open trading protocol (OTP)

With the Open Trading Protocol(OTP), there is a framework for electronic business transactions and electronic payments. Since there are various proprietary payment methods, such as Secure Electronic Transaction( SET) or E-Cash, which are, however, incompatible with each other, the OTP protocol standardizes certain mechanisms in business transactions and payments over the Internet, thereby standardizing proprietary solutions.

The mentioned mechanisms of business transactions include the offer and order, delivery and invoicing, up to the payment, such as through bank transfers or the exchange of receipts and vouchers.

The Open Trading Protocol (OTP) is intended to unify and secure these transactions and business processes. The OTP protocol uses Extensible Markup Language(XML) as the markup language and Hypertext Transfer Protocol( HTTP) as the transport protocol.

OTP transactions can be seen in the environment of e-commerce, m-commerce, m-business and e-business in B2B applications.