What is an Electronic Check?

Electronic Check (Electronic Check) is an unconditional digital payment instruction issued by the customer to the payee. It can complete all the functions of traditional checks through the Internet or wireless access devices. An important difference between electronic checks and paper checks is that the issuer of the check can encrypt his account number with the bank's public key to prevent fraud.

Electronic cheque

An electronic check is an electronic substitute for a paper check. An electronic check changes a paper check into an electronic message with a digital signature, or replaces all the information of a paper check with other digital messages. E-Cheques are a legal way to pay like paper checks. It uses

(1) Consumers and merchants reach a purchase and sales agreement and choose to pay by electronic check.

Payment of e-Cheques is currently generally through

Under the electronic check system structure, to ensure the authenticity, confidentiality, integrity and non-repudiation of the transaction, the most important part is to ensure the privacy

People's Bank of China and various

E-Cheque is a borrowed paper cheque

On September 11, 2015, Li Shupei, head of financial infrastructure development at the Hong Kong Monetary Authority, said that Hong Kong Bank currently processes more than 400,000 cheques per day. The introduction of electronic checks in Hong Kong in December will be the first paperless area for checks. ^[1]