The different parties involved in bills of exchange as well as their roles were presented in the previous article. In this article we consider two other parties that play an important role in bills of exchange: the drawer’s bank and the drawee’s bank. Banks are involved in the settlement of bills of exchange since they […]
We saw in the previous article that numerous parties are involved in promissory notes. The different parties were presented as well as the role they have. In this article we consider two other parties that play an important role in promissory notes: the drawer’s bank and the drawee’s bank. At the end of the day, […]
In the previous article, we analyzed the messages for SDD schemes available in the SDD implementations guidelines except the ones used in the e-Mandate service. We will complete our analysis now by looking at the e-mandate service and the messages exchanges within. But before that, it is What is the purpose of the e-mandate service? […]
Payment card processing involves many steps and processes carried out by the parties involved. Merchants pay fees to accept payment cards and for the services provided to them by acquiring banks and processors. Acquirers and issuers must set up and maintain systems for the card processing and messages exchange through the card networks. Building and maintaining […]
After introducing the cheque (check in US english) in the previous article, the next question to explore is: how does cheque payment work? To answer this question, we will use one of the precious tools to analyze a mean of payment: the Four Corner Model. The diagram below shows the Four Corner Model for cheque […]
The Four Corner Model, also called Four-party scheme, is fundamental in payments. It is the model under which the vast majority of payment systems in the world operate. The Four Corner Model for card payments shows the different actors presented in the introductory article and the links between them. For this article, it is important to say in the […]