1. A purchaser fills a purchase order form, attaches a payment advice (electronic check), signs it with his private key (using his signature hardware), attaches his public key certificate, encrypts it using his private key and sends it to the vendor.
2. The vendor decrypts the information using his private key, checks the purchaser’s certificates, signature and check, attaches his deposit slip, and endorses the deposit attaching his public key certificates. This is encrypted and sent to his bank.
3. The vendor’s bank checks the signatures and certificates and sends the check for clearance. The banks and clearing houses normally have a private secure data network.
4. When the check is cleared, the amount is credited to the vendor’s account and a credit advice is sent to him.
5. The purchaser gets a consolidated debit advice periodically
Kavungya answered the question on May 9, 2019 at 13:33
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