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Notational Funds Transfer
In notational funds transfer system, sensitive payment information is transferred along with orders. Credit card numbers and electronic cheques are transferred through secure private networks that connect banks, financial institutions and large corporations. This is called Electronic Fund Transfer (EFT), and is a financial application of Electronic Data Interchange (EDI). To enable EFT, online payment service should have facilities that process orders, accounts and receipts. Payment systems use different protocols for fund transfer like Secure Electronic Transaction (SET), proposed by MasterCard and Visa, which includes digital certificates and digital credit cards. When ban ks receive the information, the user's notational account is debited or credited depending on the type of transaction. This system is called Notational Funds Transfer System (NFT). It involves the services of an intermediary but buyers or sellers need not be members of the payment clearing system. NFT is only an extension of the existing model of payment systems.
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