An intelligent payments platform allows greater flexibility for handling global payments through automation and improved workflows. It provides digital wallets for payors and payees to make payments across currencies and methods. The document outlines the lifecycle of payments on such a platform, including setting up remitter and beneficiary accounts, funding accounts from various sources, and completing payments while meeting compliance requirements through an iterative process of collecting necessary information. It argues this approach can reduce costs through better integration with business processes compared to traditional methods.
E Payment System Introduction Of Large Value Payment SystemHai Vu
- Basic concept of the Inter Bank Payment System.
- Explain on the basics of Real Time Settlement System.
- Payment system in Vietnam.
- Payment system in Nigeria
- Current trend of the Large Value Payment System using other settlement method.
Payments terms can be extremely confusing even for the most advanced merchant. At Payfirma our mission is to equip all our customers with as much information as possible to make smarter business decisions. That starts with learning payments terms.
E Payment System Introduction Of Large Value Payment SystemHai Vu
- Basic concept of the Inter Bank Payment System.
- Explain on the basics of Real Time Settlement System.
- Payment system in Vietnam.
- Payment system in Nigeria
- Current trend of the Large Value Payment System using other settlement method.
Payments terms can be extremely confusing even for the most advanced merchant. At Payfirma our mission is to equip all our customers with as much information as possible to make smarter business decisions. That starts with learning payments terms.
E secure transaction project ppt(Design and implementation of e-secure trans...AJIT Singh
e-secure transaction project ppt
This is the ppt for thee secure transaction system project for the college student. i did this project on my college days.
Here I mentioned some important points for the ppt so you can copy them and make you customize ppt on any topic or project.
Design and implementation of e-secure transaction system is my project title and in this, we have different functionalities like transfer funds and recharges,bill pay etc ,
we also use some encryption algorithms for secure the data.
Implementing a Secured E-Payment Authorisation System Using Two-Factor Authen...IJRESJOURNAL
ABSTRACT:Most of the current payment methods that can be used in conducting transactions on the Internet have major drawbacks either in terms of functionality, usability, costs or security. The only widely accepted way of securely and reliably authorizing electronic payment transactions is through the use of digital signatures in a public key infrastructure (PKI) framework which is computationally expensive. This paper presents an electronic payment(E-Payment) authorization system where two factor authentication (T-FA) was utilized for the authorization of payment transactions. The description approach is based on UML notation ,the functional processes are presented as use cases, the classes that make up the system structures were presented and the system was implemented on java technology with MS ASP for the web presentation and MS SQL for the DBMS. The system enables securely authorizing payment transactions using the Internet channel.
E secure transaction project ppt(Design and implementation of e-secure trans...AJIT Singh
e-secure transaction project ppt
This is the ppt for thee secure transaction system project for the college student. i did this project on my college days.
Here I mentioned some important points for the ppt so you can copy them and make you customize ppt on any topic or project.
Design and implementation of e-secure transaction system is my project title and in this, we have different functionalities like transfer funds and recharges,bill pay etc ,
we also use some encryption algorithms for secure the data.
Implementing a Secured E-Payment Authorisation System Using Two-Factor Authen...IJRESJOURNAL
ABSTRACT:Most of the current payment methods that can be used in conducting transactions on the Internet have major drawbacks either in terms of functionality, usability, costs or security. The only widely accepted way of securely and reliably authorizing electronic payment transactions is through the use of digital signatures in a public key infrastructure (PKI) framework which is computationally expensive. This paper presents an electronic payment(E-Payment) authorization system where two factor authentication (T-FA) was utilized for the authorization of payment transactions. The description approach is based on UML notation ,the functional processes are presented as use cases, the classes that make up the system structures were presented and the system was implemented on java technology with MS ASP for the web presentation and MS SQL for the DBMS. The system enables securely authorizing payment transactions using the Internet channel.
Software for Payment Cards: Choosing WiselyCognizant
As the use of card-based payments continues to grow, financial institutions must improve their response times, strengthen their security, hone their future-readiness and enrich their business value. When selecting a commercial off-the-shelf (COTS) solution, banks must verify that the product and its support services are equipped to accommodate short and long-term business and IT objectives.
Factors to Consider While Choosing a Payment Gateway ProviderAlaina Carter
A payment gateway is a software that authorizes payment processing for e-businesses. With the help of these payment gateways, it becomes easy to accept several types of electronic payments. Read more to know what are the factors to consider while choosing a payment gateway provider.
A payment processor is a company or service that handles the transaction between a buyer and a seller in an online or physical commerce transaction. Payment processors enable merchants to accept electronic payments from customers, such as credit card transactions, electronic funds transfers, and mobile payments.
This PPT includes the explanation on various types of Electronic payment systems used its working and the recent trends in E-commerce and Electronic payments with special reference to India, It also speaks of various security issues related with e commerce and the use of e-payment systems.
Epayments system in India and globally iit project abhiROCKS1103
IIT project on epayments. Including all the method uses and innovations in e payments and the growth of epayments in the modern world and rapid growth in india after demonetization.
Introduction to Electronic Payment Systems, Process & Phases of Electronic payment systems, Benefits of Electronic Payment Systems, Risk Involved in Electronic Payment Systems, Types of B2C Electronic Payment Systems- Credit Card, Debit Card, E Cash, E Wallet, Smart Card, E Banking, E Check.
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/
07 factors to consider while choosing an ecommerce payment gatewaySnehaDas60
As we all know, ecommerce portal conversion rates fall as a result of a lack of research when choosing a payment gateway.There are plenty of advance payment channels now that internet commerce has taken over the globe. Choosing the most potent ones, on the other hand, is essential to making the most of it.
For those who have a good understanding of payment gateways, let's look at the important elements to consider when selecting one for your eCommerce site.
Read more......
Similar to Architecting Value Using an Intelligent Payments Platform (20)
Listen to the keynote address and hear about the latest developments from Rachana Ananthakrishnan and Ian Foster who review the updates to the Globus Platform and Service, and the relevance of Globus to the scientific community as an automation platform to accelerate scientific discovery.
Field Employee Tracking System| MiTrack App| Best Employee Tracking Solution|...informapgpstrackings
Keep tabs on your field staff effortlessly with Informap Technology Centre LLC. Real-time tracking, task assignment, and smart features for efficient management. Request a live demo today!
For more details, visit us : https://informapuae.com/field-staff-tracking/
How Recreation Management Software Can Streamline Your Operations.pptxwottaspaceseo
Recreation management software streamlines operations by automating key tasks such as scheduling, registration, and payment processing, reducing manual workload and errors. It provides centralized management of facilities, classes, and events, ensuring efficient resource allocation and facility usage. The software offers user-friendly online portals for easy access to bookings and program information, enhancing customer experience. Real-time reporting and data analytics deliver insights into attendance and preferences, aiding in strategic decision-making. Additionally, effective communication tools keep participants and staff informed with timely updates. Overall, recreation management software enhances efficiency, improves service delivery, and boosts customer satisfaction.
Software Engineering, Software Consulting, Tech Lead, Spring Boot, Spring Cloud, Spring Core, Spring JDBC, Spring Transaction, Spring MVC, OpenShift Cloud Platform, Kafka, REST, SOAP, LLD & HLD.
Launch Your Streaming Platforms in MinutesRoshan Dwivedi
The claim of launching a streaming platform in minutes might be a bit of an exaggeration, but there are services that can significantly streamline the process. Here's a breakdown:
Pros of Speedy Streaming Platform Launch Services:
No coding required: These services often use drag-and-drop interfaces or pre-built templates, eliminating the need for programming knowledge.
Faster setup: Compared to building from scratch, these platforms can get you up and running much quicker.
All-in-one solutions: Many services offer features like content management systems (CMS), video players, and monetization tools, reducing the need for multiple integrations.
Things to Consider:
Limited customization: These platforms may offer less flexibility in design and functionality compared to custom-built solutions.
Scalability: As your audience grows, you might need to upgrade to a more robust platform or encounter limitations with the "quick launch" option.
Features: Carefully evaluate which features are included and if they meet your specific needs (e.g., live streaming, subscription options).
Examples of Services for Launching Streaming Platforms:
Muvi [muvi com]
Uscreen [usencreen tv]
Alternatives to Consider:
Existing Streaming platforms: Platforms like YouTube or Twitch might be suitable for basic streaming needs, though monetization options might be limited.
Custom Development: While more time-consuming, custom development offers the most control and flexibility for your platform.
Overall, launching a streaming platform in minutes might not be entirely realistic, but these services can significantly speed up the process compared to building from scratch. Carefully consider your needs and budget when choosing the best option for you.
Check out the webinar slides to learn more about how XfilesPro transforms Salesforce document management by leveraging its world-class applications. For more details, please connect with sales@xfilespro.com
If you want to watch the on-demand webinar, please click here: https://www.xfilespro.com/webinars/salesforce-document-management-2-0-smarter-faster-better/
Custom Healthcare Software for Managing Chronic Conditions and Remote Patient...Mind IT Systems
Healthcare providers often struggle with the complexities of chronic conditions and remote patient monitoring, as each patient requires personalized care and ongoing monitoring. Off-the-shelf solutions may not meet these diverse needs, leading to inefficiencies and gaps in care. It’s here, custom healthcare software offers a tailored solution, ensuring improved care and effectiveness.
GraphSummit Paris - The art of the possible with Graph TechnologyNeo4j
Sudhir Hasbe, Chief Product Officer, Neo4j
Join us as we explore breakthrough innovations enabled by interconnected data and AI. Discover firsthand how organizations use relationships in data to uncover contextual insights and solve our most pressing challenges – from optimizing supply chains, detecting fraud, and improving customer experiences to accelerating drug discoveries.
Globus Connect Server Deep Dive - GlobusWorld 2024Globus
We explore the Globus Connect Server (GCS) architecture and experiment with advanced configuration options and use cases. This content is targeted at system administrators who are familiar with GCS and currently operate—or are planning to operate—broader deployments at their institution.
We describe the deployment and use of Globus Compute for remote computation. This content is aimed at researchers who wish to compute on remote resources using a unified programming interface, as well as system administrators who will deploy and operate Globus Compute services on their research computing infrastructure.
Quarkus Hidden and Forbidden ExtensionsMax Andersen
Quarkus has a vast extension ecosystem and is known for its subsonic and subatomic feature set. Some of these features are not as well known, and some extensions are less talked about, but that does not make them less interesting - quite the opposite.
Come join this talk to see some tips and tricks for using Quarkus and some of the lesser known features, extensions and development techniques.
Exploring Innovations in Data Repository Solutions - Insights from the U.S. G...Globus
The U.S. Geological Survey (USGS) has made substantial investments in meeting evolving scientific, technical, and policy driven demands on storing, managing, and delivering data. As these demands continue to grow in complexity and scale, the USGS must continue to explore innovative solutions to improve its management, curation, sharing, delivering, and preservation approaches for large-scale research data. Supporting these needs, the USGS has partnered with the University of Chicago-Globus to research and develop advanced repository components and workflows leveraging its current investment in Globus. The primary outcome of this partnership includes the development of a prototype enterprise repository, driven by USGS Data Release requirements, through exploration and implementation of the entire suite of the Globus platform offerings, including Globus Flow, Globus Auth, Globus Transfer, and Globus Search. This presentation will provide insights into this research partnership, introduce the unique requirements and challenges being addressed and provide relevant project progress.
Top 7 Unique WhatsApp API Benefits | Saudi ArabiaYara Milbes
Discover the transformative power of the WhatsApp API in our latest SlideShare presentation, "Top 7 Unique WhatsApp API Benefits." In today's fast-paced digital era, effective communication is crucial for both personal and professional success. Whether you're a small business looking to enhance customer interactions or an individual seeking seamless communication with loved ones, the WhatsApp API offers robust capabilities that can significantly elevate your experience.
In this presentation, we delve into the top 7 distinctive benefits of the WhatsApp API, provided by the leading WhatsApp API service provider in Saudi Arabia. Learn how to streamline customer support, automate notifications, leverage rich media messaging, run scalable marketing campaigns, integrate secure payments, synchronize with CRM systems, and ensure enhanced security and privacy.
Developing Distributed High-performance Computing Capabilities of an Open Sci...Globus
COVID-19 had an unprecedented impact on scientific collaboration. The pandemic and its broad response from the scientific community has forged new relationships among public health practitioners, mathematical modelers, and scientific computing specialists, while revealing critical gaps in exploiting advanced computing systems to support urgent decision making. Informed by our team’s work in applying high-performance computing in support of public health decision makers during the COVID-19 pandemic, we present how Globus technologies are enabling the development of an open science platform for robust epidemic analysis, with the goal of collaborative, secure, distributed, on-demand, and fast time-to-solution analyses to support public health.
Essentials of Automations: The Art of Triggers and Actions in FMESafe Software
In this second installment of our Essentials of Automations webinar series, we’ll explore the landscape of triggers and actions, guiding you through the nuances of authoring and adapting workspaces for seamless automations. Gain an understanding of the full spectrum of triggers and actions available in FME, empowering you to enhance your workspaces for efficient automation.
We’ll kick things off by showcasing the most commonly used event-based triggers, introducing you to various automation workflows like manual triggers, schedules, directory watchers, and more. Plus, see how these elements play out in real scenarios.
Whether you’re tweaking your current setup or building from the ground up, this session will arm you with the tools and insights needed to transform your FME usage into a powerhouse of productivity. Join us to discover effective strategies that simplify complex processes, enhancing your productivity and transforming your data management practices with FME. Let’s turn complexity into clarity and make your workspaces work wonders!
Climate Science Flows: Enabling Petabyte-Scale Climate Analysis with the Eart...Globus
The Earth System Grid Federation (ESGF) is a global network of data servers that archives and distributes the planet’s largest collection of Earth system model output for thousands of climate and environmental scientists worldwide. Many of these petabyte-scale data archives are located in proximity to large high-performance computing (HPC) or cloud computing resources, but the primary workflow for data users consists of transferring data, and applying computations on a different system. As a part of the ESGF 2.0 US project (funded by the United States Department of Energy Office of Science), we developed pre-defined data workflows, which can be run on-demand, capable of applying many data reduction and data analysis to the large ESGF data archives, transferring only the resultant analysis (ex. visualizations, smaller data files). In this talk, we will showcase a few of these workflows, highlighting how Globus Flows can be used for petabyte-scale climate analysis.
3. 23
Introduction ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 5
The Lifecycle of an Intelligent Payments Platform ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 6
Creating and Funding a Remitter Account
New Customer Account Setup
Aggregating Funds Using Connected Accounts
Managing Payees Using Digital Wallets
Facilitating Cross-Border Payments
Withdrawing Funds - External Transfers
Advanced Reporting
Intelligent Payments Architecture •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 15
Digital Wallets
Single Platform
Simple Processes: Crawl>Walk>Run Implementations
Manual Uploads
Widgets - White Label Web & Mobile Forms
APIs
Claims Processing
Mission Critical Sub-functions
The Benefits of Intelligent Payments •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 19
Scalability & Flexibility
Simple & Secure
Exchange: Cross Border Ease of Use
AML & KYC Compliance
Tax Reporting
Payee Choice
Actionable Insights
ROI: Better Alignment, Lower Costs, Higher Impact
Table of Contents
4.
5. 25
Architecting Value Using
an Intelligent Payments
Platform
It’s simple, right? Money flows in from customers, contributors, partners, affiliates and others and
out to suppliers, partners, organizations and the like. Keeping it simple, however, can prove to be
anything but simple.
Inflows and outflows can be quite complex in order to align with myriad business models. And
managing multiple ledgers by partner or affiliate, region, business unit or revenue model isn’t the
same as moving the funds where they are needed. Outbound payments are no less complex;
usually the last step in a complicated process.
Isolating the payment process within the overall business process and workflow enables software
developers and companies to outsource and optimize efficiency and often improve an
end-user experience in the process.
Reducing costs requires an intelligent payments architecture that couples a payments platform,
digital wallets and API tools for connecting global payments with your core business processes
or applications. This approach can also ease cross-border payments by building in currency
exchange to greatly reduce its cost when needed.
Eliminating complexity is achieved when the intelligent payments platform also manages those
ancillary, yet mission-critical tasks that ensure payment security and user privacy, regulatory
compliance and appropriate tax reporting is completely managed.
This white paper explores the lifecycle of intelligent payments, the key features of an intelligent
payments architecture and potential benefits of developing and deploying intelligent payment
solutions. Specific implementations, of course, are the domain of the reader. This paper then
offers its readers with better practices to consider as they create intelligent payment solutions
across a wide swath of use cases leveraging the intelligent payments architecture designed to
Receive, Manage, Exchange and Transfer payments to and from the platform.
Introduction
6. 6
Architecting Value Using an Intelligent Payments Platform: eBook
An Intelligent Payments platform enables greater dexterity and flexibility to address a wide array of global pay-
ments use cases than traditional processes. Automation, improved workflows and better integration create
opportunities to lower operating costs while improving user experiences and providing greater transparency.
To do so, an Intelligent Payments Platform provides a platform hosting multi-currency accounts using digital
wallets for Remitters (payors) and Beneficiary (payees including Companies, Individuals, Non-profits, et al). On
the platform, funded digital wallets can make payments to anyone, anywhere via multiple payment methods,
exchange funds at far lower FX rates than available externally and execute wallet-to-wallet (W2W) transfers.
These capabilities may require rethinking payments workflows to optimize the benefits.
Doing so, we believe, is best accomplished through Better Practices Not Just Best Practices -- better practices
made possible by an Intelligent Payments Platform. Better practices to operationalize payments more efficiently
and effectively than many of the presumptively titled “best practices” as defined by incumbent financial institu-
tions and payments networks. Better practices that meet the necessary security, privacy, tax and compliance
requirements needed to manage global payments and which, whether sourcing incoming payments or trans-
ferring payments externally mesh well with stand industry practices from card processing to ACH/check pay-
ments and wire transfers.
Let’s look at the lifecycle of payments made using an intelligent payments platform from account set-up to post
payment analytics:
Creating and Funding a Remitter Account
All accounts are managed via digital wallets. Funding may come into a digital wallet from external sources or
from other digital wallets through wallet-to-wallet (W2W) exchanges.
The Lifecycle of an Intelligent
Payments Platform
7. 27
Architecting Value Using an Intelligent Payments Platform: eBook
New Clients
Setting up a new client account can be done directly or initiated by an au-
thorized partner.
Most client accounts are set-up easily by completing detailed profile infor-
mation and arranging initial funding by requesting an online invoice for an
agreed upon amount. Designers can create as many client accounts as
needed to cover multiple programs or business use cases separately. Each
account is provisioned with a separate, currency-specific digital wallet or
wallets, one for each currency as needed.
Payment Funding
Once set-up, additional funding can be added at any time to a Client ac-
count on a predetermined schedule or on an ad hoc basis. Incoming funds
can be expedited if needed as no payments can be processed without
funds available in any account’s currency-specific digital wallet.
Incoming Fund Sources
Depositing funds into an account for future disbursements can be handled in many
ways. Funding sources are continually expanded and feature all major forms of pay-
ment to accommodate various business needs:
Online Invoice Payment - To pre-fund payment account for future disbursements.
Card processing - Including Visa, MasterCard, American Express and Discover
debit and credit
Bank debit/EFT
8. 8
Architecting Value Using an Intelligent Payments Platform: eBook
New Customer Account Setup
Onboarding new customers, partners and suppliers has been made as simple and user friendly as possible.
Adding a new Beneficiary ‘Customer’ dynamically for immediate payment can be as simple as submitting Re-
mitter Account (payor wallet) along with:
Beneficiary Name (Payee First/Last Name)
Company Name (optional)
Email address
Amount e.g., $100.00
Currency: e.g., USD
Additional information may be submitted with the request and/or may be required for the recipient to complete
prior to receipt to fulfill Know Your Customer (KYC), Anti-Money Laundering (AML) and tax reporting require-
ments.
Once “Customer” information is submitted (and validated), digital wallets can be provisioned for each Benefi-
ciary. Depending on payment circumstances, a certain amount of information is mandatory, but it isn’t manda-
tory to collect all of it at once. Prior to processing any currency exchanges or external transfers via ACH transfer,
check, etc. or generating any tax reporting, all of the required account data must be obtained.
9. 29
Architecting Value Using an Intelligent Payments Platform: eBook
A Better Practice Not Just a Best Practice
Sometimes thinking more like a digital marketer than an accountant is useful. A
digital marketer would tell you to keep it simple and don’t ask for data you’re not
going to use immediately. A savvy marketer knows how to tease out a very robust
set of prospect data iteratively while building trust over several interactions.
Someone who’s just landed on your website might provide a limited amount of
contact info in exchange for keen insights (for example a white paper or proprie-
tary study on a topic of interest or to attend a webinar, etc.) but they’re far more
likely to abandon any such request if it requires a lot of detailed information about
their firm, their specific business needs, estimated budget and decision timeline.
The savvy marketer knows that requires more trust than has been earned on a first
click-through. They must gather all of that to help qualify leads for sales prioritiza-
tion, but will do so over a series of interactions that are mapped for each persona
as a series of steps in the buyer’s journey.
Account set-up, arguably, is a far more linear process but the important takeaway
is that you may not need everything all at once. For example, asking for taxpayer
ID might be triggered by a qualifying transaction rather than demanded as a
precedent for having an account. Similarly, physical address information, banking
information (ACH transfer) and other personal or firmographic data can be
added to account profile over time on an ‘as needed’ basis. An intelligent pay-
ments platform takes just such an ‘as needed’ approach to ensure compliance
and transparency are assured. What’s more, an Intelligent Payments Platform
takes care of these processes for you, so your resources can be focused on
processes more central to your business.
10. 10
Architecting Value Using an Intelligent Payments Platform: eBook
Aggregating Funds with Connected Accounts
As one of the most exciting capabilities of an intelligent payments architecture, aggregating funds is the ability
to receive funds from multiple sources into and out of a single digital wallet.
Aggregators and app developers can use intelligent payment APIs that allow them and their connected custo-
mers and partners to easily accept inbound payments in order to fund any personal or business wallets. They
can design and track the flow of funds between connected companies or partners and take advantage of the
visibility and instant nature of payments, creating customer or partner connected accounts and any number of
multi-currency wallets, and create and track instant wallet transfer workflows with ease.
It can be used to address aggregated business models including payments on behalf of customers or affiliates
powered by fast and flexible processing of mass inbound bank or card payments* into a web or mobile busi-
ness application while making on-boarding and settlement easy.
The intelligent architecture simplifies mass inbound bank or card payments in multiple currencies (currently 33),
facilitates currency exchange with over 140 currencies, while enabling payments to be passed through to your
partners or end-customer payees in the manner they determine.
Aggregators may elect to send payments via a direct payment method or as permit recipients to choose the
payment method they prefer.
11. User &
Company Accounts
Master Account
Create
Master Account
Company/User Accounts
Connect
Add Connected Accounts dynami-
cally from transactional workflow
Receive Multi-sourced payments
Exchange & Transfer
FX exchange in Remitter or Beneficiary
wallets
Transfer externally via ACH, cash check,
prepaid debit or digital git cards
XTRM ChoiceTM
XTRM DirectTM
AGGREGATION
Aggregation Functionality
Tier 1 Accounts
Tier 2 Accounts
12. 12
Architecting Value Using an Intelligent Payments Platform: eBook
Managing Payees Using Digital Wallets
To leverage key advantages in using an intelligent payments platform, payments on the platform flow from Remitter
wallets to Beneficiary wallets. This enables for frictionless movement of funds to and from accounts without incurring
fees incremental fees.
Clients can set-up Beneficiary (Payee) accounts by providing nominal Customer profile information in advance or,
in a more likely scenario, ask the Customer to do it themselves using a self-serve form widget on the platform. There
are three types of payee accounts and designers should be sure to select the appropriate type when configuring any
set-up:
Individual Payee: funds earned by and paid to individuals.
Company Payee: funds earned by and paid to company or organization
Employer Payee: funds that are attributable to individual employes but aggregated at the Company level for distri-
bution to the employee
Master,CompanyandPersonalUseraccountsprovideflexibilitytoensurethatpaymentprocessdesignerscandevelop
solutions for myriad use cases including the ability to Aggregate incoming funds from multiple sources -- Companies,
Consumers, Contributors -- into a singular Master account. Further, these transactions can be tagged by Attribution to
parties related to the transaction such as Referral, Affiliate or more traditional distribution channel partners.
Facilitating Cross-Border Payments
A recent study co-sponsored by McKinsey & Company and SWIFT, A Vision for the Future of Cross-Border Pay-
ments, found that the cost of providing international payments can be reduced to a level comparable with
domestic payments. Doing so, the study found would “require new approaches to fraud, anti-money launde-
ring, and straight-through processing (STP) requirements.” Cost per International transaction, it found, could be
reduced by 90%-95%.
13. 213
Architecting Value Using an Intelligent Payments Platform: eBook
The study predicts the most accelerated growth for cross-border payments will occur in the following use
cases:
Consumer to Business - ecommerce, online marketplaces, billpay
Business to Business - marketplace disbursements, SME trade
The ability to provide a straight-through payment process featuring currency exchange (FX) wholly within
the payments platform rather than through traditional banking and financial institutions, provides signifi-
cant transaction and FX cost savings. And it also provides the flexibility to shift the FX burden if desired.
An intelligent payments platform anticipates the need by provisioning every Beneficiary user with a digital
wallet in their local currency as well as one using the funder’s local currency.
Payments can be transacted so that the recipient absorbs any FX exchange fees, e.g., $100 USD in a New
York City Remitter wallet becomes €88.62 Euros in Paris Beneficiary wallet. Or payments can be confi-
gured to handle the FX within the Remitter’s account to fund €100.00 Euros into the Beneficiary accounts
using $112.84 USD in the Remitter’s USD digital wallet.
Cost Per International Payments Transactions
Payments Operations
$25 • $35
Existing Full migration
$1 • $2
Nostro-vostro liquidify
Claims and trasury operations
Compliance
FX costs
Network management
Overhead
-90-95%
14. 14
Architecting Value Using an Intelligent Payments Platform: eBook
Withdrawing Funds - Transfers Out
Making it easy for Payee or Beneficiary to access their payments quickly and securely is essential. While the me-
thod of payment may seem a foregone conclusion in many payment processes, an intelligent payment platform
provides the designer with multiple options.
In most cases, the Payee or Beneficiary may choose the method of payment they prefer, e.g. cash check, ACH
transfer, virtual Visa debit or digital gift card. However, if there is a compelling reason to limit the payment
method to a single option, e.g., ACH transfer, the designer can use APIs to direct payments specifically to that
external transfer option.
Advanced Reporting
As an intelligent payments platform, the focus of the platform reporting is transactional transparency providing
every user with all the details pertinent to their activity on the platform and easy to understand roll-ups by pro-
gram, month, year, currency, etc. The details are easily accessible online or exported via CSV file tor use upstre-
am in more comprehensive analytics efforts as required by partners or clients.
15. 215
Digital Wallet
Digital wallets or e-wallets are at the core of an intelligent payments process and platform.
Digital wallets enable frictionless payments to flow into and out of an individual or organizational
accounts, both to and from multiple sources or payees. This enables securely capturing tran-
sactional details as needed both for the payee and payor business purposes.
In that sense, a digital wallet hosted on an intelligent payments platform is digitally analogous
to a traditional bank account that can be either an Individual or Company account. The accou-
nt holder can see all their debit and credit transactions with enough transaction level detail to
enable the account holder to understand the sources and payees made for each. Unlike banks,
however, there are no monthly account fees; nor are there any fees for wallet-to-wallet (W2W)
transfers or transferring funds out of the platform.
Single Platform
A single platform provides security, privacy and transactional transparency while allowing mul-
tiple sources or payees, on-platform W2W and FX exchanges and a choice of external transfer
options.
Intelligent Payments
Architecture
16. 16
Architecting Value Using an Intelligent Payments Platform: eBook
XTRM Intelligent Payment Architecture
Simple Processes for Crawl > Walk > Run Implementations
Changing payment workflows and processes can be challenging. An intelligent payments platform offers mul-
tiple methods to begin using the platform. Depending on the specific use cases, partners or clients may elect
to use more than one method to migrate a portfolio of payment use cases. Because it’s a single platform, all
of the augmented functionality to ensure compliance, tax reporting, security and privacy are assured. This also
makes transitioning from one method to another seamless on the platform so that clients and partners can
make such changeovers at their discretion based on their business requirements. Clients and partners can use
manual uploads (crawl), automated widgets for white labeled web and mobile deployments (walk) or fully
embed intelligent payments functions within their go-to-market solutions using APIs (run).
Manual Uploads
Making payments from funded account wallets can be as simple as providing an uploadable spreadsheet with
relatively minimal data, i.e., payee name, payee email, amount, currency. The platform can collect informa-
tion that’s not available upon submission directly from the payee in order to complete data required for tax and
compliance.
17. 217
Architecting Value Using an Intelligent Payments Platform: eBook
Widgets - White Label Web and Mobile Forms
Clients with more robust requirements but limited developer resources can rapidly deploy intelligent payment
solutions using white-labeled web or mobile form to handle payment related tasks without the need for any de-
velopment work. Using Widgets, they can quickly onboard new partners or customers, make payments, exchan-
ge currency and more with simple, self-serve forms directly within their web or mobile platform.
The list of available widgets to cover all aspects of an intelligent payments process continues to expand and the
ability to create new ones quickly based on partner or client demand makes them ideal for any self-serve, form-
driven function.
One popular widget use case is for using the Link Bank and Activate Individual Account widget to migrate a
group of recipient beneficiaries from an existing payment process to the intelligent payments platform. Since
recipients need to provide confidential and PII (Personally Identifiable Information) in order to receive payments,
enabling them to do so via a self-serve tool directly into the payments platform eliminates the need for the
client to collect, store or otherwise manage such data.
APIs
Capturing the full benefit of an intelligent payments platform is best accomplished by optimizing business pro-
cesses and automating functionality across a specific solution stack. In other words, using APIs to fully embed
intelligent payments processes within a business or software solution.
All services available on the platform are available via embedded APIs making it easy to use the intelligent pay-
ments platform and services for a complete end-to-end payment solution including Fund - Send - Exchange
- Transfer - Fraud Check and more. And APIs should be easily accessible as should the creation of a sandbox
Company account by requesting credentials. Once approved, a sandbox company account can be funded with
multiple currencies so testing can be done using a complete replica of the intelligent platform production envi-
ronment that support all of the same API endpoints. This allows for testing user acceptance prior to fully embe-
dding its functionality into a business solution or platform.
Claims Processing
An Intelligent Payments platform and APIs enable automated claims processing workflows and simple confi-
gurations to capture key claims related details with each transaction. Developers can create their own claims
process or extract claims data from other applications (e.g., Salesforce, etc.) to provide payment details for au-
thorized transactions, thus streamlining payment from pre-funded accounts to partners, customers and others.
18. 18
Architecting Value Using an Intelligent Payments Platform: eBook
Mission Critical Sub-Functions
Beyond the platform, digital wallets and API tools, an intelligent payments platform provides automated services
to ensure compliance with regulatory requirements.
KYC and AML
KYC and AML policies, procedures and internal controls on the platform are reviewed and updated on a regular
basis to ensure procedures and controls are in place to account for changes in regulations. To comply, the
platform collects certain minimum customer identification information from each customer who opens an ac-
count; utilizing risk-based measures to verify the identity of each customer opening an account; and compares
customer identification information with government provided watchlists, blackslists and sanctioned entities lists
once such lists have been issued by the government
Tax Reporting
An intelligent payments platform provides a breakdown of all transactions so that all parties can comply with
the tax reporting requirements based on the nature of the transactions and their countries of operation.
In the US, 1099-Ks are provided to beneficiaries and reported to the IRS to comply with reporting requirements
on behalf of clients and partners. Elsewhere detailed reporting is available to both remitters and beneficiaries to
enable tax reporting as required based on their location in the world. While the payments platform offloads this
burdensome requirement on behalf of its partners and customers, they do need to inform their customers and
partners that it is the responsibility of the beneficiary of all payments, regardless of whether they are an individu-
al or a company, to report any and all income to their local tax authority in the usual manner.
19. 219
The Benefits of Intelligent
Payments
Intelligent payment solutions, of course, require more than an intelligent payments platform and
digital wallet architecture or the automation of related processes for tax, compliance and repor-
ting to be successful. They are made intelligent through the integration with the business pro-
cesses of the partners and client companies using that platform to simplify payment processes
for existing business models or making new business models possible.
Why then deploy an intelligent payment solution? Lower cost? Improved user experience?
Increased satisfaction and loyalty? All are possible, but consistently those that have deployed
solutions using the platform cite the following benefits:
Nothing happens until something moves.
Albert Einstein
20. 20
Architecting Value Using an Intelligent Payments Platform: eBook
Scalability & Flexibility
From small programs with fewer than 50 payees to multi-currency, global payment initiatives with hundreds
of thousands of partners, customers or other payees, an intelligent payment platform featuring digital wallet
architecture and automated tax and compliance tools offers the most efficient means to provide payments in
multiple methods and the ability to scale at the speed of any business.
Payments may be made to Personal (Individual) accounts, Company Accounts or Employer Accounts which
are payments directed to employees but deposited into a Company level account for distribution at the Com-
pany’s discretion.
Master, Company and Personal User accounts provide flexibility to ensure that payment process designers can
develop solutions for myriad use cases including the ability to Aggregate incoming funds from multiple sources
-- Companies, Consumers, Contributors -- into a singular Master account. Further, these transactions can be
tagged by Attribution to parties related to the transaction such as Referral, Affiliate or more traditional distribu-
tion channel partners.
Simple & Secure
Ease of use is at the center of any User Experience; ever more so when embedding white-labeled payment ex-
perience within a software application, website or mobile app.
Security must be ensured throughout every interaction and this includes both the branded experience embed-
ded as well as any direct access interactions by Master and Connected account users. Two-step verification
is built-in to ensure all user access is limited to their Personal or Company transactional and summary data
based on their profile information.
Exchange: Cross Border Ease of Use
A recent study co-sponsored by McKinsey & Company and SWIFT, A Vision for the Future of Cross-Border Pay-
ments, reports that Bank Fees and FX account for some 83% of the external costs for international B2B transac-
tions. An intelligent payments platform can eliminate many bank fees related to global payments and provide
FX exchange at reduced rates.
Simplifying international payments solves one of the most vexing challenges for many SME and enterprise firms,
particularly when applied to edge use cases in the context of AP/AR cash flows. An intelligent payments pla-
tform provisions every Beneficiary user with a digital wallet in their local currency as well as one using the fun-
ding Remitter’s local currency.
21. 221
Architecting Value Using an Intelligent Payments Platform: eBook
AML & KYC Compliance
To prohibit and actively prevent money laundering and any activity that facilitates money laundering or the fun-
ding of terrorist or criminal activities is central to the intelligent payments platform value proposition and essen-
tial to retaining the trust and confidence of all its customers and partners
Tax Reporting
An intelligent payments platforms operates as a third party settlement organization (TPSO), meaning that it sits
between the recipient and the sender. As such, the payments platform offloads this burdensome requirement
on behalf of its partners and customers.
Payee Choice
Most payment processes pre-set the method of payment as a condition, i.e., payment is to be made via ACH
(which requires recipient’s banking information to execute) or wire transfer, a physical cash check mailed to the
recipient or virtual prepaid card.
An intelligent payments platform leaves that choice to the payee when appropriate and can extend to other
alternatives such as digital gift cards and other payment medium. .
Many studies have been conducted about how users prefer to receive benefits (payments) by incentive hou-
ses, payment networks and others. Nearly all such studies reach two conclusions: a. that users prefer choice of
how to receive their benefits; and b.that the primary preference found is for whatever that study’s underwriter is
promoting.
An intelligent payments platform fully endorses the first conclusion and enables choice whenever practical It
does not, however, seek to advantage one method over another or building a business case for the second
conclusion. That is left to the partners and clients using the platform in the conduct of their business and the
data extracted from the platform consists only of actual transactional data.
Actionable Insights
Payments may be the last step in a business process, but that doesn’t mean there’s not significant valuable data
to be harvested. That said, while a payment process may be intelligent, it isn’t clairvoyant, so developers need to
design their analytics and BI strategy upfront to make sure the data needed is both captured and actionable.
If, for example, as in the example above there are multiple Payee Choices for payment methods, they will defi-
nitely want to capture the relevant data to help their marketing team tailor messaging for the greatest impact
based on how users are choosing to receive their benefits. One size doesn’t fit all.
22. 22
Architecting Value Using an Intelligent Payments Platform: eBook
Lower Operating Costs = Better ROI
Intelligent payment solutions by definition are more efficient but impacts go beyond simple cost-reduction.
These impacts may be difficult to quantify as payments are but one aspect of a larger business process.
These impacts, in fact, are best measured in the context of the business solutions deployed by partners and
client companies using the platform.
Although many of these benefits are often intangible and may prove challenging to attribute a specific value to
‘just the payment process,’ their total impact can be immense. Happier customers and partners are more loyal
and loyal customers transact more.
ROI: Better Alignment, Lower Costs, Higher Impact
Strategy Cost Impact
GTM Strategy
Pricing
Distribution
*External Expenses include bank Fees, Transaction Processing, Program Management, FX Exchange Fees, Tax Re-
porting Cost
Internal Expenses include Admin hours, IT, etc. to manage processes and compliance
Current Cost -All in*
-
New Process Cost - All in*
Return On Investment
User Experience
Partner & Customer Delight
Retention & Loyalty
23. 223
Architecting Value Using an Intelligent Payments Platform: eBook
Intelligent Payments Impacts
Process Improvement
Self-serve Cost Savings
Automation Cost Savings
UEX improvements
Impact on retention/loyalty
Impact on partner and customer satisfaction
Beyond these impacts there are considerable, quantifiable cost savings which can be directly attributed to using
an intelligent payments platform:
Intelligent Payments Platform Cost Savings = Current Expenses (All-in) less New Process Expenses
(All-in) Savings.
External Expenses
Bank Fees, Transaction Processing, Program Management (if outsourced), FX Currency Exchange Fees, Tax
Reporting Costs
Internal Expenses
Admin Hours; IT Hours, etc.