See: Interbank. See: Interbank National Authorization System (INAS).
INET was one of two networks used by MasterCard affiliates for credit card processing. The Interbank Network for Electronic Transfer was used by the U.S.-based MasterCard. Its sister network (the Interbank National Authorization System, or INAS) was used by MasterCard International.
It's like how old sitcoms (Perfect Strangers, The Patty Duke Show) sometimes centered around two cousins, one from America and one from Europe or the U.K. The mismatched cousins get together; hilarity ensues. That's INET and INAS. Though maybe not as funny.
The INET and INAS networks have been combined into a single operation, known as Banknet.
Related or Semi-related Video
Finance: What is Electronic Communicatio...12 Views
Finance a la shmoop what is the electronic communication network or ECN?
all right it's the computerized and wired version of this for a small fee [Large computer network]
traders can plug in to a network to trade stocks you know think about it
like Facebook for stock traders only with less political ranting and fewer
photographs of babies and freshly cooked meat generally well generally speaking [A pan of meat and potato's appear]
ECNs are "off-market" that is they aren't really directly part of
an established trading system like the New York Stock Exchange or Nasdaq or one
of the other blessed exchanges they connect market makers directly to third
parties allowing them to trade to their heart's content there aren't a lot of
actual physical hands at work here most of the limit orders are matched
electronically the network charges its fee the transaction is processed and [Company share price appears]
life moves on so think about it like it's 2:00 a.m. on a Saturday and Joe who
likes to trade in his underwear don't ask us why it's just dying to sell a [Joe sits down at PC]
hundred shares of coke to Betty who likes to trade while head-banging to Led
Zep and you know likes to trade with Achmed who's saving money for an air
conditioner yeah well no sweat so this is perfect for anyone who wants to
become active in the trading of stocks but hates any kind of physical human [Man waving to woman and woman walks by]
interaction yeah don't worry the robot rebellion will soon be upon us and ECNs
will rule the roost
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