Interbank Network for Electronic Transfer (INET)
Definition of 'Interbank Network for Electronic Transfer (INET)'
INET is used for a variety of transactions, including:
* Funds transfers between banks
* Payments for goods and services
* Bill payments
* Direct deposits and withdrawals
INET is a safe and efficient way to transfer funds. It is also very secure, as all transactions are encrypted.
To use INET, banks must first join the network. Once they are members, they can send and receive funds through INET.
INET is a valuable tool for banks and their customers. It allows them to transfer funds quickly and securely, and it can help to reduce the cost of processing payments.
Here are some of the benefits of using INET:
* It is a secure network. All transactions are encrypted, which helps to protect them from fraud.
* It is a real-time network. Transactions are processed immediately, which can help to speed up the payment process.
* It is a cost-effective network. INET is a shared network, which means that the cost of processing payments is spread out among all of the members.
INET is a valuable tool for banks and their customers. It is a secure, real-time network that can help to reduce the cost of processing payments.
Do you have a trading or investing definition for our dictionary? Click the Create Definition link to add your own definition. You will earn 150 bonus reputation points for each definition that is accepted.
Is this definition wrong? Let us know by posting to the forum and we will correct it.