What does INET mean? What is the full form of INET?
The Full Form of INET is Interbank Network for Electronic Transfer.
Interbank Network for Electronic Transfer (INET) processed credit and debit card transactions between financial institutions (FIs). It handled the transferring of funds from cards bearing the MasterCard Inc. (MA) logo, prior to the introduction of Banknet.
KEY TAKEAWAYS
- Interbank Network for Electronic Transfer (INET) processed MasterCard’s debit and credit card transactions.
- It orchestrated the transfer of funds, while MasterCard’s Interbank National Authorization System (INAS) processed card authorizations.
- The two systems were later combined into Banknet, a single entity tying together all MasterCard data processing centers and issuing members into one financial network.
INET
means
Interbank Network for Electronic Transfer
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