This document discusses the implementation of an in-house bank or payment factory. It notes that changes in technology and regulations are forcing companies to review their financial processes. An in-house bank could help achieve efficiency by insourcing bank account management and enabling payments and collections on behalf of subsidiaries. Implementing an in-house bank is a complex process that requires support from senior management and involvement from different departments. It outlines key requirements like the company's operational structure and banking arrangements. The document also differentiates between a payment factory, which automates payments, and a full in-house bank, which takes on account management functions from external banks.
This document outlines requirements for an online banking system. It will allow customers to check balances, view transaction histories, transfer funds between accounts, and pay bills online. The system must be secure, reliable, and accessible via the internet from any computer. It will reduce the need for in-person bank visits and allow customers to manage their finances remotely. The system may evolve over time to offer additional features like credit card management and improved interfaces.
The business-to-consumer aspect of product commerce (e-commerce) is the most visible business use of the World Wide Web. The primary goal of an e-commerce site is to sell goods online.
This project deals with developing an e-commerce website for Online Product Sale. It provides the user with a catalog of different product available for purchase in the store. In order to facilitate online purchase a shopping cart is provided to the user. The system is implemented using a 3-tier approach, with a backend database, a middle tier of
Microsoft Internet Information Services (IIS) and PHP, and a web browser as the front end client. In order to develop an e-commerce website, a number of Technologies must be studied and understood.
These include multi-tiered architecture, server and client side scripting techniques, implementation technologies such as PHP(OOP), JQUERY, BOOTSTRAP, HTML5, relational databases (such as MySQLi, Access). This is a project with the objective to develop a basic website where a consumer is provided with a shopping cart application and also to know about the technologies used to develop such an application. This document will discuss each of the underlying technologies to create and implement an e-commerce website.
The document discusses access policies for real-time gross settlement (RTGS) systems. It identifies seven types of entities that may seek access to RTGS services: deposit institutions, investment banks, insurance/pension funds, central counterparties, financial market settlement agents, retail market settlement agents, and non-financial companies. There are four basic types of access: direct access to settlement accounts and credit; direct access only to settlement accounts; authority to order transfers on other accounts; and indirect access through a customer of a direct account holder. Access policies can affect how efficiently RTGS systems support the financial system and how providers and users manage payment risks. The document assesses access policies across six reference countries to identify issues for central banks to
The document describes an online shopping cart system. It includes sections on the system scope, software requirements specification, functional model using data flow diagrams, activity diagrams showing the customer workflow, and a use case diagram showing actors and use cases. The functional model section includes data flow diagrams for the overall system, product listing, administrator, and secure gateway provider. The activity diagram shows the customer's shopping, checkout, and order cancellation processes. The use case diagram identifies the customer and purchased item as actors and use cases for viewing products, purchasing an item, and cancelling an order.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
This document is a software requirements specification (SRS) for an unnamed project. It provides an overview of the purpose and scope of the software, describes external interface requirements, system features, and other nonfunctional requirements. The document includes sections for introduction, overall description, external interface requirements, system features, other nonfunctional requirements, and appendices. Requirements are organized by system features and specified individually with unique identifiers.
This document outlines requirements for an online banking system. It will allow customers to check balances, view transaction histories, transfer funds between accounts, and pay bills online. The system must be secure, reliable, and accessible via the internet from any computer. It will reduce the need for in-person bank visits and allow customers to manage their finances remotely. The system may evolve over time to offer additional features like credit card management and improved interfaces.
The business-to-consumer aspect of product commerce (e-commerce) is the most visible business use of the World Wide Web. The primary goal of an e-commerce site is to sell goods online.
This project deals with developing an e-commerce website for Online Product Sale. It provides the user with a catalog of different product available for purchase in the store. In order to facilitate online purchase a shopping cart is provided to the user. The system is implemented using a 3-tier approach, with a backend database, a middle tier of
Microsoft Internet Information Services (IIS) and PHP, and a web browser as the front end client. In order to develop an e-commerce website, a number of Technologies must be studied and understood.
These include multi-tiered architecture, server and client side scripting techniques, implementation technologies such as PHP(OOP), JQUERY, BOOTSTRAP, HTML5, relational databases (such as MySQLi, Access). This is a project with the objective to develop a basic website where a consumer is provided with a shopping cart application and also to know about the technologies used to develop such an application. This document will discuss each of the underlying technologies to create and implement an e-commerce website.
The document discusses access policies for real-time gross settlement (RTGS) systems. It identifies seven types of entities that may seek access to RTGS services: deposit institutions, investment banks, insurance/pension funds, central counterparties, financial market settlement agents, retail market settlement agents, and non-financial companies. There are four basic types of access: direct access to settlement accounts and credit; direct access only to settlement accounts; authority to order transfers on other accounts; and indirect access through a customer of a direct account holder. Access policies can affect how efficiently RTGS systems support the financial system and how providers and users manage payment risks. The document assesses access policies across six reference countries to identify issues for central banks to
The document describes an online shopping cart system. It includes sections on the system scope, software requirements specification, functional model using data flow diagrams, activity diagrams showing the customer workflow, and a use case diagram showing actors and use cases. The functional model section includes data flow diagrams for the overall system, product listing, administrator, and secure gateway provider. The activity diagram shows the customer's shopping, checkout, and order cancellation processes. The use case diagram identifies the customer and purchased item as actors and use cases for viewing products, purchasing an item, and cancelling an order.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness, happiness and focus.
This document is a software requirements specification (SRS) for an unnamed project. It provides an overview of the purpose and scope of the software, describes external interface requirements, system features, and other nonfunctional requirements. The document includes sections for introduction, overall description, external interface requirements, system features, other nonfunctional requirements, and appendices. Requirements are organized by system features and specified individually with unique identifiers.
Plastic money and digital cash sept 2012 abbl card infoShihab Uddin Khan
This document discusses digital cash/plastic money and electronic payment systems. It defines payment systems as a set of instruments, procedures, and funds transfer systems that ensure the circulation of money. It also defines electronic payment as a financial exchange that takes place online between buyers and sellers, usually using some form of digital financial instrument backed by a bank. The document then discusses different types of electronic payment systems like digital cash, credit cards, stored value cards, and debit cards and how they have affected both consumers and companies.
Till about a decade ago, we stood in long queues to withdraw cash from a bank and then waited painfully in other queues to pay our utility bills.
With the advent of credit and debit cards many of our cash related problems got simpler. The internet allowed us to pay bills at the click of a button.
Today there is a big buzz around ‘e-wallet’ and talk of the death of cash payment. Now it is possible to leave your wallet at home and get through a typical day with the help of a digital wallet, thanks to the revolutionary technologies we are seeing as we advance to a cashless world.
Today’s lesson by Prof. Simply Simple attempts to explain you the concept of ‘e-wallet’.
This document outlines a sequence diagram for an employee management system. The diagram shows the steps and interactions between different objects as a process is carried out. It provides a visual representation of the flow of operations in managing employee data and information within the system.
This document provides a project report on the development of a "WEBBLOG" system for TecHindustan Private Ltd. The report includes an introduction to the company, the project, existing systems and their drawbacks. It describes the scope and benefits of the new system. The system modules including user and admin functionalities are outlined. Requirements for inputs, outputs, and maintenance are specified. Finally, the report discusses system analysis including data, operational, technical, economic and security analyses to establish the feasibility of the new weblog system.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
This document provides a format for submitting project synopses to a convention on entrepreneurship in academia through innovation. The format requires proposals to include the title, team members, objectives, technical details, innovativeness, current development status, market potential, and any additional details. It also provides a sample synopsis for a natural refrigerator project following this format.
This document is a project report for developing a social networking site submitted as part of a master's degree program. It discusses the existing system's limitations in allowing people to voice violations, injustice, and corruption happening around them. The proposed system aims to provide a common platform for citizens of India to discuss these issues and take appropriate action. It describes the system's modules, development strategy using prototyping, and technical feasibility of the project. In summary, the document outlines a social media platform to promote social responsibility in India by enabling citizens to report issues and participate in online discussions.
A Complete Model of the Payment Service BusinessFrank Steeneken
The document provides a comprehensive framework for modeling the core processes and subsystems of a payment service business. It defines the key entities as merchants, consumers, issuers, and the payment service business itself. It then outlines the core processes that add value by connecting merchants and issuers, such as portfolio definition, package construction, transaction authorization, and clearing. These core processes intersect with subsystems like the payment gateway provider, payment collector, and payment acquirer to define the business functions performed throughout the payment lifecycle.
The Future of Payments: Next-Gen Payment Processing TechnologiesDustin Lichey, PRM
This document summarizes the key trends and developments in next-generation payment processing technologies over the next decade. It highlights 9 important technologies: EMV chip cards, remote deposit capture, authentication/biometrics, contactless payments, real-time/faster payments, blockchain/bitcoin, e-commerce/m-commerce, mobile point of sale (mPOS), and mobile wallets. For each technology, it provides data on adoption rates, expected growth and revenues, as well as some of the major players in each field. The overall document indicates that payments are evolving rapidly due to innovation and that the pace of change will continue to accelerate in the coming years.
Unified Payment Interface (UPI) - A Way Towards Cashless EconomyIRJET Journal
Unified Payments Interface (UPI) is a payment system launched by National Payments Corporation of India that allows instant fund transfers between bank accounts using a virtual address. UPI addresses issues like lack of digital literacy and bank account access in rural areas. It allows users to send and receive money through UPI applications on their smartphones using only a unique ID instead of bank details. UPI aims to make digital payments more convenient, secure, and accessible which can help promote a cashless economy in India. Transaction volumes through UPI are growing but still make up a small percentage compared to other electronic payment methods. Widespread adoption of UPI may depend on increasing digital and financial literacy as well as expanding internet access across India.
This document contains the requirement specification and design for a chat application. It includes use case diagrams and tables describing the authentication system, contacts form, chat form, maintenance, and monitoring features. It also includes activity diagrams, class diagrams, entity relationship diagrams, and sequence diagrams modeling the application's functionality and architecture. The data flow diagrams show the high-level data flows and data transformation processes within the chat application.
The commercial banking industry faces daunting challenges. Operational costs continue to rise. Corporate clients seek convenience and personalized products and services. Cybersecurity is a major concern as more and more bank processes become digitalized. Compliance with wide-ranging open banking regulations is mandatory. The entry of BigTechs and other players is heating up competitive pressure. Therefore, it is essential for banks to transform and adapt to the changing business environment.
Read our Top Trends in Commercial Banking: 2020 report for analyses of the initiatives, new solutions, and trends expected to shape the commercial banking ecosystem in 2020 and beyond.
The following resources come from the 2009/10 BSc in Internet Technology and E-Commerce (course number 2ELE0076) from the University of Hertfordshire. All the mini projects are designed as level two modules of the undergraduate programmes.
The objectives of this module are to examine the structure of shopping cart on e-Commerce websites and understand various usage of shopping cart:
• Identifying successful usage of shopping cart on e-Commerce websites
• Identifying different types of programming languages used for creating shopping cart
• Analysing different structures of shopping cart
• Using one of the chosen language to create a shopping cart for an online book store website.
This project requires examination of several famous e-Commerce websites and their individual usage of shopping cart. Students are required not only understand the successful examples on shopping cart usage, but also create their own shopping cart for an e-Commerce website.
The document outlines specifications for a bank management system that allows customers to manage their bank accounts. The system will allow customers to create accounts, deposit and withdraw funds, and view reports. It provides requirements for the system's functionality, users, and hardware/software needs. The system is intended to help banks manage customer accounts and transactions.
ER diagram for Shopping Mall Management Systemvipul kumar
it's a project report on "Shopping Mall Management System"
which can help you to design an application based on this one. It include almost all the attribute of a Shopping mall...
In recent months, many customers have been asking us the question – how to monetise Open APIs, simplify Fintech integrations and accelerate adoption of various Open Banking business models. Therefore, AWS and FinConecta would like to invite you to Open Finance marketplace presentation on October 20th.
Event Agenda :
Open banking so far (short recap)
• PSD2, OB UK, OB Australia, OB LATAM, OB Israel
Intro to Open Finance marketplace
• Scope
• Features
• Tech overview and Demo
The role of the Cloud
The Future of APIs
• Complying with regulation
• Monetizing data / APIs
• Business models
• Time to market
One platform for all: a Strategic approach
Q&A
Ignou MCA 4th semester mini project report. College admission system. This project is based on real working system of University seat allocation to affiliate colleges. College admission system provide seat allocation process for various UG PG programs for every academic session.
Andrius Biceika (Revolut): The New Era of Digital BankingFinTechZone
The document summarizes Revolut, a digital banking service. It provides core services like spending, money transfers, and currency exchange for free or low fees. It offers additional features like multiple cards per account, transaction notifications, and bill splitting. Revolut also provides business banking services and plans to expand globally, apply for a banking license, offer wealth and credit services, and reinvent merchant accounts with significant cost savings for businesses. The summary concludes by noting Revolut's rapid growth without marketing, with over 1.8 million users and $50+ million in daily transaction volume.
Melanie Swan, an economic theorist from New York, gave a presentation on blockchain payment systems. She discussed how blockchain technology could enable new types of digital payment systems that are like email for money, Skype for money, and Apple Pay for governments. She covered various applications of blockchain for consumer payments, enterprise payments, and institutional payments. She believes blockchain payments could improve access to financial services for billions of individuals worldwide by providing solutions for remittances, credit reporting, and literacy programs.
A study of cash management at standard chartered bankProjects Kart
The document is a project report submitted for a Bachelor of Business Administration degree. It examines cash management practices at Standard Chartered Bank. The report includes an introduction that defines cash management and describes Standard Chartered Bank's cash management services. It also includes sections on objectives, research methodology, literature review, industry profile, company profile, results and analysis, a case study, limitations, conclusions, and recommendations. The company profile section provides an overview of Standard Chartered Bank's history and products, with a focus on its cash management services.
Cash and treasury solutions provide money related alternatives to businesses seeking greater access to capital, lower cost of debt and efficient internal financial operations; they are a part of the formula that determines how well run a business is. As businesses develop, simplified internal policies do not necessarily benefit investors as much as elaborate, sophisticated and fluid financial decision making allows for. Additionally, corporate finance tends to get more complicated as companies become larger. This is because expanded operations require greater financial management.
Plastic money and digital cash sept 2012 abbl card infoShihab Uddin Khan
This document discusses digital cash/plastic money and electronic payment systems. It defines payment systems as a set of instruments, procedures, and funds transfer systems that ensure the circulation of money. It also defines electronic payment as a financial exchange that takes place online between buyers and sellers, usually using some form of digital financial instrument backed by a bank. The document then discusses different types of electronic payment systems like digital cash, credit cards, stored value cards, and debit cards and how they have affected both consumers and companies.
Till about a decade ago, we stood in long queues to withdraw cash from a bank and then waited painfully in other queues to pay our utility bills.
With the advent of credit and debit cards many of our cash related problems got simpler. The internet allowed us to pay bills at the click of a button.
Today there is a big buzz around ‘e-wallet’ and talk of the death of cash payment. Now it is possible to leave your wallet at home and get through a typical day with the help of a digital wallet, thanks to the revolutionary technologies we are seeing as we advance to a cashless world.
Today’s lesson by Prof. Simply Simple attempts to explain you the concept of ‘e-wallet’.
This document outlines a sequence diagram for an employee management system. The diagram shows the steps and interactions between different objects as a process is carried out. It provides a visual representation of the flow of operations in managing employee data and information within the system.
This document provides a project report on the development of a "WEBBLOG" system for TecHindustan Private Ltd. The report includes an introduction to the company, the project, existing systems and their drawbacks. It describes the scope and benefits of the new system. The system modules including user and admin functionalities are outlined. Requirements for inputs, outputs, and maintenance are specified. Finally, the report discusses system analysis including data, operational, technical, economic and security analyses to establish the feasibility of the new weblog system.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
This document provides a format for submitting project synopses to a convention on entrepreneurship in academia through innovation. The format requires proposals to include the title, team members, objectives, technical details, innovativeness, current development status, market potential, and any additional details. It also provides a sample synopsis for a natural refrigerator project following this format.
This document is a project report for developing a social networking site submitted as part of a master's degree program. It discusses the existing system's limitations in allowing people to voice violations, injustice, and corruption happening around them. The proposed system aims to provide a common platform for citizens of India to discuss these issues and take appropriate action. It describes the system's modules, development strategy using prototyping, and technical feasibility of the project. In summary, the document outlines a social media platform to promote social responsibility in India by enabling citizens to report issues and participate in online discussions.
A Complete Model of the Payment Service BusinessFrank Steeneken
The document provides a comprehensive framework for modeling the core processes and subsystems of a payment service business. It defines the key entities as merchants, consumers, issuers, and the payment service business itself. It then outlines the core processes that add value by connecting merchants and issuers, such as portfolio definition, package construction, transaction authorization, and clearing. These core processes intersect with subsystems like the payment gateway provider, payment collector, and payment acquirer to define the business functions performed throughout the payment lifecycle.
The Future of Payments: Next-Gen Payment Processing TechnologiesDustin Lichey, PRM
This document summarizes the key trends and developments in next-generation payment processing technologies over the next decade. It highlights 9 important technologies: EMV chip cards, remote deposit capture, authentication/biometrics, contactless payments, real-time/faster payments, blockchain/bitcoin, e-commerce/m-commerce, mobile point of sale (mPOS), and mobile wallets. For each technology, it provides data on adoption rates, expected growth and revenues, as well as some of the major players in each field. The overall document indicates that payments are evolving rapidly due to innovation and that the pace of change will continue to accelerate in the coming years.
Unified Payment Interface (UPI) - A Way Towards Cashless EconomyIRJET Journal
Unified Payments Interface (UPI) is a payment system launched by National Payments Corporation of India that allows instant fund transfers between bank accounts using a virtual address. UPI addresses issues like lack of digital literacy and bank account access in rural areas. It allows users to send and receive money through UPI applications on their smartphones using only a unique ID instead of bank details. UPI aims to make digital payments more convenient, secure, and accessible which can help promote a cashless economy in India. Transaction volumes through UPI are growing but still make up a small percentage compared to other electronic payment methods. Widespread adoption of UPI may depend on increasing digital and financial literacy as well as expanding internet access across India.
This document contains the requirement specification and design for a chat application. It includes use case diagrams and tables describing the authentication system, contacts form, chat form, maintenance, and monitoring features. It also includes activity diagrams, class diagrams, entity relationship diagrams, and sequence diagrams modeling the application's functionality and architecture. The data flow diagrams show the high-level data flows and data transformation processes within the chat application.
The commercial banking industry faces daunting challenges. Operational costs continue to rise. Corporate clients seek convenience and personalized products and services. Cybersecurity is a major concern as more and more bank processes become digitalized. Compliance with wide-ranging open banking regulations is mandatory. The entry of BigTechs and other players is heating up competitive pressure. Therefore, it is essential for banks to transform and adapt to the changing business environment.
Read our Top Trends in Commercial Banking: 2020 report for analyses of the initiatives, new solutions, and trends expected to shape the commercial banking ecosystem in 2020 and beyond.
The following resources come from the 2009/10 BSc in Internet Technology and E-Commerce (course number 2ELE0076) from the University of Hertfordshire. All the mini projects are designed as level two modules of the undergraduate programmes.
The objectives of this module are to examine the structure of shopping cart on e-Commerce websites and understand various usage of shopping cart:
• Identifying successful usage of shopping cart on e-Commerce websites
• Identifying different types of programming languages used for creating shopping cart
• Analysing different structures of shopping cart
• Using one of the chosen language to create a shopping cart for an online book store website.
This project requires examination of several famous e-Commerce websites and their individual usage of shopping cart. Students are required not only understand the successful examples on shopping cart usage, but also create their own shopping cart for an e-Commerce website.
The document outlines specifications for a bank management system that allows customers to manage their bank accounts. The system will allow customers to create accounts, deposit and withdraw funds, and view reports. It provides requirements for the system's functionality, users, and hardware/software needs. The system is intended to help banks manage customer accounts and transactions.
ER diagram for Shopping Mall Management Systemvipul kumar
it's a project report on "Shopping Mall Management System"
which can help you to design an application based on this one. It include almost all the attribute of a Shopping mall...
In recent months, many customers have been asking us the question – how to monetise Open APIs, simplify Fintech integrations and accelerate adoption of various Open Banking business models. Therefore, AWS and FinConecta would like to invite you to Open Finance marketplace presentation on October 20th.
Event Agenda :
Open banking so far (short recap)
• PSD2, OB UK, OB Australia, OB LATAM, OB Israel
Intro to Open Finance marketplace
• Scope
• Features
• Tech overview and Demo
The role of the Cloud
The Future of APIs
• Complying with regulation
• Monetizing data / APIs
• Business models
• Time to market
One platform for all: a Strategic approach
Q&A
Ignou MCA 4th semester mini project report. College admission system. This project is based on real working system of University seat allocation to affiliate colleges. College admission system provide seat allocation process for various UG PG programs for every academic session.
Andrius Biceika (Revolut): The New Era of Digital BankingFinTechZone
The document summarizes Revolut, a digital banking service. It provides core services like spending, money transfers, and currency exchange for free or low fees. It offers additional features like multiple cards per account, transaction notifications, and bill splitting. Revolut also provides business banking services and plans to expand globally, apply for a banking license, offer wealth and credit services, and reinvent merchant accounts with significant cost savings for businesses. The summary concludes by noting Revolut's rapid growth without marketing, with over 1.8 million users and $50+ million in daily transaction volume.
Melanie Swan, an economic theorist from New York, gave a presentation on blockchain payment systems. She discussed how blockchain technology could enable new types of digital payment systems that are like email for money, Skype for money, and Apple Pay for governments. She covered various applications of blockchain for consumer payments, enterprise payments, and institutional payments. She believes blockchain payments could improve access to financial services for billions of individuals worldwide by providing solutions for remittances, credit reporting, and literacy programs.
A study of cash management at standard chartered bankProjects Kart
The document is a project report submitted for a Bachelor of Business Administration degree. It examines cash management practices at Standard Chartered Bank. The report includes an introduction that defines cash management and describes Standard Chartered Bank's cash management services. It also includes sections on objectives, research methodology, literature review, industry profile, company profile, results and analysis, a case study, limitations, conclusions, and recommendations. The company profile section provides an overview of Standard Chartered Bank's history and products, with a focus on its cash management services.
Cash and treasury solutions provide money related alternatives to businesses seeking greater access to capital, lower cost of debt and efficient internal financial operations; they are a part of the formula that determines how well run a business is. As businesses develop, simplified internal policies do not necessarily benefit investors as much as elaborate, sophisticated and fluid financial decision making allows for. Additionally, corporate finance tends to get more complicated as companies become larger. This is because expanded operations require greater financial management.
Study of cash management at standard chartered bankVishnu Prasad
Cash is vital for businesses to operate, like blood is for living organisms. However, cash flows in and out of businesses asynchronously, sometimes resulting in too much or too little cash. Effective cash management is needed to control cash movement and ensure sufficient availability to meet needs. Cash management services provided by banks include account reconciliation, automated clearing house transfers, balance reporting, cash concentration, lockbox services, sweep accounts, wire transfers and controlled disbursement to optimize cash utilization and flow. The primary goal of cash management is to maintain enough, but not too much, cash available when required.
The document discusses trends in corporate cash management services, including a shift towards electronic payments, digitization of checks, and strategic receivables management. It also covers managing risks and controls, and integrating cash, trade, liquidity and risk management. Key issues for corporate treasurers are discussed around visibility, optimized returns and control of funds.
Case study optimizing_the_general_ledgerArvind Rajan
The document discusses optimizing a company's general ledger to meet both management reporting and statutory requirements as the company grows. It describes the client's issues with inaccurate financial reporting, lack of currency translation and inter-company billing. The solution implemented new accounts, enabled an ERP billing module for inter-company transactions, and configured book codes and translation steps to automate manual processes and improve financial accuracy and efficiency.
This document discusses eBAM (Electronic Bank Account Management), a web-based system used in corporate banking to automate and standardize bank account management processes. Historically, multinational corporations managed hundreds of bank accounts using manual paper processes that varied by bank and location. eBAM aims to remove paper from the process and allow corporations to access and manage account records quickly online. It enables corporations to standardize activities like opening, closing, and managing accounts and signatories. eBAM provides benefits like reduced costs, improved client satisfaction, and a centralized view of bank account structures.
4 Reasons Why CFOs Should Rethink B2B Accounts Receivable PaymentsWilliamJames346254
This e-book shows 4 major reasons why CFOs need to change their B2B payments strategy and Explore how digital payments enhances Sage Intacct’s payment capabilities.
Assessment of working capital finance project by nonameSahil Monu
The document provides an executive summary of a project report on working capital finance at Bank of Maharashtra. The objectives of the project were to study various types of working capital finance provided by banks and analyze the procedure for assessing working capital finance. The project was carried out over two months at the bank's credit department. It covers the assessment process for working capital finance and includes case studies demonstrating the calculations.
This document discusses how treasury software can replace banking services, freeing corporations from dependence on banks. It provides three key points:
1) Technological developments have made it possible for treasury software solutions to replace transactional banking services, eliminate trapped cash, and minimize banking risks for corporations.
2) Treasury software can intelligently integrate systems, support cash pooling relationships and rules, and facilitate in-house banking capabilities like intercompany payments.
3) By replacing banking services with software, corporations can gain cost savings and reduce risks from issues like unfair bank covenants and the potential of bank defaults.
CashPerform has a unique offering that facilitates efficiency in the cash conversion cycle to recover cash from suppliers, customers and internal efficiences. This translates into Working Capital Optimisation
This document provides an overview of working capital, including its definition, relevance, management, calculation, requirements, and trends. It defines working capital as the difference between current assets and current liabilities. Working capital is essential for business operations and reflects a company's liquidity and financial health. The document discusses calculating working capital, analyzing trends over time, measuring efficiency through turnover ratios, and assessing a company's liquidity position.
Best practices-b2 b-collection-managementJohn Metzger
This document provides best practices for B2B accounts receivable collection strategies. It discusses leveraging technology like a SaaS collection system to automate workflows and prioritize accounts. Key performance indicators like days sales outstanding and bad debt percentages should be monitored. A written credit and collection policy along with billing options like electronic invoicing can improve cash flow. Collection practices should prioritize strategies based on risk, payment history, cash goals or delinquency reduction. Technology, metrics, policies and prioritizing accounts are presented as ways to optimize the collection process.
This document discusses payment factories, which refer to centralized hubs established by companies to gain greater control and efficiency over processing payments. Payment factories can take various forms depending on factors like a company's processes, technology, bank relationships, and location. The document examines the benefits payment factories can provide, such as increased standardization, visibility, control and lower costs. It also provides examples of different payment factory models and considerations for establishing one.
This document provides an overview of cash and highly liquid investments. It discusses the composition of cash, how cash is presented on the balance sheet, cash management controls, bank reconciliations, and petty cash systems. It also covers cash equivalents, strategies to enhance cash flows, proof of cash, and accounting for trading securities.
The document discusses the implications of China's new VAT rules on corporate cash pooling structures in China. It finds that the traditional "zero-balance account" structure will face higher tax burdens due to VAT being applied to interest income from entrust loans. Alternative structures that involve fewer inter-company transactions could reduce tax costs but provide less efficient cash concentration or cross-border pooling. The optimal approach may be to transition to a centralized, tax-efficient structure that offers lower taxes while maintaining liquidity management benefits.
Pegasus Software White paper-credit-managementStuart Anderson
This document discusses credit management strategies for small and medium enterprises (SMEs) to improve cash flow. It notes that late payments from customers pose a serious risk to business growth and profitability for SMEs. The UK government has introduced the Prompt Payment Code to encourage timely payments between organizations. However, SMEs still need to take their own actions to expedite payments, such as implementing credit management processes and using software to automate debt collection. Following best practices for credit management can help SMEs strengthen relationships with customers and build a healthier, more scalable business.
The document describes the services of Guardian Adjusters & Recovery Services Limited, an indigenous consultancy firm that performs corporate forensic banking operations reviews and audits for companies. Their services include identifying and recovering excess bank charges and debts resulting from normal banking transactions. They also determine companies' actual levels of indebtedness to banks. The document provides details on their methodology, clients, fees, and the resume of the Group Managing Partner.
The document describes the services of Guardian Adjusters & Recovery Services Limited, an indigenous consultancy firm that performs corporate forensic banking operations reviews and audits for companies. Their services include identifying and recovering excess bank charges and debts resulting from normal banking transactions. They also determine companies' actual levels of indebtedness to banks. The document provides details on their methodology, clients, fees, and the resume of the Group Managing Partner.
Similar to Is an In-House Bank or Payment Factory right for your organisation (1) (20)
Is an In-House Bank or Payment Factory right for your organisation (1)
1. Is an In-House
Bank or Payment
Factory right for your
organisation?
Written by Krister Backlund
2. We live in a time of change, and corporate
financial processes are no exception. As a
result of new technology and regulations,
companies must review their financial
processes in order to remain competitive. We
are currently seeing organisational changes
such as establishment of shared service
centres and changes to the responsibilities
and mandates of treasury departments.
Other changes arise in technology in the
form of virtual accounts, scanning services,
In-House Banks and SaaS solutions as well
as in standards such as CGI XML 20022 and
introduction of new regulations. How should
organisations seek to handle these changes?
• Could an In-House Bank or Payment
Factory form part of a solution to achieve
the level of efficiency required?
• What does the implementation of an
In-House Bank or Payment Factory
demand of an organisation?
• Is there a Business Case for the
implementation of a Payment Factory or an
In-House Bank?
This article seeks to provide a factual basis
for assessing why your organisation should
implement an In-House Bank. Further,
it outlines what is required so that your
organisation can answer the above questions.
Cash management is changing
There are a number of motivating factors
behind the changes currently taking place,
occurring within corporations and banks with
external and internal drivers.
New regulations are putting banks and
corporations under pressure. The banks
are being forced to prioritise compliance
with regulations rather than developing new
products. At the same time, technological
legacies make it difficult for them to deliver
what their customers want and need. Banks
are adopting different approaches in order to
engage customers. These range from lock-
in effects to the identification of innovative
solutions, within the scope of the new prevailing
conditions, with the aim of attracting new
customers.
The finance department is under pressure
to demonstrate increased efficiency. Key
performance indicators which track efficiency,
for example, measuring the number of
employees in the financial department in
relation to turnover, are becoming more
commonplace. In order to make intended
improvements on efficiency, companies are
placing greater demands on their banks,
internal organisations and system suppliers.
Companies are seeking a greater degree
of automation, fewer IT solutions and user-
friendly interfaces requiring minimal manual
input. A greater degree of mobility on the
part of the finance department personnel,
requires location-independent solutions, with
mobile services and real-time information as
fundamental requirements.
3. What are the requirements for
implementing an
In-House Bank?
The complexities associated with implementing
an In-House Bank should be neither under nor
overestimated. What is clear, however, is that
it can represent a highly profitable investment
for many organisations. The Vision, Strategy
and Policy of the treasury department are
fundamental to this process. This being the
case, active support from management is
vital for effecting this type of change, since it
concerns more a shift of approach than the
implementation of new system support.
The company’s operational structure must
be able to accommodate the introduction
of an In-House Bank. Implementation of an
In-House Bank is not only about automating
and centralising payment flows. Parts of the
processes previously managed by the bank
will now be handled internally. An In-House
Bank also requires someone to manage internal
agreements, such as interest rates and limits,
in addition to the other activities requiring
attention.
The company’s banking arrangements are
fundamental to the implementation of an In-
House Bank. The capacity of selected banks
to meet standards such as XML20022 will
assume even greater importance to carry out
straightforward implementation and being
able to easily change banks. Support in the
form of virtual accounts is a key requirement
for carrying out COBO (collection on behalf)
payments.
4. The difference between an
In-House Bank and Payment
Factory
The terms Payment Factory and In-House
Bank are used in different ways by different
market players. “In-House Bank” is often used
in order to describe the role performed by the
treasury department in many companies. When
we talk about systems, however, in simple
terms, a Payment Factory can be classed as a
system used for centralisation and automation
of payment flows, whereas an In-House Bank
is used to insource management of accounts
from the bank into the internal organisation. It
is important for an In-House Bank to enable
POBO (Payment on behalf of*) payments
as well as to minimise internal payments at
the bank. COBO (Collection on behalf of*)
payments can be performed within In-House
Banks. Once this is achieved, the number of
external accounts can be kept to a minimum.
5. The link between an In-House Bank and
Payment Factory is outlined in the illustration
above. The different components can be
coordinated or used in isolation as units in the
illustration.
• Cash Management – in this function, the
company keeps track of balances and
projected cash flows.
• Payments and Collections – this function
is used to manage incoming and outgoing
payments. The payment regulations in
effect for validation and optimisation form a
central part of the process.
• In-House Bank – manages the company’s
accounts as well as all terms, such as
interest rates and internal limits. External
accounts are replaced by internal ones,
which thereby enables POBO (Payment on
behalf of) and COBO (Collections on behalf
of).
POBO and COBO - what are they
and how do they work?
POBO and COBO payments, as well as
elimination of internal payments within the bank,
are key components implementing an in-house
bank. With this in mind, I will provide a brief
explanation of these concepts.
POBO - Payments on behalf of (payments in
someone else’s name): The debit account for
the outgoing payment is replaced by another
account. The subsidiary does not have a
bank account in the currency of the payment,
or has no account at all. Instead, it only has
an account in an In-House Bank. The parent
company’s bank account is used as the
debit account when the bank performs the
payment (the parent company’s bank account
is also mirrored in the In-House Bank). The
subsidiary’s account in the In-House Bank is
debited, with a credit applied to the transaction
account of the In-House Bank.
COBO - Collections on behalf of (payments
received in someone else’s name): The
subsidiary does not have an external account
in order to receive the payment. Therefore,
the customer has been instructed to make
the payment to the parent company’s bank
account. When the parent company’s account
is credited, the payment is mirrored in its In-
House Bank account. The reference information
serves to identify the subsidiary to which the
payment is linked, with this subsidiary’s In-
House Bank account credited and the parent
company’s In-House Bank transaction account
debited. In the case of COBO payments,
identifying the recipient can be more difficult.
Using a bank which provides virtual account
management can provide an effective solution
to this problem. We will revisit the subject of
virtual account management in a future article.
6. The route to an In-House Bank?
The route to an In-House Bank is a process,
which involves a number of steps. Naturally, it is
important for companies to assess their current
situation before proceeding. It is important to
bear in mind that this is not an IT project or an
isolated Treasury project, although as project-
owner, Treasury is tasked with leading and
coordinating the process. The organisation as
a whole must be engaged, with subsidiaries,
IT units, shared service centres and legal
departments, this is key to the to the project’s
success. It can be difficult for the internal
organisation to handle a project of this nature
without involving external resources. Previous
experience working with similar projects
can be invaluable. Commissioning external
consultants is often considered expensive,
however, preventing costly errors may enable
savings in the long term. This may also serve to
ensure that the project progresses and reaches
completion as quickly as possible, even though
internal resources may be stretched from time
to time. It is important to emphasise that each
company is unique. If you have the ambition
to become a best-in-class treasury, you can’t
simply duplicate what others have done
previously. The point of departure must be the
company’s unique circumstances and agreed
objectives, which then provide the solution for
the path it needs to take.
Examples of stages towards the implementation
of an In-House Bank with Straight Through
Processing include:
1. Centralised ownership of accounts and
funds.
2. Improved banking and account structure.
3. Replacing banks’ bilateral connections with
SWIFT.
4. Standardisation and automation of
outgoing payment flows.
5. Moving internal payments from the bank.
6. Centralising incoming payment flows.
7. Closing accounts to be replaced by internal
accounts in an In-House Bank.
7. In summary
Thanks to standardisation and technological developments, implementing a Payment
Factory or In-House Bank is also a viable option for mid-size enterprises. Standardisation
has also made the implementation easier. To determine if an In-House Bank is suitable for
your organisation, and to form the basis of your business case, a number of factors must
be evaluated, including the number of subsidiaries, payment flows in overseas currencies,
the nature of banking arrangements, operational structure, efficiency of payment processing
and currency risks, etc. As referred to earlier, a pre- study is the first logical step towards
implementation of an In-House Bank. Introduction of an In-House Bank is a key part of the
process to become a best-in-class treasury, so why wait?
For further information go to www.tieto.com/tcb
Contact: Krister Backlund, Lead Business Analyst krister.backlund@tieto.com + 46/ 70 350 6909
Is there a business case?
There is no doubt that a positive business case
exists for the implementation of an In-House
Bank for the majority of companies of a certain
scale and complexity. The implementation
of standards and STP (Straight Through
Processing) enabled by an In-House Bank are
integral to this business case. The savings
provided by the implementation of an In-House
Bank are as follows:
• Keeping better track of and gaining easier
access to the company’s liquid assets.
• More efficient integration and
standardisation of cash management
processes.
• Simplified IT infrastructure, with fewer
systems and bank connections.
• Reduced bank costs, fewer accounts and
fewer cross-border payments.
• Simplified risk control, making it easier to
secure compliance with KYC and AML.
• Payment history data available in one
location.
Each area provides both qualitative and
quantitative improvements to be included in the
business case. The full effect of all savings will
not be immediately apparent, rather, it could
take some years until this is the case. However,
the total savings made are significant.
There are likely to be significant hidden costs
associated with processing payments locally
among the company’s subsidiaries. These
costs are included in the processing of such
costs itself. In this context, it is vital to focus
on identifying hidden inefficiencies in payment
processes. This will ensure improvement of
the business case as well as the realisation
of intended improvements when the project
is carried out. This is of importance not least
when the time comes to follow up the savings
generated by the project.
At a minimum, the following costs should be
included when assessing the business case:
project costs, implementation costs, licence
costs and operational costs.