This document discusses the rise of domestic instant payment schemes worldwide in the past six months and whether faster payments present more challenges than benefits for corporates. It notes that Australia, Europe, and the US have recently launched real-time payment systems, while the UK system has been operating for 10 years. Lower transaction limits and individual bank limits can hinder the business case for corporates using faster payment schemes. The increased speed also requires enhanced fraud monitoring, cash flow visibility, and liquidity management capabilities to address challenges. Demand exists for cross-border real-time payment tracking and instant payments, but a unified global approach is lacking.
A presentation on P2P banking and Transition banks for a Transition Town meeting in Stoke Newington, Feb 9th 2013 Recommends a) joining Reconomy b) adopting a LETS project such as Brixton Pound c) Set up a Transition Banking Foundation d) investigate setting up a Transition Council
What is happening with the Crypto Market. Could it be than course correction or is the bubble busting on the market? You need to answer it for yourself.
Huincoin white paper:here are everything you want to know about huincoinNpack Machinery
Huincoin white paper:here are everything you want to know about huincoin
Huincoin
Huincoin is a global leader in the blockchain revolution.
We operate the premier U.S.-based blockchain trading platform, which is designed for customers who demand lightning-fast trade execution, dependable digital wallets, and industry-leading security practices.
Blockchain Incubators
We believe in the potential of blockchain and its ability to provide groundbreaking solutions.
To promote innovation in the industry, we are working with teams around the world to advance new, inventive tokens that could potentially transform the way goods, services and operations are managed globally.
ABOUT HUINCOIN
Founded in 2017 by three cybersecurity engineers, Huincoin is the premier U.S.-based blockchain platform, providing lightning-fast trade execution, dependable digital wallets and industry-leading security practices. Our mission is to help advance the blockchain industry by fostering innovation, incubating new and emerging technology, and driving transformative change.
Crowd Valley Digital Investing and Lending Platform Report - Q2 2015Grow VC Group
The present report is based on surveying a randomly-selected sample of 100 individuals and companies out of the ones that have expressed an interest in entering this market during the second quarter of 2015. Therefore, the analysis provides probably the first data-driven insights on how the international digital investment sector is developing in Q2 2015.
The demand for digital investing platforms is still mainly based in the USA and it is above all directed at equity investment models for private companies. Nevertheless, during this quarter Crowd Valley observed an increase in the demand for lending platforms. Other regions including Europe also play a major role in the digital investing sector, representing a significant proportion of the total demand for these kinds of services.
Entrepreneurship Workshop Yerevan -Building Value and Startup FundingGrow VC Group
TECHNOLOGY ENTREPRENEURSHIP WORKSHOP: STEP ARMENIA
Enterprise Incubator Foundation (EIF) in cooperation with CRDF Global. Technology Entrepreneurship workshop conducted by invited Top serial entrepreneurs form US and Europe.
Setup Presentation for early stages funding panel
Securing Early-Stage Funding: Equity Financing (Angel and VC investments), Crowdfunding, Non-equity Funding (self-funding, grants, bank financing, etc.)
Lead Presenter: Valto Loikkanen
Panelists: Ray Johnson, Yeva Hyusyan and Manuk Hergnyan
Using Blockchain technology, CCC enables an independent, fully audible and distributed ledger that facilitates B2B payments at a nominal cost. Pre Seed pitch deck.
Don't invest in crypto currencies till you read The Future Money Playbook. Topics include:
1. History of Money
2. Tech terms
3. Smart contracts
4. DeFi
5. Stablecoins
6. Central Bank Digital Currency
7. eMoney
8. Prime Crypto Currencies (BTC, BCH, BSV, ETH, ETC, XRP, XLM, LTC, ADA, EOS)
9. Prime Stablecoins (BUSD, Diem)
10. Crypto Wallets
11. Crypto Custody
12. How to keep your crypto safe
13. Crypto Resources
Outlier Ventures Investment in Blockchains report by Research Analyst Joel John and Partner & Head of Research Lawrence Lundy.
The report provides an overview into blockchain investment and market trends in 2019. According to the report, $23.7 Billion has been raised by 3738 blockchain companies since 2013.
Early stage fundraising high in count, but follow on rounds few and scarce. Blockchain startups have raised finance in multiple forms including ICOs, debt, direct investments and crowd-funding. However, discounting a handful of exchanges and wallets, there hasn’t been an application that has broken through to mainstream adoption, yet. This definitely isn’t for lack of capital. The challenge is more about expertise and guidance at early stages, especially when it comes to areas unique to Web3 such as token design.
CoinLifestyle and Digital Currency 101 Tutorial by Amazon best Selling Author...CrowdNetworking, Inc
CoinLifestyle and Digital Currency 101 Tutorial by Amazon best Selling Author Tom McMurrain - The 7th Disruption of Digital Currency has begun and people are cashing in on the cryptocurrency land rush.
Round 2 - The Future of Digital Currency - Bhupinder DulkuBhupinder Dulku
Bhupinder Dulku's Round 2 submission of Project Firefly & Credit Suisse Research Institute's Academy Challenge 2018. This paper placed Top 4 (Chairman's Circle) against 150 participants from 20 different countries.
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
A presentation on P2P banking and Transition banks for a Transition Town meeting in Stoke Newington, Feb 9th 2013 Recommends a) joining Reconomy b) adopting a LETS project such as Brixton Pound c) Set up a Transition Banking Foundation d) investigate setting up a Transition Council
What is happening with the Crypto Market. Could it be than course correction or is the bubble busting on the market? You need to answer it for yourself.
Huincoin white paper:here are everything you want to know about huincoinNpack Machinery
Huincoin white paper:here are everything you want to know about huincoin
Huincoin
Huincoin is a global leader in the blockchain revolution.
We operate the premier U.S.-based blockchain trading platform, which is designed for customers who demand lightning-fast trade execution, dependable digital wallets, and industry-leading security practices.
Blockchain Incubators
We believe in the potential of blockchain and its ability to provide groundbreaking solutions.
To promote innovation in the industry, we are working with teams around the world to advance new, inventive tokens that could potentially transform the way goods, services and operations are managed globally.
ABOUT HUINCOIN
Founded in 2017 by three cybersecurity engineers, Huincoin is the premier U.S.-based blockchain platform, providing lightning-fast trade execution, dependable digital wallets and industry-leading security practices. Our mission is to help advance the blockchain industry by fostering innovation, incubating new and emerging technology, and driving transformative change.
Crowd Valley Digital Investing and Lending Platform Report - Q2 2015Grow VC Group
The present report is based on surveying a randomly-selected sample of 100 individuals and companies out of the ones that have expressed an interest in entering this market during the second quarter of 2015. Therefore, the analysis provides probably the first data-driven insights on how the international digital investment sector is developing in Q2 2015.
The demand for digital investing platforms is still mainly based in the USA and it is above all directed at equity investment models for private companies. Nevertheless, during this quarter Crowd Valley observed an increase in the demand for lending platforms. Other regions including Europe also play a major role in the digital investing sector, representing a significant proportion of the total demand for these kinds of services.
Entrepreneurship Workshop Yerevan -Building Value and Startup FundingGrow VC Group
TECHNOLOGY ENTREPRENEURSHIP WORKSHOP: STEP ARMENIA
Enterprise Incubator Foundation (EIF) in cooperation with CRDF Global. Technology Entrepreneurship workshop conducted by invited Top serial entrepreneurs form US and Europe.
Setup Presentation for early stages funding panel
Securing Early-Stage Funding: Equity Financing (Angel and VC investments), Crowdfunding, Non-equity Funding (self-funding, grants, bank financing, etc.)
Lead Presenter: Valto Loikkanen
Panelists: Ray Johnson, Yeva Hyusyan and Manuk Hergnyan
Using Blockchain technology, CCC enables an independent, fully audible and distributed ledger that facilitates B2B payments at a nominal cost. Pre Seed pitch deck.
Don't invest in crypto currencies till you read The Future Money Playbook. Topics include:
1. History of Money
2. Tech terms
3. Smart contracts
4. DeFi
5. Stablecoins
6. Central Bank Digital Currency
7. eMoney
8. Prime Crypto Currencies (BTC, BCH, BSV, ETH, ETC, XRP, XLM, LTC, ADA, EOS)
9. Prime Stablecoins (BUSD, Diem)
10. Crypto Wallets
11. Crypto Custody
12. How to keep your crypto safe
13. Crypto Resources
Outlier Ventures Investment in Blockchains report by Research Analyst Joel John and Partner & Head of Research Lawrence Lundy.
The report provides an overview into blockchain investment and market trends in 2019. According to the report, $23.7 Billion has been raised by 3738 blockchain companies since 2013.
Early stage fundraising high in count, but follow on rounds few and scarce. Blockchain startups have raised finance in multiple forms including ICOs, debt, direct investments and crowd-funding. However, discounting a handful of exchanges and wallets, there hasn’t been an application that has broken through to mainstream adoption, yet. This definitely isn’t for lack of capital. The challenge is more about expertise and guidance at early stages, especially when it comes to areas unique to Web3 such as token design.
CoinLifestyle and Digital Currency 101 Tutorial by Amazon best Selling Author...CrowdNetworking, Inc
CoinLifestyle and Digital Currency 101 Tutorial by Amazon best Selling Author Tom McMurrain - The 7th Disruption of Digital Currency has begun and people are cashing in on the cryptocurrency land rush.
Round 2 - The Future of Digital Currency - Bhupinder DulkuBhupinder Dulku
Bhupinder Dulku's Round 2 submission of Project Firefly & Credit Suisse Research Institute's Academy Challenge 2018. This paper placed Top 4 (Chairman's Circle) against 150 participants from 20 different countries.
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
PaymentComponents is excited to have contributed to "The Future of Open Banking, beyond January 2018" by Pinsent Masons & Innovate Finance! Read more by the global leadership in Open Banking & PSD2.
Same Day ACH Allows Payments to Move FasterLexisNexis
For the millions of Americans who receive electronic payments directly into their bank accounts, a new system is about to go into place that will allow those payments to be made faster than ever. For banking executives and the legal counsel who advise them, the stakes are very high for successful compliance with this new system.
What is Social KYC?
We generate large amounts of data about ourselves online every single day. All of this activity, when analysed as a whole, builds up a very deep and unique digital footprint — something that’s exceedingly difficult for someone to steal or fake convincingly.
Social KYC harnesses this data and uses it to establish a person’s identity — on a consent driven basis, of course. Using algorithms to analyse and corroborate various data attributes across multiple online accounts it is possible to quickly establish the likelihood of a person being:
- real
- who they claim to be (including various demographic data related thereto)
- a legitimate potential user (rather than a fraudster trying to access your platform with malicious intent)
We’re all used to Single Sign On – using an existing social media account to sign up to a new service — and Social KYC is an extension of this. As all you’re doing is asking a user to log in to a variety of their online accounts to prove who they are, it makes for a far more fluid sign up experience which in turn will encourage more users onto your platform.
Every problem has an opportunity: while challenger banks are thriving, incumbents are sourcing open banking capabilities to catch up. In the Banking Automation Bulletin, VP of Strategy Tim Rutten shares his thoughts on how incumbents can develop the best
A Deep Guide to Real Time Payments- ITIOITIO Innovex
Real-time payments and white-label payment gateway solutions providers have emerged as transformative forces in the world of finance, offering unparalleled speed, accessibility, and efficiency. Visit us at: https://itio.in/
Beyond Payment - E-Commerce Trends and Payment Challenges for Online Merchant...Lawrence Cheok
Written with e-commerce finance professionals in mind, this paper provides insights and recommendations for businesses interested in expanding their e-commerce operations internationally. It relates to online merchants needing to look beyond the web front-end and consider additional factors like back-office operations and banking infrastructure. Payment options discussed include e-wallets and mobile wallets, e-banking, and escrow payments, which are gaining favor in developing markets like China
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Yeah. The safest way you can sell your locked pi coins right now is through face to face trade. Or you find a legit merchant/vendor and make sure he is trusted before you trade with him/her.
A vendor is someone who buys pi coins and resell them to investors looking forward to hold large quantities of pi coins till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
#sellpicoins
#pi network
#pi
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can I transfer pi coins to someone in a different country.DOT TECH
The answer is yes.
You can easily transfer pi network coins to any user in any country. All the receiver needs is the kyc verified and mainnet approved wallet to recieve the coins.
How to sell pi coins?
If you are looking forward to sell. I will leave the telegram contact of my personal pi vendor:
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
PD ARRAY THEORY FOR INTERMEDIATE (1).pdfJerrySMaliki
Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges.
Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
when officially can i withdraw my pi Network coins.DOT TECH
When will I be able to sell my Pi coins?
Pi open mainnet is in 3years time that is 2026. So if you can't wait till then you can still sell your pi coins to Chinese investors looking forward to hold massive amounts of pi coins before mainnet launch in 2026.
You can't meet the investors directly you have to go through their vendors.
A pi vendor is someone who buys pi coins from miners and resell them to investors.
I have a vendor I sell pi coins to and I and my friends have sold more than 10k coins to him.feel free to telegram him if you want to sell.
@Pi_vendor_247
#pi network
#sell pi coins
#money
how can I sell my mined pi coins profitabily.DOT TECH
Even tho. Pi is not launched yet on any exchange worldwide. You can easily sell your mined pi coins for cash or other cryptocurrencies, Through verified vendors/merchants
Who is a pi vendor?
A pi vendor is a person, that buys pi coins from miners and resell them to Investors interested in holding pi coins till mainnet launch in 2026…
I will leave the whatsapp contact of my personal pi vendor. Highly recommendable…………
@Pi_vendor_247
#pi network
#pi coins
#money
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
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is it possible to sell pi network coin in 2024.DOT TECH
If you are in urgent need to do something which requires money. And you want to sell your pi network coins. I would advise you sell a portion of it Not all , so you can still cash out big when it's launched later. I will leave the telegram contact of my personal pi vendor.
@Pi_vendor_247
Faster payments feature for The Treasurer April/May 2018
1. 22 The Treasurer April/May 2018 www.treasurers.org/thetreasurer
DOMESTIC INSTANT PAYMENT SCHEMES HAVE BEEN APPEARING WORLDWIDE IN
THE PAST SIX MONTHS. BUT ARE FASTER PAYMENTS MORE TROUBLE THAN THEY
ARE WORTH FOR CORPORATES? BEN POOLE TAKES A LOOK
TIPPING POINT
IN SEARCH OF THE
2. www.treasurers.org/thetreasurer April/May 2018 The Treasurer 23
INSIGHT
In February this year, Australia’s
New Payments Platform was
launched. This is the latest in
a series of single-currency payment
schemes that have the concept of real-
time payments at its heart, and follows
the notable additions of both Europe’s
SEPA Instant Credit Transfer (SCT Inst)
and The Clearing House Real-time
Payments System in the US that both
came online in November 2017.
In contrast to these newcomers, the
UK’s Faster Payments scheme has been
operational far longer, reaching its 10th
anniversary this year. In 2017, the scheme
broke the record for the highest amount
of payments processed in a single year,
up 16% on the previous year, to over
1.7 billion payments. In terms of value,
more than £1.4 trillion was transferred
via Faster Payments last year, an increase
of 18% on 20161
.
An area where UK Faster Payments
distinguishes itself from similar schemes
around the world is the maximum value
of a transaction that can be sent over the
network. The limit in the UK is currently
£250,000, a figure that could increase as
soon as this year. Sixteen participants
have been involved in a live proving
exercise where a Faster Payment valued
in the tens of millions of pounds was
sent and received. In comparison, SCT
Inst has started with a €15,000 limit, and
the US Real-time Payments System caps
transactions at $25,000.
Lower limits may hinder the business
case for corporates using faster payments
schemes for the time being, although
this should not be a complete roadblock,
as the rise in limits in the UK has proved.
However, it is not only the scheme limits
that corporates need to be aware of.
Individual banks can impose their own
limits on the size of faster payments
that corporates can send. In the UK,
banks differ in the size of payments that
corporates can send over the scheme –
while some do offer the full £250,000
option, others have a cap of just £10,000
in some circumstances. At some banks,
limits can change depending on whether
the payment is being initiated online,
over the phone or in branch.
“One of the outcomes from individual
bank limits is that it is a way for a
bank to charge a higher CHAPS fee
for a large-value payment, when in
theory, anything up to the scheme
limit should only generate a small
fee for businesses, and no fee for a
consumer,” says Marcus Hughes, head
of strategic business development at
Bottomline Technologies. “There is
some inconsistency between these limits
that creates a complex landscape for
a treasurer to navigate. It is vital that
treasurers ask the banks what their limit
for this type of payment is, in order to
avoid any nasty surprises.”
OPPORTUNITIES
AND CHALLENGES
The more recent launches around the
world have been able to study the UK
model and enhance it with additional
functionality that has particular
relevance for corporates. For example,
the US Real-time Payments Solution
includes ‘request to pay’ and remittance
advice, both of which are valuable for
corporates to ensure they get paid.
“The reconciliation information is
missing in many payment networks,”
INSIGHT
INSIGHT
At some banks, limits can
change depending on
whether the payment is
being initiated online, over
the phone or in branch
3. INSIGHT
24 The Treasurer April/May 2018 www.treasurers.org/thetreasurer
says Hughes. “The request to pay is
essentially an electronic invoice, so it
is exciting to see that coming through
in one country. The UK will follow that
in a couple of years’ time with the New
Payments Architecture.”
Request to pay opens up opportunities
for corporates, for example, with supplier
payments. Instead of doing a fortnightly
supplier payments run, they can request
additional discounts for early payment.
A corporate could notify their supplier
that they have approved the invoice
and are ready to pay, but propose a 2%
discount, for example, for immediate
payment rather than paying on the
invoice due date.
In future, this could potentially see
banks participating in the cycle, where
the bank could offer immediate payment
to the supplier providing that they accept
to be part of a supply chain finance
arrangement – so as soon as the invoice is
approved, the supplier has the flexibility
to immediately request payment. Access
and visibility to monitor the status of a
purchase to pay or order to cash flow is
getting closer to reality.
In respect of accounts receivable,
faster payments could create a challenge
for organisations. While customers could
pay faster, with dramatically shorter
processing times, the possibility now
exists for customers to delay payment.
For example, on 30-day payment
terms, the customer may choose to pay
on the 30th in an instant payments
environment, and if there’s an issue with
that payment, the corporate may not
receive the funds within the window.
“Of course, when customers do pay, they
now expect that money to be applied to
their account as quickly as possible, and
those accounts receivable functions that
are either not staffed up or supported by
IT enough face a challenge to be able to
respond to that,” says Jonathan Williams,
principal consultant at Mk2 Consulting.
The increase in the pace of payments
requires real-time cash-flow information,
cash visibility, liquidity management
and real-time fraud monitoring. With
a slower Bacs payment, there is more
time to stop the payment in case of
fraud or error. With faster payments,
it is irrevocable. “There are quite a few
control considerations for a treasurer
and the accounts payable team to have
solved before fully embracing the real-
time payments world,” says Hughes.
“Twenty-four-seven fraud monitoring
is an important element of the move
into faster payments, monitoring user
behaviour, abnormal transactions and
payments to new payees, for example.”
Irrevocable faster payments are a
natural target for financial criminals
because of the speed of payment and
the difficulty to recall. If criminals
receive faster payments in a fraudulent
manner, they can then be forwarded on
to a network of ‘money mules’, seemingly
authentic bank accounts that are being
used to transfer the proceeds from
financial crime.
Young people are particularly targeted
to be money mules, and figures from
Cifas, the UK’s fraud-prevention service,
showed that there were 8,652 cases of
‘misuse of facility’ among 18- to 24-year-
olds in the UK between Q1-Q3 2017,
a rise of 35%2
. Faster payments allow
the financial criminal to instantly move
fraudulent funds between a succession
of different bank accounts once the
initial payment has been sent. This
is hard to detect and recover. “The
danger is that it is very difficult in those
circumstances to detect that sort of fraud
because it is a perfectly legitimate person
who is undertaking the transaction,”
says Williams.
CROSS-BORDER POSSIBILITIES
As previously described, there are a
number of active domestic or single-
currency initiatives for faster payments.
However, these vary widely in terms of
transaction limits, data formats used and
associated payments data required. For
corporates assessing the potential to use
faster payments for instant cross-border
payments, the lack of a unified global
approach can be a barrier.
A survey3
from SWIFT and EuroFinance
in Q4 2017 found that there is significant
demand from businesses of all sizes
for real-time payment tracking on
cross-border payments. For treasurers
of organisations with turnover of less
than $1bn: 75% want real-time payment
tracking; 25% want to be able to make
instant payments. At the top end of
organisations with turnover of more
than $10bn, the demand for cross-border
payments was higher: 66% want real-time
payments tracking; 44% want to be able
to make instant cross-border payments.
For UK Faster Payments, the Payments
Systems Regulator has been looking at
whether using richer data flows would be
possible as part of the Payments Strategy
Forum work. In terms of data standards,
ISO 20022 XML is common in the more
recent faster payments schemes, but
is not used by the UK scheme. “In the
4. www.treasurers.org/thetreasurer April/May 2018 The Treasurer 25
CORRIDORS FOR CORPORATES
UK–US
Who: American Express and Santander
Scope: In November 2017, American Express announced
it was making blockchain payments commercially
available. Santander UK is the selected partner to initiate
the transaction channel. With the integration of Ripple
into the American Express FXIP platform, non-card
payments are routed through the RippleNet real-time
payment network. Initially, Ripple is connecting American
Express customers to Santander in the UK.
What they said: “This blockchain solution opens up a
new channel between the US and the UK, and presents
significant opportunity for payments globally.” – José
Luís Calderón, global head of Global Transaction Banking
at Santander.
SINGAPORE–INDIA
Who: Axis Bank and Standard Chartered
Scope: Axis Bank launched a service for its corporate
customers in India to receive payments from Standard
Chartered Bank in Singapore. The instant international
payment service uses Ripple’s enterprise blockchain
technology solution.
What they said: “While there have been significant
innovations in domestic payments, cross-border
remittance has seen limited developments. Using APIs
and distributed ledger technology, there is an opportunity
to radically change the way international payments are
handled.” – Himadri Chatterjee, president of Transaction
Banking, at Axis Bank.
SWEDEN–US
Who: SEB
Scope: SEB signed an agreement with Ripple to use its
blockchain technology solution as a basis for payment
transactions. The first step will be to enable customers
to make real-time transfers between SEB accounts in
Stockholm and New York. One targeted benefit is to offer
the bank’s customers real-time transfers with later cut-off
times than previously available.
What they said: “By using distributed financial
technology, our customers can initiate real-time transfers
between their SEB accounts in Sweden and the bank’s
branch in New York. In the next step, we plan to expand
the solution to include all geographies and time zones in
which we operate.” – Paula da Silva, head of Transaction
Services at SEB.
INSIGHT
UK, we are geared up around UK-based
standards,” says Williams. “We need to
catch up to where the rest of the world
is in terms of what they think is the
right way of encoding a faster payment.
As the UK payments system continues
to develop, it should move towards the
similar sort of data standards seen in
more recent fast payments schemes
around the world.”
While it is unlikely that there will
be a direct connection between different
faster payments systems, gateways
could be developed that facilitate trade
and enhance payment services for
multinational corporates. Aggregator
services, for example, can provide banks
with access to a number of systems
and therefore create an international
network of access into clearing systems.
This could be a cloud-based offering,
or it could be an on-premises offering
for accessing different systems directly
into their countries and having the
real-time offering in the variety of
applicable currencies.
Blockchain and distributed ledger
technology also have a role to play.
“We see blockchain as another protocol
or network that we can add on to our
offerings,” says Hughes. “In the industry,
a lot of this is still in testing. There are
a few areas where banks are going in
to commercial production, but these
are quite embryonic initiatives. They
have quite a way to go before they are
commercially viable and making money
for those organisations, but I do think
that is probably the way forward.”
1 www.fasterpayments.org.uk/
statistics
2 www.cifas.org.uk/newsroom/
new-data-reveals-stark-increase-
young-people-acting-money-mules
3 www.eurofinance.com/sites/
default/files/wysiwyg/Barcelona2017/
PaymentReport2017.pdf
For more, visit blogs.treasurers.
org/australias-new-payments-
platform-a-guide-for-the-
international-treasurer
INSIGHT
Ben Poole is a freelance writer and
editor specialising in treasury and
transaction banking
Irrevocable
faster payments
are a natural
target for
financial
criminals
because of
the speed of
payment and
the difficulty
to recall