payment switch
A network service, provided on Web servers from Open Market, that authorizes and executes digital payment orders over the Internet which are backed by external accounts. The switch creates digital representations of conventional negotiable instruments (e.g. checks, drafts, notes, bonds) and forwards them to conventional financial institutions. The payment switch uses 'payment URLs' (which see) to enable purchases over the World Wide Web. Once payment is assured, the switch sends an 'access URL' (which see) to the buyer that confirms the purchase of an item to be delivered off-line or enables the delivery of an online product or service.
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