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Investigating the Design of the Retail Payment System

Investigating the Design of the Retail Payment System
Author: Yuya Sugio
Publisher:
Total Pages: 0
Release: 2022
Genre:
ISBN:
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Globally, a variety of innovative technologies are emerging and traditional economic activities are gradually shifting to the digital economy. Among these, in the retail payment sector, which deals with customer contact and payment information, a trend to review interbank retail payment systems is occurring in many countries. The UK initiative has led the way, and similar efforts to instantiate and remake retail payment systems into new systems have been underway in various countries. One of the reasons of the reviews is the fact that, from the user's point of view, there are many aspects of payment services provided by companies that are not user-friendly. In the Japanese retail payments sector, there are various issues such as lack of interoperability, and the government and the banking industry are working to improve these issues. This paper focuses on providing recommendations for the Japanese case. It examines the state of the retail payment systems, considering the payment systems as a quasi-public social infrastructure that can affect all industries, rather than simply a system in the financial sector. More specifically, this paper focuses on the interbank retail fast payment systems and mobile payments based on it, while taking a broad view of the retail payment system, including its regulatory framework. There are various stakeholders with different perspectives in the retail payment system, and the central bank has a neutral perspective and can be the best entity that could provide the system. In reviewing the retail payment system, it is desirable for stakeholders to compare multiple design options and make decisions after clarifying the performance and functions they need. In the Japanese case, the best design option in the short term would be to utilize the banking industry's Cotra system while applying regulations to ensure interoperability, and in the long term, the central bank could provide the system, including the issuance of Central Bank Digital Currency (CBDC). This paper aims to provide a new perspective to stakeholders of the Japanese retail payment system and contribute to the discussion on the future review of it.

Innovations in Retail Payments

Innovations in Retail Payments
Author: Committee on Payment and Settlement Systems. Working Group on Innovations in Retail Payments
Publisher:
Total Pages: 96
Release: 2012
Genre: Banks and banking
ISBN: 9789291311279
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"In June 2010, the Committee on Payment and Settlement Systems (CPSS) set up a working group to investigate developments in retail payments, focusing especially on innovations. This report, produced by that group, first provides an overview of innovative retail payment activities in the CPSS and other selected countries from a fact-finding exercise, which attempted to cover influential developments in retail payment instruments and schemes over the past decade. Based on the trends observed and the economics of retail payments, the report identifies a number of exogenous and endogenous factors that could serve as drivers for retail payment innovations or as barriers to them. The analysis was also used to suggest some pointers as to what can be expected over the next five years. Finally, the report identifies a number of issues for central banks concerning their various responsibilities and tasks as catalysts, overseers and/or operators of payment systems."--Abstract.

Banking on Innovation

Banking on Innovation
Author: Tanai Khiaonarong
Publisher: Springer Science & Business Media
Total Pages: 200
Release: 2009-06-01
Genre: Business & Economics
ISBN: 3790823333
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Innovation in banking should be directed at improving the infrastructure that fosters efficient financial services and international trade. In this work, innovation theory is used to show how modern payment systems have transformed the technology of banking and facilitated changes in the strategy and structure of financial services organisations. Design, implementation and dissemination of payment systems are described and the analysis of their costs and benefits is combined with case studies of banks undergoing change. By studying firm capabilities, competencies, and resources, the approach is extended to services in general and linked to the ability of firms to compete and promote national economies. Payment systems vary and advanced and developing economies face obstacles in their legal and technical infrastructure, and maturity of banks. By adopting an international perspective, the book offers a unique comparative analysis that shows what kind of investments are likely to be effective.

Near Real-Time Retail Payment and Settlement Systems Mechanism Design

Near Real-Time Retail Payment and Settlement Systems Mechanism Design
Author: Zhiling Guo
Publisher:
Total Pages: 61
Release: 2015
Genre:
ISBN:
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Rapid expansion of e-commerce, along with rising domestic and cross-border payments, has fueled the demand among financial institutions for a cost-effective means to expedite clearing and settlement of low-value retail payments. These are called faster payments settlement systems. Traditionally, retail payments have made extensive use of interbank netting systems, in which payments are accumulated for end-of-day settlement. This approach, known as deferred net settlement (DNS), reduces the liquidity needs of the payment system, but bears inherent operational and financial risks for unsettled intraday payments. As large dollar volumes of retail payments accumulate, real-time gross settlement (RTGS) has been recognized as an attractive option, especially for high-value payments. It permits immediate settlement of transactions during the day, but it brings up other risks and incentives issues that require consideration. This research proposes a hybrid faster payments settlement system involving elements of both DNS and RTGS. We explore a mechanism that supports centralized queuing, permits payment prioritization, reduces payment delays, enhances liquidity, and optimizes the settlement process. We offer a modeling framework and experimental simulations to evaluate the proposed approach. Our evaluation is based on a set of system performance conjectures that support operational performance evaluation and mechanism design-related policy insights. Our results point out the qualities of a cost-effective and value-maximizing mechanism to quickly settle increasingly large volumes of retail payments, while ensuring that the incentives for payment system stakeholders are given careful consideration.

Innovations in Retail Payments

Innovations in Retail Payments
Author: Committee on Payment and Settlement Systems. Working Group on Innovations in Retail Payments
Publisher:
Total Pages: 96
Release: 2012
Genre: Banks and banking
ISBN: 9789291971275
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"In June 2010, the Committee on Payment and Settlement Systems (CPSS) set up a working group to investigate developments in retail payments, focusing especially on innovations. This report, produced by that group, first provides an overview of innovative retail payment activities in the CPSS and other selected countries from a fact-finding exercise, which attempted to cover influential developments in retail payment instruments and schemes over the past decade. Based on the trends observed and the economics of retail payments, the report identifies a number of exogenous and endogenous factors that could serve as drivers for retail payment innovations or as barriers to them. The analysis was also used to suggest some pointers as to what can be expected over the next five years. Finally, the report identifies a number of issues for central banks concerning their various responsibilities and tasks as catalysts, overseers and/or operators of payment systems."--Abstract.

The Payment System

The Payment System
Author: Tom Kokkola
Publisher:
Total Pages: 369
Release: 2010
Genre: Banks and banking, Central
ISBN: 9789289906333
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"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).

Contactless Retail Payment System Second Edition

Contactless Retail Payment System Second Edition
Author: Gerardus Blokdyk
Publisher: 5starcooks
Total Pages: 288
Release: 2018-11-25
Genre:
ISBN: 9780655503804
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What would be the goal or target for a Contactless Retail Payment System's improvement team? How did the Contactless Retail Payment System manager receive input to the development of a Contactless Retail Payment System improvement plan and the estimated completion dates/times of each activity? What may be the consequences for the performance of an organization if all stakeholders are not consulted regarding Contactless Retail Payment System? What are your current levels and trends in key Contactless Retail Payment System measures or indicators of product and process performance that are important to and directly serve your customers? What threat is Contactless Retail Payment System addressing? Defining, designing, creating, and implementing a process to solve a challenge or meet an objective is the most valuable role... In EVERY group, company, organization and department. Unless you are talking a one-time, single-use project, there should be a process. Whether that process is managed and implemented by humans, AI, or a combination of the two, it needs to be designed by someone with a complex enough perspective to ask the right questions. Someone capable of asking the right questions and step back and say, 'What are we really trying to accomplish here? And is there a different way to look at it?' This Self-Assessment empowers people to do just that - whether their title is entrepreneur, manager, consultant, (Vice-)President, CxO etc... - they are the people who rule the future. They are the person who asks the right questions to make Contactless Retail Payment System investments work better. This Contactless Retail Payment System All-Inclusive Self-Assessment enables You to be that person. All the tools you need to an in-depth Contactless Retail Payment System Self-Assessment. Featuring 703 new and updated case-based questions, organized into seven core areas of process design, this Self-Assessment will help you identify areas in which Contactless Retail Payment System improvements can be made. In using the questions you will be better able to: - diagnose Contactless Retail Payment System projects, initiatives, organizations, businesses and processes using accepted diagnostic standards and practices - implement evidence-based best practice strategies aligned with overall goals - integrate recent advances in Contactless Retail Payment System and process design strategies into practice according to best practice guidelines Using a Self-Assessment tool known as the Contactless Retail Payment System Scorecard, you will develop a clear picture of which Contactless Retail Payment System areas need attention. Your purchase includes access details to the Contactless Retail Payment System self-assessment dashboard download which gives you your dynamically prioritized projects-ready tool and shows your organization exactly what to do next. You will receive the following contents with New and Updated specific criteria: - The latest quick edition of the book in PDF - The latest complete edition of the book in PDF, which criteria correspond to the criteria in... - The Self-Assessment Excel Dashboard, and... - Example pre-filled Self-Assessment Excel Dashboard to get familiar with results generation ...plus an extra, special, resource that helps you with project managing. INCLUDES LIFETIME SELF ASSESSMENT UPDATES Every self assessment comes with Lifetime Updates and Lifetime Free Updated Books. Lifetime Updates is an industry-first feature which allows you to receive verified self assessment updates, ensuring you always have the most accurate information at your fingertips.

The Book of Payments

The Book of Payments
Author: Bernardo Batiz-Lazo
Publisher: Palgrave Macmillan
Total Pages: 0
Release: 2016-12-21
Genre: Business & Economics
ISBN: 9781137602305
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This book examines the nature of retail financial transaction infrastructures. Contributions assume a long-term outlook in their exploration of the key financial processes and systems that support a global transition to a cashless economy. The volume offers both modern and historic accounts that demonstrate the constantly changing role of payment instruments. It brings together different theoretical approaches to the study, re-examining and forecasting changes in retail payment systems. Chapters explore a global transition to a cashless society and contemplate future alternatives to cash, cheques and plastic, featuring the perspectives of academics from different disciplines in conversation and industry participants from six continents. Readers are invited to discover the innovation in payment systems and how it co-evolves with changes in society and organisations through personal, corporate and governmental processes.