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Global remittances product writeup

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Product Note on Global Remittances

Product Note on Global Remittances

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    Global remittances   product writeup Global remittances product writeup Document Transcript

    • GLOBAL REMITTANCES PRODUCT WRITE UP By: Partho H. Chakraborty
    • Author: Partho H. Chakraborty VERSION CONTROL LOG Version Date Prepared By Remarks 1.0 21/09/2005 ParthoGlobal Remittances - Product Write up Document Version 1.0 Page 2 of 18
    • Author: Partho H. Chakraborty Table of Contents1 OBJECTIVE OF THE DOCUMENT ................................................................................. 42 GLOBAL REMITTANCES................................................................................................. 53 OVERVIEW OF GLOBAL REMITTANCES .................................................................. 6 3.1 BENEFITS OF GLOBAL REMITTANCES .......................................................................................... 64 PROCESS FLOW ................................................................................................................. 7WEBSITE DESIGN AND DEVELOPMENT ............................................................................ 8 4.1 MENU DESIGNER ................................................................................................................... 8 4.2 LAYOUT MANAGER ................................................................................................................. 85 FUNCTIONAL FLOW ........................................................................................................ 9 5.1 PAYMENT CHANNELS .............................................................................................................. 9 5.2 PLAYERS ............................................................................................................................ 9 5.3 TRANSACTION....................................................................................................................... 9 5.4 COSTS .............................................................................................................................. 10 5.5 CUSTOMER LOYALTY ............................................................................................................ 10 5.6 TIME FRAME ....................................................................................................................... 10 5.6.1 For Bank to Receive Clear Funds or Guaranteed Credit before Remittance....... 10 5.6.2 For Bank to Remit Funds ...................................................................................... 10 5.7 FLOAT INCOME.................................................................................................................... 11 5.8 ACCOUNTING ENTRIES .......................................................................................................... 11 5.9 UNIQUE TRACKER ................................................................................................................ 11 5.10 UNPAID REMITTANCES .......................................................................................................... 11 5.11 INTEGRATOR ..................................................................................................................... 12 5.11.1 Integration with the Host System .......................................................................... 12 5.11.2 Integration with the Partner Banks....................................................................... 13 5.11.3 Integration with Cards .......................................................................................... 136 USER ADMINISTRATION .............................................................................................. 147 SECURITY .......................................................................................................................... 158 FUNCTIONAL ARCHITECTURE .................................................................................. 17Global Remittances - Product Write up Document Version 1.0 Page 3 of 18
    • Author: Partho H. Chakraborty1 Objective of the DocumentThe objective of this document is to give an overview of Global Remittances. The document highlights the GlobalRemittances product for servicing needs of a bank or a financial institution.Global Remittances enables users to integrate with different banks and payment systems thereby making theseservices accessible to the bank’s customers. The core objective is to provide a single window to support differentpayment methods through various payment channels enabling the customer to remit funds to anyone in any part ofthe world.The document is structured in a manner that details the functionalities being provided by Global Remittances andhow the product addresses the business needs of the banks by providing convenient payment channels.Global Remittances - Product Write up Document Version 1.0 Page 4 of 18
    • Author: Partho H. Chakraborty2 Global RemittancesRemittances are the money that foreign-born workers send to their relatives and/or communities back home. Thevolume of global remittance flows is difficult to estimate since many countries have inadequate processes by which toreport on funds sent back by foreign workers. The World Bank estimate that remittance flows totaled $93 billion in2003, exceeding ODA ($58 bn) and net debt flows ($44 bn). While many believe this underestimates actual flows,other experts feel it is an overstatement with one USAID expert calculating them to be in the range of $20 billionannually.Regardless of the amount, there is widespread agreement that the volume of such flows is increasing on an annualbasis. In many countries, remittance flows exceed FDI and represent increasingly large percentages of GDP. TheU.S. is the largest source country, with $31 billion of remittance outflows annually, followed by Saudi Arabia with $15billion. Remittance volume is not surprisingly greater to large countries, with Mexico, India and the Philippines thetop three recipients in terms of volume in 2003. However, remittances represent a larger portion of GDP to smallcountries, with Tonga, Lesotho and Jordan as the top three recipients in percentage of GDP terms for 2003.Globally, remittances represent 2.9% of the GDP of low-income countriesRemittances are becoming an increasingly important resource for developing countries, and are receiving greaterattention from development experts. Remittances have been perceived negatively in the past because their primaryuse is for consumption. However, this has changed in light of increasing evidence that remittances can promotepoverty alleviation, economic growth, increased investment and community development.Remittance flows can have both positive and negative consequences that should be taken into consideration. On thedownside, increased hard currency flows can result in exchange rate appreciation, inflation, and higher interest rates,creating what is termed “Dutch disease” and deterring investment. These flows can also create dependency andraise inequality in recipient countries.On the positive side, such flows are stable, create no liability, as is the case with debt, increase both consumptionand investment, and are often used for health care and education, thus having a direct development impact on therecipient. Furthermore, encouraging the use of formal channels for remittances can create a source of capital forinvestment activities, which can lower the cost of capital and increase the savings rate in a country.Beyond direct person-to-person transfers, there are other important ways that Diaspora’s remittances can supportdevelopment objectives. These include increased FDI, technology transfer, and enhanced trade relations. Diasporacommunities have engaged in creating business networks, supporting investment promotion efforts, directly fundinginfrastructure projects, and providing training and voluntary consultancies. These have direct implications for incomeand job creation activities.The APAC region accounts for $21 billion of more than $126 billion in global remittances.Global remittances contribute significantly to economic growth, but these flows can be restricted byregulatory or technological barriers that raise the cost of or reduce access to remittance services.Global Remittances - Product Write up Document Version 1.0 Page 5 of 18
    • Author: Partho H. Chakraborty3 Overview of Global RemittancesThe aim of Global Remittances is to offer the customer a wide choice of delivery channels, each designed to suite thecustomer’s convenience and also to be able to deliver the funds to any individual in any location of his choice. GlobalRemittances is a banking solution, which offers the bank’s customers various delivery channels, providing thecustomer the convenience to send remittances from his office, home and in today’s wireless technology even whenon the road. Global Remittances is a versatile and powerful banking platform that fully exploits the variousremittances scenario to boost a banks relationship with customers.Global Remittances empowers a Bank to provide an integrated online financial service to its customers using theInternet. It serves as a front end for the bank thus enabling the bank to offer single point access to various valueadded products and services to its customers. The services can be accessed by establishing secured connections tothe bank’s website using Internet browser software. Global Remittances can be easily interfaced with the bankbackend processors for accounting entries.3.1 Benefits of Global Remittances • The System can integrate with any back - end system and providing these services over the Internet for bank’s customers • Very convenient and very easy to operate. • Industry standard Java powered and Web enabled architecture for ease of deployment, high interoperability and simplified maintenance. • Scalable system to ensure it keeps pace with growing customer base. • Highly secure System and controls provided through definable access rights based on roles.Provide financial services being offered by the bank to its customers in a 24X7 online business enabler. • The system can link up with various banks all across the globe as well as with various banks in a particular country. For example it can link up with 10 banks in USA, 60 banks throughout Europe with the host bank, enabling the customer to access any of these 70 banks to remit funds to Thailand and in various currencies. • Apart from banks it can integrate with VISA, MasterCard, Discoverer, etc. to offer its customers payment through plastic money. • By handling online transactions through low cost delivery channels of internet, Global Remittances not only reduces transaction and administrative costs for the banks but also gives the banks customers increased flexibility, convenience and control over their financial transactions facilitating optimized channel efficiency. • By implementing a single window to support consumer, business, and trade clients; banks can leverage their IT infrastructure investments across multiple market segments comprising of retail and corporate customers.Global Remittances - Product Write up Document Version 1.0 Page 6 of 18
    • Author: Partho H. Chakraborty4 Process Flow Linked to Host Bank Bank Bank (Electronic) (Paper) Instructions Payment Clearing Payment Paper Host Host Bank Logs on Bank’s Plastic Partner Bank Payer to Website Website Wire Transfer Electronic SWIFT Instructions Approval Courier Bankers Cheque A/C Credited Bank (Plastic) A/C Credited Correspondent Bankers Cheque Payee Bank Courier Remote Location Payment Post OfficeGlobal Remittances - Product Write up Document Version 1.0 Page 7 of 18
    • Author: Partho H. Chakraborty 5 Website Design and Development______________________________________________________________________________Global Remittances have been designed keeping in view that the any one with a basic understanding of using theInternet can log on the website and do a fund transfer.It is designed with the aim to simplify procedure and giving the customer various payment options. The beauty of thisproduct is the simplicity, which makes it very easy and convenient for any customer to remit funds.5.1 Menu DesignerGlobal Remittances comes with a Menu Designer utility that facilitate the bank to define the different menu options forits Internet Banking Application, which will be accessible by bank’s customers. This functionality enables users tointegrate the business Service with Internet Banking application. The menu takes care of different payment channelsand gives the customer to select any one or all of it to make a payment.5.2 Layout ManagerGlobal Remittances comes with templates of different Layouts. There is a Master Template, which captures all thedetails of the Payer/Payee and their respective banks. Then for each payment method there would be a differenttemplate. The customer can use these pre-defined templates to make a payment.There would be a separate template for history of al transactions whereby the customer can go back and see all thedetails of remittances made by him.Global Remittances - Product Write up Document Version 1.0 Page 8 of 18
    • Author: Partho H. Chakraborty6 Functional Flow 6.1 Payment ChannelsPayment Channels can be of the following types:Paper Based – Cheques, Bankers ChequesPlastic – Credit Cards, Debit Cards, Smart CardsElectronic – Wire Transfers 6.2 Players 1. The Payer or Remitter of Money 2. The Payee or Receiver of Money 3. The Host Bank which receives the remittance from the Partner Bank and in turn remits the payment to the Payee 4. The Partner bank abroad, which receives payments from the Payer and in turn remits them to the Payee’s Bank 5. The Paying Bank, which sends the funds as per the Payer’s Instructions to the Partner Bank 6. Courier or Postal Authorities for clearing and dispatching paper based instruments 7. Correspondent Banks to make payments in locations where the Receiving Bank 8. Post Offices in Remote Locations 6.3 Transaction 1. The payer registers with the bank through the net. 2. The Payer initiates the transaction, wherein he logs on to the site and sends an instruction to remit funds. This could be either Paper Based or Plastic Based or Electronic Based. 3. If the Payer pays by Paper Based Instruments then the payment will be made to the Partner Bank, which will present the instruments for clearing and after getting clear funds, will then remit the funds 4. If the Payer pays by Plastic Money, then he will have to give instructions on the website to deduct the amount from his card along with his card details. On getting authorization from VISA, Master Card or any other issuer the Partner Bank will remit the funds 5. For wire transfers the Payer would give instructions to his bank through Global Remittances website to debit his account and credit the Partner’s bank account. On successful receipt of funds the partner bank remits the funds. 6. On receipt of funds the Host Bank will credit the Payees account if the Payee banks with it. 7. If the Payee is not banking with it then the Payee’s account can be credited through: a. A Banker’s Cheque, which can be sent by courier b. Correspondent Bank – If the Payee banks with it then his account can be credited or The Correspondent bank can print a banker’s cheque and give it to the Payee. c. For Remote Locations courier or Registered Mail can be used to send a Bankers Cheque. Post Offices can also be used to make payments in Remote LocationsGlobal Remittances - Product Write up Document Version 1.0 Page 9 of 18
    • Author: Partho H. Chakraborty 6.4 CostsCosts can be divided as follows: 1. Cost of Clearing Paper Based Instruments 2. Commissions to be paid for Plastic Money to issuers 3. Wire Transfer Costs 4. Courier/Postal Charges 5. Correspondent Bank Charges 6. Account Maintenance Charges 7. Return Instrument Costs 8. Unpaid InstrumentsThe costs can be fixed or flexible as per the convenience of the bank. The bank at its discretion can charge adhoccharges or waive charges or even charge a fixed amount irrespective of the amount. It can also charge the customer(The Payer) a penalty amount for return of cheques (Cheques Dishonoured).Apart from the above-mentioned charges the bank can define and levy any charge they want.The bank can lay down the minimum and maximum amount to be remitted in one single go or within 24 hours. 6.5 Customer LoyaltyGlobal Remittances would have a unique customer loyalty program, whereby the customer would earn points foreach remittance he makes. For example if the customer sends 10 payments then the 11th payment could be done ata reduced charge or even free of cost.Customer Loyalty Points would be a flexible system, which would be defined by the bank. The bank would have theoption to define the points for each transaction. 6.6 Time Frame 6.6.1 For Bank to Receive Clear Funds or Guaranteed Credit before RemittancePaper Based:Cheques: 7 DaysBankers Cheque: 1 DayPlastic Money: 3 DayWire Transfer: 1 Day 6.6.2 For Bank to Remit FundsPaper Based: Up to 10 Days depending upon LocationPlastic Money: 1 DayWire Transfers: 1 DayGlobal Remittances - Product Write up Document Version 1.0 Page 10 of 18
    • Author: Partho H. Chakraborty 6.7 Float IncomeThere would be a float income for both the banks – the partner bank and the receiving bank. These float income canbe calculated and the fee could be shared as per the banks arrangement. There will also be a float income for thecorrespondent bank and the post offices especially in remote locations 6.8 Accounting EntriesGlobal Remittances would be integrated with the bank’s back-end process, which would capture all payment entries.The actual fund transfers would be done from the partner bank, as all payments would be received by it.The system would have a Ledger entry, whereby al entries would be posted in it. It would calculate the following: 1. Charges to be debited to the customer 2. Float IncomeThe charges to the customer would include all the charges as applicable and defined under costs. 6.9 Unique TrackerGlobal Remittances would have an unique tracking system, whereby the customer can track the remittance till receiptby the payee. The system would show reflect the various points depending where the remittance is. For example ifthe payment is made by a cheque and the partner bank puts it for clearing then it would show “In Clearing”. If thepayee were in a remote location then it would show that the remittance is at the post office. Till the courier or thepostal authorities do not deliver the Proof of Delivery Note to the host bank the bank would not be able to show thatpayment has been effected.The tracker would be on line and can be accessed by the Payer as well the Payee making it very convenient as itwould update the status of the remittance till the Payee receives the funds.The payer would get a confirmation over the Internet once the remittance has been effected and it would show up onthe History section of his account.All paid as well unpaid remittances and modifications would show up in the history page of the payer 6.10 Unpaid RemittancesAny remittance which cannot be paid for whatsoever reason such as wrong name, incorrect address, wrong accountnumber, etc. would lie with the host bank and the float income would be the income of the host bank. The payerwould be informed over the Internet that payment could not be effected due to whatsoever reason and that he wouldhave to enter the details once again.If a banker’s cheque has been printed with the wrong particulars then it would mean reprinting the cheque onceagain. In some cases the courier would come back with the instrument due to incorrect address. This would entailreprinting and resending the instruments at an additional cost to the Payer. Here the host bank will calculate thecharges and deduct it from the new instrument and send the balance to the payee.In case if the remittance has to be returned back then the return process would be debiting the host bank andcrediting the partner bank after deducting the wire transfer and other charges. The partner bank in turn would debit itsaccount and credit the payer’s account after deducting its charges.Global Remittances - Product Write up Document Version 1.0 Page 11 of 18
    • Author: Partho H. Chakraborty 6.11 Integrator Global Remittances is a web-based solution offered to the customer to make remittances. Integrator is a solution for integrating front-end with back-end business applications in an online scenario. Integrator helps in interfacing with multiple Partner Bank systems, Card Systems with the Host system, which responds back via different communication channels. Interfacing between Integrator and various systems can be configured on Integrator to send/receive messages in different formats via different communication channels. User is able to define the different services in the Integrator and can define the transaction management associated with service. Integrator helps the User to define the mapping of business service with the message formats and corresponding communication layers (underlying protocols for communication) that should be used with the Host system. Integrator comes with a rich functionality of parallel processing in which the Integrator is able to handle transactions (Business Services) that requires service from multiple systems having different communication layer. System has the provision to invoke these sub transaction in parallel to achieve fast response. The System then consolidates these responses from different systems and provides one response as applicable. In case of a scenario where a request has been initiated by the customer and the Integrator has passed the request to the Partner Bank System for response during which there is a network failure, then the Integrator has the capability of roll back the partial response being sent by the Partner Bank System thus helping in the data integrity and sanctity in the systems. Integrator consists of the three core functional components as mentioned below: i. Transaction Manager The Transaction Manager is the initiation point in the Integrator and is the first point of contact for all transactions of Global Remittances. The Transaction Manager uses the Message Engine to format messages and Communication Engine to communicate with remote partner banks, host banks as well as Card Issuers.ii. Message Engine Message Engine is used to format the messages in the way that all the remote systems can understand. Formatting of messages in the Message Engine is done using predefined message format configurations. The Message Engine is able to parses and construct the message structure and also able to reformat multiple output format with single input format i.e. consolidation of response from the Host system. It also supports GUI based format management. The message structure supported in the Message Engineiii. Communication Engine The Communication Engine component of the integrator is used to communicate with any remote system. The Communication Engine establishes a peer-to-peer network communication with heterogeneous systems thus helps in providing a common interface for accessing the services of the different protocols. It supports communication with the Host or Satellite systems through the following communication channels 6.11.1 Integration with the Host System Global Remittances would be integrated with the host system such that all payment entries would be reflected in the host system. This would enable the host bank to track all payments and match it against the remittance received. Thus the host bank would be able to be in control of all the remittances. There would be only one host system, which would be the host bank system Global Remittances - Product Write up Document Version 1.0 Page 12 of 18
    • Author: Partho H. Chakraborty 6.11.2 Integration with the Partner BanksGlobal Remittances would be integrated with all the partner banks. This could be a single integration if there is onlyone Partner Bank, and where there are multiple partner banks there would be multiple integration.This integration would facilitate the Payer to use any one of the partner banks depending upon his convenience toeffect a payment. For example the Payer could be in London but his bank could be Citibank, in New York, whereasthe Partner Bank is say HSBC, Chicago. The Payer can log on to the bank’s website and give instructions for a wiretransfer. The partner bank will receive the payment from HSBC and in turn send the remittance to the host bank.This makes time and distance redundant. 6.11.3 Integration with Cards Global Remittances would be integrated with all the issuer of cards, thus giving the customer one more access to make payments. The system would be integrated and would use the secured lines provided by VISA, Master Card, etc. to receive authorization before making a remittance.The following diagram illustrates the transaction being performed on multiple remote systems via differentcommunication channels. In case a Payment Instruction request has been initiated by the customer from the GlobalRemittances website which needs to be updated in the Partner Banks, Cards and Hot Bank System then dependingon the communication channel available, Integrator is capable of sending the request for payments to the respectivesystem through the different communication channels such as MQ, LU etc.However, the communication between Integrator and all the other products from Nucleus has tighter integration atthe database level. Partner Bank 1 - Cheques MQ I Global N Payment Instructions LU Remittances T Card Issuers Website E LU G R Partner Bank 2 – A Wire Transfer T O RGlobal Remittances - Product Write up Document Version 1.0 Page 13 of 18
    • Author: Partho H. Chakraborty7 User AdministrationGlobal Remittances maintain both internal users and the external users. The internal users are the users of who areresponsible for developing the Internet Banking Application and their administration. The internal users are the HostBank. The external users are the users of Global Remittances and comprises of both the retail and the corporatecustomers of the bank. User Maintenance in the Global Remittances application helps the bank to define andmaintain both the internal and the external Users.The example of Roles can be Supervisor Role, Manager Role, etc. in a bank. Group. Role Maintenance feature inGlobal Remittances allow the User to define the mapping of Group and Role. These Group and Role will bedisplayed based on the Organization selected by the User. This mapping can also have many-many relationship.The Menu Mapping Maintenance allow the User to define mapping of Group - Role with the menu of the Systemthereby maintaining the access rights for menu and privileges for users present in different groups. This mapping canalso have many-many relationship as shown below in the diagram: MENU 1 USER 1 MENU 2 Group-Role 1 USER 2 MENU 3 USER 3 MENU 1 USER4 MENU 4 Group-Role 2 USER 5 MENU 5 USER 6As shown in the diagram above, User 1, User 2 and User 3 belong to the same group with the identical roles. TheseUsers are provided the access for Menu1, Menu 2 and Menu 3 with the help of Group - Role - Menu MappingMaintenance feature. As shown above, one menu can be mapped to multiple groups - role combination and viceversa. Also, one User can be present in only one group-role though one group - role can have multiple Users.User will enter the Global Remittances Internet Application’s URL, which will prompt a login page to enter the User IDand Password. User will enter a valid User ID and Password in the login screen and will submit the page. Once loginrequest received by System, it will authenticate the User ID and Password. System will display the home pageshowing all the assigned menu options to the respective user in Global Remittances Internet Banking Application.Global Remittances - Product Write up Document Version 1.0 Page 14 of 18
    • Author: Partho H. Chakraborty8 SecurityIt is essential for any Internet Banking Application to be protected from malicious destruction and unauthorizedaccess. Global Remittances supports the industry security standards for secure transactions and provide integrationwith a variety of security devices giving Bank the flexibility to opt for the preferred device for additional security.Global Remittances is built on the most secure Internet infrastructure available in the world today including SSL andPKI. It also empowers the Banks to differentiate between the Security layers and or the Security mechanism basedon the customer preference and / or the function being accessed. The end result is a system that provided a fast andconvenient way of banking on the Internet. It incorporated features like secured banking sessions with login andpassword protection, encryption (SSL), authentication (Digital Certificates), load balancing and multi-tier architecture.Global Remittances comes with a strong Application Security Shell and maintainable option to control the access onthe various operations of the System with fine granularity. There are two different Application Security Shell in theGlobal Remittances as mentioned below: i. Application Security Shell for Global Remittances -- This Shell takes care for security mechanism for Global Remittances where User will define the Internet Banking Application. ii. Application Security Shell for Internet Banking Application -- This Shell takes care for security mechanism for Internet Banking Application where bank’s customer will access the Internet Banking Application.Application Security in Global Remittances is provided with Sun JES Application Server Edition 8 InfrastructureSecurity. Data transmission web client is SSL 128 bit HTTPS. An optional facility of Public Key Interface using DigitalCertificates is also provided in the System for enhanced security. Data transmission from Global Remittances to Hostsystem is through secured connectivity by Queue Manager.Key features of the System are as follows: Access to the System is strictly after verifying valid User code and password. Password is encrypted using standard DES/SHA/SSHA algorithms. The only entry point into the System is through the login screen, i.e. none of the pages can be accessed directly by typing their URL in the browser address bar. The access to the System is granted on the basis of the role assigned to the particular group to which the User belongs. As access to the System depends on the valid user code and password, if a User enters incorrect password N number of times (parameterized), the User account gets locked / disabled. Only a supervisor level role User having access to security module can unlock the User. If the User forgets the password then the supervisor can reinitialize the password to default password, which the User has to change on next logon. Also the System forces the User to change the password parameterized number of days prior to expiry date. Once the User logs into the System, User cannot use the same user code to login from the same terminal or different terminal. If the User exits from application without proper logoff from Application, System will auto log the User from the System once the user session expires.Global Remittances - Product Write up Document Version 1.0 Page 15 of 18
    • Author: Partho H. Chakraborty Automatic log out after certain period of time if no activity is performed by User or Customer. Also the User can specify the E-mail ID where mail can be sent in case a User is disabled and the E-mail ID from where mail can be sent.Global Remittances - Product Write up Document Version 1.0 Page 16 of 18
    • Author: Partho H. Chakraborty9 Functional ArchitectureGlobal Remittances - Product Write up Document Version 1.0 Page 17 of 18
    • Author: Partho H. ChakrabortyNote: Names if any, are Suggestive only and without any relation to any real entity whatsoever. It is only to give a feel and touch of how transactions can be structured and names are indicative This article is meant for education purposes only and it is not be reproduced for any commercial purpose by print or electronic medium whatsoeverThis case study is written by:Partho H. ChakrabortyA - 305, DSR Spring Beauty Apts., 124/1, ITPL Main Road, Brookefields, Kundalahalli, Bangalore - 560037, IndiaTel: +91 80 420 50293, Cell: +91 99863 22504email: parthohc@airtelmail.in; parthohc@rediffmail.comSkype: parthohc01Global Remittances - Product Write up Document Version 1.0 Page 18 of 18