DEFINITION of 'Interbank Network for Electronic Transfer - INET'

Worldwide network that facilitates the transfer of debit and credit card transactions between financial institutions. INET covers any transaction made by a card bearing the Mastercard logo, debit or credit. INET deals with the actual transfer of funds, while international card authorization system processes the card authorizations.

BREAKING DOWN 'Interbank Network for Electronic Transfer - INET'

Mastercard International's card authorization system (INAS) and INET have been combined into a single entity named BankNet. BankNet effectively processes both the authorization and transfer of all Mastercard transactions worldwide.

RELATED TERMS
  1. Interbank National Authorization ...

    A network of banks that are affiliated with Mastercard International. ...
  2. MasterCard Card

    A credit, charge, debit or prepaid card branded by MasterCard ...
  3. Authorized Amount

    A sum that a merchant transmits to a credit or debit card processor ...
  4. Debit Card

    An electronic card issued by a bank which allows bank clients ...
  5. Standard Floor Limit

    The amount of money that can be charged in a transaction before ...
  6. MasterCard Acquirer

    A financial institution that accepts and processes transactions ...
Related Articles
  1. Personal Finance

    Credit vs. Debit Cards: Which Is Better?

    Be strategic about the card you choose.
  2. Personal Finance

    Credit, Debit And Charge: Sizing Up The Cards In Your Wallet

    Not all plastic is equal! Learn the difference between the three kinds, and how each can affect your finances.
  3. Personal Finance

    Debit Cards: Why They're Not As Safe As You Think

    Ditching your credit card can be a smart move, but debit isn't yet an equal alternative.
  4. Personal Finance

    10 Reasons To Use Your Credit Card

    There are several benefits to paying with credit instead of debit, if you use a credit card responsibly.
  5. Personal Finance

    Visa vs. MasterCard: Is There a Difference?

    Visa and MasterCard are two of the most widely used credit card brands. But are the differences between the two significant enough to influence consumers?
  6. Personal Finance

    8 Ways To Avoid Getting Burned By Prepaid Debit Cards

    These cards have many differences from traditional debit and credit cards that can cost you money if you don't know what to watch out for.
  7. Personal Finance

    10 Reasons to Use Your Credit Card

    Charging purchases is not always a no-no. In fact, there are some very sound reasons for choosing this option.
  8. Personal Finance

    How To Live Without A Credit Card

    Debit cards are more widely accepted and provide better fraud protection than in the past.
  9. Personal Finance

    How Debit Cards Work

    Unlike credit cards, debit cards rely only on the funds available in the user’s account, so they do not let users borrow on credit. They frequently come with purchase limits, and using one at ...
  10. Personal Finance

    3 New Types Of Credit Cards To Look For

    These three types of credit cards are becoming popular with customers looking to pay less fees and build up their credit scores.
RELATED FAQS
  1. What are the differences between debit cards and credit cards?

    Learn how the major difference between a debit card and a credit card is where the money comes from when a customer makes ... Read Answer >>
  2. How do prepaid debit cards work?

    Learn about how prepaid debit cards work, including where they are accepted and how the financial part works like a checking ... Read Answer >>
  3. Can I get a balance transfer if I have bad credit?

    Transferring funds from one credit card to another is often possible with bad credit, but it will likely cost you in interest ... Read Answer >>
Hot Definitions
  1. Two And Twenty

    A type of compensation structure that hedge fund managers typically employ in which part of compensation is performance based. ...
  2. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying ...
  3. Expense Ratio

    A measure of what it costs an investment company to operate a mutual fund. An expense ratio is determined through an annual ...
  4. Mezzanine Financing

    A hybrid of debt and equity financing that is typically used to finance the expansion of existing companies. Mezzanine financing ...
  5. Long Run

    A period of time in which all factors of production and costs are variable. In the long run, firms are able to adjust all ...
  6. Quasi Contract

    A legal agreement created by the courts between two parties who did not have a previous obligation to each other. A normal ...
Trading Center