Interbank Network for Electronic Transfer - INET

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.