interface (computer Science)
In computing, an interface is a shared boundary across which two or more separate components of a computer system exchange information. The exchange can be between software, computer hardware, peripheral devices, humans, and combinations of these. Some computer hardware devices, such as a touchscreen, can both send and receive data through the interface, while others such as a mouse or microphone may only provide an interface to send data to a given system. Hardware interfaces Hardware interfaces exist in many components, such as the various buses, storage devices, other I/O devices, etc. A hardware interface is described by the mechanical, electrical, and logical signals at the interface and the protocol for sequencing them (sometimes called signaling). See also: A standard interface, such as SCSI, decouples the design and introduction of computing hardware, such as I/O devices, from the design and introduction of other components of a computing system, thereby allo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EFTPOS
Electronic funds transfer at point of sale (EFTPOS; ) is an electronic payment system involving electronic funds transfers based on the use of payment cards, such as debit or credit cards, at payment terminals located at points of sale. EFTPOS technology was developed during the 1980s. In Australia and New Zealand, it is also the brand name of a specific system used for such payments; these systems are mainly country-specific and do not interconnect. In Singapore, it is known as NETS. Debit and credit cards are embossed plastic cards complying with ISO/IEC 7810 ID-1 standard. The cards have an embossed bank card number conforming with the ISO/IEC 7812 numbering standard. History EFTPOS technology originated in the United States in 1981 and was rolled out in 1982. Initially, a number of nationwide systems were set up, such as ''Interlink'', which were limited to participating correspondent banking relationships, not being linked to each other. Consumers and merchants were s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
EPAS
EPAS (Electronic Protocols Application Software) is a non-commercial cooperation initiative launched in Europe which aims at developing a series of data protocols to be applied in a point of interaction (POI) environment. The project intends to address the three following protocols; a terminal management protocol, a retailer application protocol and an acquirer protocol. Project Development The proposed initiative was structured along the three following main phases : *Phase I : development of technical specifications and issuance of standards (2006 - mid-2007) *Phase II : development of software and provision of test tools (2007 – 2008) *Phase III : construction of demonstrators (2008) Participants The EPAS Consortium is composed of 24 organisations. *Ingenico (FR) *VeriFone (US) *The Logic Group (UK) *Amadis (CA) *ELITT (FR) *MoneyLine (FR)Lyra Network(FR) *Atos Worldline (DE) *Wincor Nixdorf (ES) *GIE – Groupement des Cartes Bancaires "CB" (FR) (Co-ordinator) *Des ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Methods In Retailing
A payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods, or services provided by them, or to fulfill a legal obligation. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Payments can be effected in a number of ways, for example: * the use of money, cheque, or debit, credit, or bank transfers, whether through mobile payment or otherwise * the transfer of anything of value, such as stock, or using barter, the exchange of one good or service for another. In general, payees are at liberty to determine what method of payment they will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit. Payment is most commonly effected in the local currency of the payee unless the parties agree otherwise. Payment in another currency involves an additional foreign exchange transaction ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Systems
A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible.Biago Bossone and Massimo Cirasino, "The Oversight of the Payment Systems: A Framework for the Development and Governance of Payment Systems in Emerging Economies"The World Bank, July 2001, p.7 A common type of payment system, called an operational network, links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This consists of a major service provided by banks and other financial institutions. Traditional payment systems include negotiable instruments such as drafts (e.g., cheques) and documentary credits such as letters of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Technology
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
