Interbank Network for Electronic Transfer (INET)
Candlefocus EditorINET was designed to increase the accuracy and speed of information transmissions between various financial institutions. This would reduce confusion for customers, as well as save time for merchants.
The INET system also provided safeguards to protect both buyers and sellers from fraud. This was done through authentication, encryption and message integrity protocols, which confirmed that the information was not altered during transmission. Further, the system was designed to support digital signatures, ensuring that the data transmitted was verified by both parties and that the transaction was legitimate.
Because the INET system not only processed the transactions but also verified them, it provided trust to customers that the merchant was authorized to accept Mastercard payments. This in turn increased demand for Mastercard products, as customers now had the assurance of security and authenticity.
INET was later combined with the Interbank National Authorization System (INAS) to create Banknet. This combination merged all Mastercard data processing centers and issuing members into one financial network. This resulted in faster and more efficient processing of both debit and credit card payments, further increasing customer satisfaction.
The Interbank Network for Electronic Transfer (INET) is an important component to the overall financial system. Its ability to securely process and authenticate debit and credit card payments has helped to increase the growth and trust in the Mastercard brand. It has also made financial transactions more efficient and secure, improving the overall customer experience.