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Payment Clearing Services     
The payment clearing transaction process is carried out by an intermediary, who settles payments, verifies the authenticity of seller and buyer identities, and confirms ordering and payment requests. In this system, the sensitive information such as credit card numbers, account numbers, etc. is not transferred online. The data that is transferred consists of identity of buyer and seller, name and quantity of the product, amount of payment and terms of sale. The intermediary is called a Trusted Third Party (TTP). Buyers and sellers will have accounts with the TTP. The TTP issues identification numbers to the account holders. Information is transferred for establishing membership through secured channels either by encrypted messages or by offline connections. The TTP will have clearing relationships with the member's banks. Members, after establishing an account, transfer only non sensitive data like purchase details. The TTP does payment clearance through private and secured channels. The only drawback of this system is that the information pertaining to a member is known to the TTP and the confidentiality of the business transaction would be at stake if the information were not handled with care. The advantage of this system is that heavy investment is not needed for obtaining technologies and hardware. This makes the system beneficial to small vendors and consumers.
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