In February of this year ACT submitted a proposal to CANARIE for funding to develop the NetXchequer Authentication and Billing System. After passing through several stages of evaluation, the project received approval and funding from CANARIE in July.
NetXchequer is an integral component of the Cinemage® Internet Multimedia Commerce System. To facilitate commercial application the systems must include modules for user authentication, usage and item billing, and revenue dispersal.
Current systems for commerce on the Internet generally use variations on traditional approaches to revenue collection. These methods include the ability to purchase items via credit card payments or through the use of digital currency. however, they are not designed to deal with large numbers of very small (possibly fractions of a cent) transactions.
NetXchequer® will address the needs of dealing with many small transactions, acting as a bridge between the content distributors/providers and financial institutions, accumulating and consolidating usage and financial information. It will interface with existing on-line banking systems to complete the financial transactions.