Abstract: An integrated circuit controlled transaction management system using an interpreter which deals with the execution of an application, either on an ICC, or on a terminal or on both. The system is able to execute an application between the ICC and the terminal, connected or not to a central unit, when the interpreter in the terminal is able to access and to use at least a part of the terminal memory and at least a part of the terminal peripherals. An optional interpreter in the ICC is able to access and to use at least a part of the ICC memory and at least a part of the ICC peripherals.