Logic dictates that the medium on which commerce is conducted and the speed at which it is conducted must have corresponding mediums and speeds for Payments which arise as a consequence of this commerce.

The volume of e-commerce conducted over the Internet is growing exponentially and to date, aside from credit cards, there is no payment system to support this. While credit cards are useful to effect payments resulting from e-commerce, they have the following drawbacks :

Restricted to consumers who have credit cards
Not totally secure over the internet
Merchant accounts not easy to get
Internet initiated discount rates are about 66% higher than offline discounting rates
Internet Payment Gateways charge about USD 0.50 / transaction
Chargebacks on internet initiated transactions are 4 times offline transactions
Only suited for C2B transactions

Key Features :


EC2 uses Testkeys, Asymmetrical encryption, Symmetrical Encryption and hardware dongles in addition to Server based passwords and SSL making it an extremely secure system.

Cost Effective

Electronic wallets such as Mondex or Octopus are hardware wallets while EC2 is a software wallet making it more cost effective.


An EC2 transaction takes place in seconds.

Flexible Authorization Automation

EC2 allows users to fine tune the automation of transaction authorization based individual risk perceptions.

Currency independent

EC2 can effect payments in any currency and supports multiple exchange rates.

Networks to other certificate issuers

Different users of EC2 can network their systems together allowing payments between customers of different EC2 users.


As EC2 users issue prepaid certificates they obtain a huge interest free float.

System Features :

Interfaced to Payment Systems

EC2 messages are structured allowing easy interfaces to existing local or international payment systems such as SWIFT, ACH, INFINET etc. Users and their customers can move funds to and from the banking system using these systems or any other structured message or Testkey based system.

Credit Facilities

Users can set up credit facilities on cash certificates for preferred customers.

Interface to BiLL

EC2 has an interface to BiLL, Bankstar's electronic billing system. Using this interface an invoice raised using BiLL can be settled by an EC2 transaction.

Interface to PAY

EC2 has an interface to PAY, Bankstar's payment system for banks. Using this interface users of EC2 can move funds to and from any bank using PAY instantly.

Interface to Shopping Carts

EC2 will interface to shopping carts when checking out after shopping at web sites.

User Defined Charges

Institutions can set up absolutely any type of charge structure using Bankstar's Rule Designer. Charges can be set up to be payable by the Payer, Payee or both.

Interface to TEST

PAY is interfaced to Bankstar's testkey package, TEST. TEST will generate a testkey for any payment transaction which requires one.


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