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Enforcement of the "Centralized Registration and Custody System"
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Enforcing the "Centralized Registration and Custody System" means that
eChecks, issued by drawers and then verified by the paying banks
in terms of drawers' payment identification codes, will be sent to TCH
for
registration and custody. TCH processes all the matters pertaining
to check transfer, bill financing or cancellation of bill financing,
bill collection/withdrawal, cancellation of payment order,
withdrawal from cancellation of payment order, cancellation of
check, return to former holder (before presentment), redemption (dishonored check returned or transferred to the drawer),
check
clearance disposal (present and dishonor) and execution legal
orders given by the judiciary or administrative organization.
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To protect the uniqueness of the sole beneficiary entitled to the rights of the
eCheck, the
"Centralized Registration and Custody System" is introduced to
guard against the impact of the incompetent duplication on the
beneficiary's right.
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Implementing the PKI (Public Key Infrastructure) mechanism
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Electronic signature:
The electronic signature has functions of
identity authentication,
data integrity and
non-repudiation. It can
be used to prevent data transmission from impersonation, data
contents from alteration, and trading counter parties from denial.
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Electronic certificate:
Electronic
certificate is applied to security control with a unified security
specification formulated by the Bankers
Association
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Ensure data privacy
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Using the
proprietary network to transmit data between banks and TCH
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Processing data with
encryption/decryption technologies
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Make
eChecks user-friendly
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User
with Internet access and an electronic certificate carrier/reader may
use eChecks.
Corporations
can issue and receive eChecks automatically by integrating the
Enterprise Resource Planning (ERP) system with account payable and
account receivable.
Accountants
may use attachment files to carry bills, invoices
or orders for the convenience of auto-checking.
Employees
or auditors may inquire or examine eChecks through web browsers or
other ERP systems.
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Enhance payment system efficiency
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Save laborious manual work.
No
more worries about losing blank checks.
No
more worries about checks lost or stop payment.
No
more worries about incorrect seal/signature.
eChecks can be cleared nationwide.
eChecks can provide full information for the enterprise.
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Reinforce
legal protection
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The
eCheck complies with the "Negotiable Instrument Act" to
safeguard the rights and interests of the beneficiary of the check.
Based
on the "Electronic Signatures Act", legal rights and
obligations of the interested parties (drawers, payees, financial
institutions and TCH) regarding the eCheck are subject to following
agreements:
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"Rules
for Financial Institutions Participating in Electronic Check Clearing":
for
operation rules between financial institutions and TCH.
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"Contract
for Electronic Check Accounts": for business rules between participating banks and their
checking account holders.
Regulations
on eCheck credit records are the same as those on paper checks.
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