Netcheque is an electronic payment system that allows the transfer of funds online via the form of an e-mail or via a network protocol. The Netcheque was developed by the Information Sciences Institute at the University of Southern California. It has the ability to transfer funds between the issuer’s account and the receiver’s account, where all the transaction details are maintained on a Netcheque server. Currently, Netcheque is a research prototype which is available for licensed commercial use. Security wise, Netcheque uses conventional cryptography, making it more efficient than systems that are based on a public key cryptography.