Free eFPS Coaching was conducted on November 13, 2013 in coordination with bancnetonline.com, lbp-etps.com and digitalfilipino.com.
TOPIC: e-Payment
About: BancNet (Mr Rene Natividad / Ms Jenny Carino)
Hosting 9 of the top 10 U.S. banks, many of the most important emerging payment companies, large payment processors, and the 3 largest card networks, Equinix is at the cross roads of payment and global commerce.
Free eFPS Coaching was conducted on November 13, 2013 in coordination with bancnetonline.com, lbp-etps.com and digitalfilipino.com.
TOPIC: e-Payment
About: BancNet (Mr Rene Natividad / Ms Jenny Carino)
Hosting 9 of the top 10 U.S. banks, many of the most important emerging payment companies, large payment processors, and the 3 largest card networks, Equinix is at the cross roads of payment and global commerce.
bKash (Bengali: বিকাশ) is a mobile financial service in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank Limited. This mobile money system started as a joint venture between BRAC Bank Limited, Bangladesh, and Money in Motion LLC, United States of
America. As a mobile financial service (MFS) provider in Bangladesh through bKash users can deposit money into their mobile accounts and then access a range of services, transferring and receiving money domestically, making payments. Services like mobile recharge or paying utility bills are also possible through bKash. A user can receive money from overseas on bKash.
EastNets en.MoRe - Mobile Remittance SolutionEastNets
The new en.MoRe mobile remittances solution from EastNets is designed to enable cross-border person-to-person mobile initiated payments. It interconnects global Mobile Network Operators (MNOs) and banks over en.MoRe’s unique platform using SWIFT worker remittances standards
more at: http://www.eastnets.com/Solutions/MobileRemittances.aspx
Are you in the money transfer business? We at RemitONE have the complete money transfer solution for you: proven & compliant technology platforms, assistance with license & regulation and instant access to all the continents.
Whether you are a bank, money transfer operator, mobile virtual network operator, post office or a startup company, you can claim your stake in the trillion dollar industry. You can run your entire remittance, foreign exchange and mobile top-up operations from your RemitONE platform.
We have money transfer solutions for all types of organisations. With compliance in mind, we have built several products to help you rapidly reach out to your customers through multiple channels, including agents, airtime, EFTPOS terminals, FX stations, kiosks, mobile phones, online portals and prepaid cards.
Our products are supported on multiple platforms and devices – Linux, Windows, iOS and Android.
We can rapidly setup your money transfer system and you can be operational almost instantly. You can use our products as Software-as-a-Service (SaaS) or buy the license to use them indefinitely.
We provide 24 x 7 support, including a dedicated engineer on weekends. It does not matter where your business is based, or where your send or payout agents are located. You can ensure KYC and AML compliance across the globe with your RemitONE platform.
If you are a startup and struggling with your money service business license or bank account, RemitONE Consulting can help you.
You can rapidly expand in over 100 countries, increase your transaction volumes by over 100% every quarter, get connected with industry leading banks and MTOs across the globe - all through your RemitONE platform.
You can reach out to customers via agents, ATMs, EFTPOS terminals, kiosks, online portals and mobile phones – even in areas with no Internet connectivity. You can automate your compliance rules; set amazing promotions and discounts for your customers; market your special commissions and exchange rates; manage your accounting in a streamlined manner and connect with our RemitONE community of businesses like you from around the world.
Contact RemitONE today...
Get connected. Get empowered.
RemitONE - Empowering Remittance
A new era for Mobile Financial Services in french speaking africaLandry DJIMPE
This document, focusing on french-speaking Africa, shows an overview of regulatory updates on mobile financial services that resulted from a shift in customers' demands from mere P2P to more added-value services like loans, savings, insurance, wealth management, etc. This also brought up a shift in the business model of mobile money service providers, redefining the role of different stakeholders in the value chain : banks, mobile network operators, fintech, MFIs, etc.
mCASH om PSD2 (betalingstjenestedirektivet) på betalingsformidling 2015Daniel R. Döderlein
Gründer og CEO i mCASH, Daniel R. Döderlein var invitert av programkomiteen til å ta for seg PSD2 (betalingstjenestedirektivet del 2) og hvilke konsekvenser dette kan ha på det norske markedet for betalingstjenester med spesiell fokus på bankers rolle i forhold til nye tredjeparter.
The informal sector in sub-Saharan Africa contributes about 80% of the GDP of this region.
But these strong actors are those who have the least access to modern banking services. This is due to unsuitable cost and banking operations. The financial operations of the informal sector will therefore remain untraceable and access to financial services and products difficult.
The model needs to be redesigned. The mobile money revolution has set the tone and pace.
The plan is simple.
The first step is to digitize savings.
The second will be to connect savers and financial institutions by adapting the pricing model to the savings ranges of these.
Banking for Africa by Africa.
Digital serving the community.
Over the last decade, Africa has become a global leader in mobile money with the rate of smartphone adoption at twice the global scale. But what challenges is the industry facing and how can these be overcome? Our new article, sponsored by Mazars, explores.
bKash (Bengali: বিকাশ) is a mobile financial service in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank Limited. This mobile money system started as a joint venture between BRAC Bank Limited, Bangladesh, and Money in Motion LLC, United States of
America. As a mobile financial service (MFS) provider in Bangladesh through bKash users can deposit money into their mobile accounts and then access a range of services, transferring and receiving money domestically, making payments. Services like mobile recharge or paying utility bills are also possible through bKash. A user can receive money from overseas on bKash.
EastNets en.MoRe - Mobile Remittance SolutionEastNets
The new en.MoRe mobile remittances solution from EastNets is designed to enable cross-border person-to-person mobile initiated payments. It interconnects global Mobile Network Operators (MNOs) and banks over en.MoRe’s unique platform using SWIFT worker remittances standards
more at: http://www.eastnets.com/Solutions/MobileRemittances.aspx
Are you in the money transfer business? We at RemitONE have the complete money transfer solution for you: proven & compliant technology platforms, assistance with license & regulation and instant access to all the continents.
Whether you are a bank, money transfer operator, mobile virtual network operator, post office or a startup company, you can claim your stake in the trillion dollar industry. You can run your entire remittance, foreign exchange and mobile top-up operations from your RemitONE platform.
We have money transfer solutions for all types of organisations. With compliance in mind, we have built several products to help you rapidly reach out to your customers through multiple channels, including agents, airtime, EFTPOS terminals, FX stations, kiosks, mobile phones, online portals and prepaid cards.
Our products are supported on multiple platforms and devices – Linux, Windows, iOS and Android.
We can rapidly setup your money transfer system and you can be operational almost instantly. You can use our products as Software-as-a-Service (SaaS) or buy the license to use them indefinitely.
We provide 24 x 7 support, including a dedicated engineer on weekends. It does not matter where your business is based, or where your send or payout agents are located. You can ensure KYC and AML compliance across the globe with your RemitONE platform.
If you are a startup and struggling with your money service business license or bank account, RemitONE Consulting can help you.
You can rapidly expand in over 100 countries, increase your transaction volumes by over 100% every quarter, get connected with industry leading banks and MTOs across the globe - all through your RemitONE platform.
You can reach out to customers via agents, ATMs, EFTPOS terminals, kiosks, online portals and mobile phones – even in areas with no Internet connectivity. You can automate your compliance rules; set amazing promotions and discounts for your customers; market your special commissions and exchange rates; manage your accounting in a streamlined manner and connect with our RemitONE community of businesses like you from around the world.
Contact RemitONE today...
Get connected. Get empowered.
RemitONE - Empowering Remittance
A new era for Mobile Financial Services in french speaking africaLandry DJIMPE
This document, focusing on french-speaking Africa, shows an overview of regulatory updates on mobile financial services that resulted from a shift in customers' demands from mere P2P to more added-value services like loans, savings, insurance, wealth management, etc. This also brought up a shift in the business model of mobile money service providers, redefining the role of different stakeholders in the value chain : banks, mobile network operators, fintech, MFIs, etc.
mCASH om PSD2 (betalingstjenestedirektivet) på betalingsformidling 2015Daniel R. Döderlein
Gründer og CEO i mCASH, Daniel R. Döderlein var invitert av programkomiteen til å ta for seg PSD2 (betalingstjenestedirektivet del 2) og hvilke konsekvenser dette kan ha på det norske markedet for betalingstjenester med spesiell fokus på bankers rolle i forhold til nye tredjeparter.
The informal sector in sub-Saharan Africa contributes about 80% of the GDP of this region.
But these strong actors are those who have the least access to modern banking services. This is due to unsuitable cost and banking operations. The financial operations of the informal sector will therefore remain untraceable and access to financial services and products difficult.
The model needs to be redesigned. The mobile money revolution has set the tone and pace.
The plan is simple.
The first step is to digitize savings.
The second will be to connect savers and financial institutions by adapting the pricing model to the savings ranges of these.
Banking for Africa by Africa.
Digital serving the community.
Over the last decade, Africa has become a global leader in mobile money with the rate of smartphone adoption at twice the global scale. But what challenges is the industry facing and how can these be overcome? Our new article, sponsored by Mazars, explores.
Web and Mobile Payments are gaining traction in Nigeria today. This slide presents the facts and figures behind these channels and seeks to recommend how uptake can be stimulated by consumers
East Africa is on track to digitize its financial services with the help of many visionary regulators who have seen the benefit of using the best technology.
A need for peer to-peer strong local authentication protocol (p2 pslap) in mo...IJNSA Journal
Mobile phones are considered to be the most common devices in history of humankind. They have involved
in financial transaction such as mobile banking and mobile payment, which include sensitive information.
Public key cryptography is the proven solution that can provide secure transaction at every point of
interaction in mobile banking value chain. This paper proposes a need for peer-to-peer Strong Local
Authentication Protocol (p2pSLAP) for Mobile Banking Transaction that implements a peer-to-peer
architecture to provide local authentication mechanism between the customer and the agent. It employs
public key infrastructure (PKI).
A NEED FOR PEER-TO-PEER STRONG LOCAL AUTHENTICATION PROTOCOL (P2PSLAP) IN MOB...IJNSA Journal
Mobile phones are considered to be the most common devices in history of humankind. They have involved in financial transaction such as mobile banking and mobile payment, which include sensitive information. Public key cryptography is the proven solution that can provide secure transaction at every point of interaction in mobile banking value chain. This paper proposes a need for peer-to-peer Strong Local Authentication Protocol (p2pSLAP) for Mobile Banking Transaction that implements a peer-to-peer architecture to provide local authentication mechanism between the customer and the agent. It employs public key infrastructure (PKI).
2. The GSMA unites nearly 800 of the world’s
mobile operators from 219 countries, as well as
more than 200 companies in the broader mobile
ecosystem.
The Mobile Money programme equips GSMA
members and policymakers development a
sustainable, sound and inclusive digital
ecosystem scaling mobile money services and
implementing partnerships with other providers.
3. Mobile money: a transformational wallet to that
gives people access to life enhancing services
MOBILE MONEY WALLET
Customers can sign up for the service
even if they don’t have a bank account.
Customers can cash-in and cash-out
through a network of transactional agents
outside of bank branches.
Customers initiate transactions using an
interface that is available on basic mobile
handsets.
4. NUMBER OF LIVE MOBILE MONEY SERVICES FOR THE UNBANKED BY REGION (YEAR END)
255 deployments
across 89 countries
Mobile money is now
available in 61% of
developing countries
MNOs (GSMA
members) lead the
operations of 60% of
the mobile money
services
The mobile money industry continues to grow
299m registered accounts (203m in 2013)
103m active accounts (61m in 2013)
5. 16 countries are now home to
more mobile money accounts
than bank accounts.
In ~10 years, mobile money
providers have established a
network of 2.2 million mobile
money outlets globally.
In 25 markets, there are more
than ten times as many mobile
money agents as bank branches.
*
NUMBER OF FINANCIALACCESS POINT ACROSS DEVELOPING COUNTRIES (DECEMBER 2014)
Expanding financial access
6. GLOBAL PRODUCT MIX BY VOLUME AND BY VALUE (DECEMBER 2014)
717.2m mobile money transactions monthly, worth USD 16.3bn
The fastest growth in
2014 occurred in
international
remittance, driven
predominantly by a new
model which uses
mobile money as both
the sending and
receiving channel.
To date, most of the 64 initiatives the GSMA tracks have taken the form of receiving partnerships with established
Money Transfer Operators (MTOs), e.g. Western Union or MoneyGram. However, only 164,000 MTO based
international transfers were made into mobile money accounts globally in December 2014.
7. Cross border mobile money transfers: a promising new model is emerging
Cross border mobile money transfers use mobile money accounts as both the sending and the receiving channel.
Orange Money International Transfer links up Côte d’Ivoire, Mali and Senegal. This is the first implementation between three markets, and an ‘intragroup’, in-house
implementation.
MTN Mobile Money Côte d’Ivoire to Airtel Money Burkina Faso. This is the first example of cross-group interoperability for IMT, and a more complex implementation involving an
intermediary hub.
In April, an agreement was made for Vodafone to connect its deployments in Kenya, Tanzania, DRC and Mozambique with MTN’s deployments in Uganda, Rwanda and Zambia.
8. PERMISSION TO OFFER CROSS-BORDER SERVICES
Most country regulations limit m-money/e-money to domestic services only (though this is beginning to change).
KYC
Risk of loss of bank account access if KYC is not considered adequate:
Many banks are pre-emptively terminating relationships with money transfer operators (“de-risking”), particularly those operating in
countries with higher money laundering or terrorist financing risk.
Banks are de-risking because the US Treasury Department has levied fines on certain banks for inadequate compliance with
AML/CFT obligations. Any bank that transacts in USD can be fined, even if the specific transactions/services in question did not
involve US currency.
Can providers rely on domestic m-wallet KYC for cross-border payments (in some cases, what is acceptable for domestic may not be
sufficient for cross-border)?
Can providers offer cross-border services directly via an m-wallet without entering a bank or agent location?
Are KYC and AML/CFT compliance requirements (customer identification, information accompanying transactions, etc.) in one country
sufficient to meet the requirements in other countries involved in cross-border transactions?
Can recordkeeping requirements be met through capture of electronic data without requiring an in-person visit to a branch or agent
location?
Regulatory considerations
9. TRANSACTION AND BALANCE LIMITS
Are limits for domestic m-money sufficient for cross-border?
Need to ensure that systems account for differences in limits for m-wallet transactions and balances in different countries.
EXCHANGE CONTROL AUTHORIZATION AND/OR REPORTING REQUIREMENTS (IF APPLICABLE)
Requirements to submit documentation even for low-value transactions will prevent the model from taking off.
Can basic exchange control reporting (e.g. information on type of transaction) be conducted remotely through capture of electronic
data?
DATA PRIVACY
Need to ensure that customer data are properly protected when shared with outside providers.
DISCLOSURE AND TRANSPARENCY
Compliance w customer protection and disclosure requirements (i.e., fees, exchange rates, other terms and conditions) may be difficult
when using a mobile phone interface (particularly with older feature phones).
Regulatory considerations
Editor's Notes
For the purposes of this slide, an active mobile money account is a mobile money account that has been used to conduct at least one transaction during a the past 90 days.
There are more registered mobile money accounts than bank accounts in Burundi, Cameroon, the Democratic Republic of the Congo, the Republic of Congo, Gabon, Guinea, Kenya, Lesotho, Madagascar, Paraguay, Rwanda, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.