A Layered Protocol Model.
A three layer model is looked upon to compare payments schemes.
Policy: The linguistics of the payment scheme. It includes refunds policies, and the liabilities incurred by users, merchants as well as for financial institutions.
Data flow: Very vital steps from online transactions parse, it includes data flow fro payments, refunds, account enquiries and settlement also.
Mechanism: The process which endeavor is to achieve security requirements for messages and stored data
Payment Protocol Models.
Payment Protocol Models includes following instruments which have been introduced in aforesaid discussion:
a. Cash: Cash consists of a token which doesn’t need much authenticity it’s usually achieved through use of self authenticating tokens or tamper proof hardware.
b. Cheque: Cheque are payment tool whose validity requires reference to the issuer.
c. Card: Card payment schemes provide a payments procedure through the existing credit card payment set-up. Such schemes have similar guidelines to cheque models except that solutions are constrained by that structure. A key vital point to highlight with card payment systems is that every transaction carries insurance.
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