ELECTRONIC COMMERCE TRANSACTIONS

摘要

A method of effecting a transaction includes receiving an electronic negotiable instrument over a communications network from a buyer. The negotiable instrument is authenticated online and in real time by a certification authority as to its origin. The negotiable instrument is then submitted online to a financial institution holding funds of the buyer to obtain confirmation that the buyer has sufficient funds for the transaction available and that the funds are being reserved by the financial institution, after which delivery in accordance with the transaction is performed if the funds are available and reserved, and payment is obtained from the financial institution holding the reserved funds.