Ecash


Also found in: Dictionary, Acronyms, Wikipedia.

Ecash

(application)
A trial form of electronic funds transfer over the Internet (and soon by electronic mail).

The ecash software stores digital money, signed by a bank, on the user's local computer. The user can spend the digital money at any shop accepting ecash, without the trouble of having to open an account there first, or having to transmit credit card numbers. The shop just has to accept the money, and deposit it at the bank. The security is provided by a public-key digital signature.

There process involves the issuing banks who exchange real money for ecash, users who have and spend ecash, shops who accept ecash payments, and clearing banks who clear payments received by shops.

At the moment, all users and shops must have an account at DigiCash's own bank, the "First Digital Bank" at bank.digicash.com. They can withdraw money from the bank, and convert it to ecash. Shops can be started by any ecash user.

http://digicash.com/ecash/ecash-home.html.

e-cash

(1) See digital coins.

(2) (eCash) An earlier Web payment service developed in the 1990s by Amsterdam-based DigiCash, Inc. It used a blind signature encryption method and required an active account from an eCash member bank. Digital coins were stored in the eCash Purse digital wallet on the customer's computer, and coins were deducted from the wallet when a purchase was made at eCash-compliant sites. The system was regulated by adding a serial number to each coin. When the merchant received the coins, they were sent to the customer's bank for verification. If a coin matched the serial number of a coin that had already been spent, fraudulent activity was detected.

Despite this innovative system, not enough banks participated for its success, and in 1999, eCash Technologies, Inc. acquired DigiCash. In turn, eCash was bought in 2002 by InfoSpace, Inc., Bellevue, WA and absorbed into its payment solutions unit. See Web payment service.
Mentioned in ?
References in periodicals archive ?
(106.) Ecash is simply a digital object that could be attached, as a file is, to an email message.
DigiCash's eCash software uses a public key cryptography that makes it possible to send eCash transactions safely over the Internet.
DigiCash's eCash consumer software is easy to use and has buttons for withdrawing, paying, or checking on the status of the account.
Louis was still the only eCash issuer in the United States.
FactorTrust[R], The Alternative Credit Bureau(TM), has announced an enhanced partnership with eCash Software, a software solutions company for small lending institutions, in delivering integrated proprietary data and scores to its lending customers.
eCash previously implemented FactorTrust's Military Lending Act (MLA) solution in its verification processes, and is now fully integrating this real-time data across its entire platform.
The announcement comes just before eCash Software Solutions' User Conference July 18-19, in New Orleans, of which FactorTrust is an executive sponsor.
The Bank recently introduced the eCash card for corporate customers for payment of large amount transactions at government institutions.
Ecash is an electronic payments system developed by the Digicash Co.
Buyers must instruct the Mark Twain Bank to transfer funds from their WorldCurrency Access accounts into their accounts' Ecash Mint.
To make the payment, the buyer encrypts the appropriate amount of Ecash with a suitably secure encryption protocol and sends the Ecash to the seller.
Earlier he served as CEO and board member for ISD Corporation; president of the Merchant Services Division at InfoSpace; and co-founder, CEO and board member at eCash Technologies.