Internet open trading protocol (IOTP)
The Internet Open Trading Protocol (IOTP) is an interoperable framework for electronic commerce, e-commerce. The IOTP protocol is an evolution of the Open Trading Protocol( OTP), it supports electronically executed purchase transactions and makes them consistent and transparent for the customer, the bank, the seller and other parties involved in the transactions, regardless of the payment system.
IOTP protocols support diverse digital payment systems such as e-cash, e-checks, cash card and credit cards, with sensitive user data and transferred amounts embedded in the IOTP message. Handling with the IOTP protocol includes all parties involved in the transaction. Thus, the customer and seller as well as the merchant and credit checker of the financial institution. IOTP uses Extensible Markup Language(XML) to describe all the data needed for the transaction.
Everything that is handled in the real banking world through negotiation for payment arrangements is handled by the IOTP protocol. This includes negotiating the terms, the payment method and the payment term, All these payment modalities are executed in a secure and trustworthy manner.
The Internet Open Trading Protocol (IOTP) was developed with the participation of Hewlett Packard, IBM, MasterCard, Sun Microsystems and several major banks. It is described in RFC 2801 from the year 2000.