SYSTEM AND METHOD FOR SECURED PAYMENT AND SETTLEMENT IN NETWORK ENVIRONMENT

摘要

A system and method for secured payment and settlement of commercial transactions in a network environment such as Internet, Intranet, mobile telephone system or the like. The system and method includes giving unique identifiers to a customer (101) and merchant (102) to verify purchase and payment details with a payment gateway (100) which authorises payment by a Financial Institution (104) and/or settlement via a Clearing House (104). Purchase Records (115), Check Codes (109) and Token Codes (108) are issued so that in the event of default by any party in the transaction the party at fault may be easily identified.