N-GEN Communications Web-based Seminars ©NGCS

Seminar - An Overview of Communications Technologies

Module 6 - Internet, Intranet, Extranet, e-Commerce and Web Services                                      Slide 33 of 70 _________________                                                                                  __________

                                                Electronic Markets

                                            Electronic Market

                                            Shopper/Purchaser

                                            Seller/Supplier

                                            Banks

_________________                                                                                  __________

An Electronic Market is a network of interactions where information, products , services, and payments are exchanged between Purchasers, Sellers and the Financial Institutions. All the processes ( A Purchaser placing a request to purchase a product, a seller to fill a Purchaser's request, funds transferred from a purchaser's bank through a Transaction Handler's bank to a Seller's bank are electronic. 

Electronic Market - Negotiates all the transactions taking place between a Purchaser to buy a product or a service from a Seller and makes payments for that product.

Shopper - e-Commerce network infrastructure enables the interaction between a Shopper, a Seller and the Banks involved. A Shopper makes a request for information about a desired product to the Electronic Market, and places a request to purchase the product. Once the order is filled by the Seller, the Shopper instructs his/her bank to make payments to the Seller's bank.

Seller - A Seller through the electronic market receives a shopper's request, fills the request, ships product, submits its invoice. The Electronic Market ensures that a Shopper has received the desired product and that the funds are transferred from a Shopper's bank through an intermediatory Bank to the Seller's bank.

Banks - All financial transactions between the banks are electronic.