e payment sys
TRANSCRIPT
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Electronic Payment Systems20-763
Lecture 12
Peer-to-Peer Payments,Electronic Banking
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Outline
• Peer-to-peer payments– PayPal– eCount.com
• Electronic banking• Aggregation, screen-scraping• B2B payments
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Peer-to-Peer (P2P) Concepts
• P2P– payments not involving a bank– payments “directly” between payor and payee– classic example: cash– email payments, transfers between digital wallets– purchasing online content– micropayments
• Distinguish between P2P payments and P2P technology– Napster, Gnutella
• Someday we may use P2P technology for P2P payments
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
PayPal
• > 40,000,000 accounts• RTGS payment system• Credit card hub• Bookkeeping & accounting system• Low-value foreign exchange system
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
PayPal Structure
PayPal Private Bank
X.COM’s BANKINTERACTS WITHBANKING SYSTEMTHROUGH ACH
ONLY MAINTAINS LEDGERS
NO MOVEMENT OF REALMONEY WITHIN PAYPAL
User User’s Bank
USER INTERACTSWITH PAYPALTHROUGH BROWSER
BETWEEN TWO PAYPALUSERS, TRANSACTIONSARE PURELY BOOK ENTRIES
IF REAL MONEY MUSTMOVE, PAYPAL SENDSINSTRUCTIONS TO ITSBANK
USER MAINTAINS NORMALRELATIONS WITH HIS BANK
eBay
PUBLIC COMPANY
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
PayPal
• It’s a big disk drive!
- $100
+ $100
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
PayPal
ACCOUNTHOLDER A
ACCOUNTHOLDER A’S
BANK
ACCOUNTHOLDER X
PAYPAL
ACCOUNT A
. . .
ACCOUNT X
ACCOUNTHOLDER X’S
BANK
ACHPROCESSOR
ACCOUNTHOLDER A’S
CREDIT CARD
INTERNET EMAIL
PAYPAL’SBANK
1. A PAYS X VIA PAYPAL (A HAS ENOUGH IN PAYPAL ACCOUNT)
6. PAYPAL NOTIFIES X OF PAYMENT. X CHOOSES PAYMENT METHOD
2. OR: PAYPAL CHARGES X’S CREDIT CARD
3. OR: PAYPAL INITIATES ACH DEBIT
4. FUNDS ARE DEPOSITED IN PAYPAL’S BANK
7. OR: PAYPAL INITIATES ACH CREDIT
5. PAYPAL CREDITS X’S PAYPAL ACCOUNT
8. OR: PAYPAL MAILS CHECK TO X
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
PayPal Concepts
• Merchants pay low fees; individuals pay nothing• Interest paid on deposits• Mass (bulk) payments possible• Business model: fees + float• FDIC pass-through insurance
– Against bankruptcy of PayPal– Different protection for fraud
• Mobile payments supported
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
PayPal Fees
SOURCE: PAYPAL
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
PayPal and Foreign Exchange
PayPal U.S.
U.S. User U.S.User’s Bank
PayPal U.K. U.K.PayPal Bank
U.S. PayPal £ Acct
U.K.User’s Bank
U.K. User
$ £ U.S.
PayPal Bank U.K. PayPal $ Acct
eBay
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PayPal Worldwide
38 countries
PayPal available
PayPal available + Local Bank Acct. Withdrawal
Currencies: USD, CAD, GBP, EUR, JPY
SOURCE: PAYPAL
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
PayPal Statistics
• Average ticket (2003): $54• 69% of payments auction-related• Payment volume ~USD 15B/year• Profit: ~230M/year, about 1.5% of volume• Growth, payment volume (2002-2003): 68%• Growth, number of users (2002-2003): 49% • What would happen if PayPal could be used for
everything?
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
PayPal Concepts
• Merchants pay low fees; individuals pay nothing• Interest paid on deposits• Mass (bulk) payments• Business model: fees + float• Mobile payments possible• What would happen if PayPal could be used for
everything?
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Total PayPal Payment Volume
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Pa
ym
en
t V
olu
me
($
M)
Q100 Q200 Q300 Q400 Q101 Q201 Q301 Q401 Q102 Q202 Q302 Q402 Q103
SOURCE: PAYPAL
2003 TOTAL > 14 BILLION
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
PayPal Growth by Number of Users
0
5,000
10,000
15,000
20,000
25,000
30,000
Us
ers
(0
00
)
Q100 Q200 Q300 Q400 Q101 Q201 Q301 Q401 Q102 Q202 Q302 Q402 Q103
APRIL, 2004 > 41 MILLION
SOURCE: PAYPAL
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Email Payments Market
SOURCE: CELENT.COM
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Ecount.com
SOURCE: LAUDON & TRAVER
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
eBanking: an Integrated Activity
10
2030
40
50
$$$
$ $
Management
Cash
forecasts
AR APbalances payments
investment/debt
hedging
generalledger
OperationsAccounting
Brokers
Banks VendorsCustomers
eBanking B2BB2C
eTrading
ERP
eCRMProduction Mgmt
SOURCE: SELKIRK
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Electronic Banking Opportunities
• Financial supply chain (FSC)• Consumer marketing (statement has hyperlinks!)• Data-rich environment• Customized financial services & relationship• Moving toward fee for services instead of floats and
spreads• Greater security through digital signatures• Risk reduction through speed• Computer-initiated services means more services
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Banking Services
• Consumer– Payments, eCheques– Savings– Loan services– Aggregation of accounts– Securities
• Both– Bill presentment– Reporting
• Terrorism, laundering
– 24/7 generates business
• Business– Payments– Cash management– Credit– Financial instruments– Factoring– Trade financing– Insurance– Foreign exchange– Accounting– Integration with
business systems
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Australia Integrated eBanking Framework
Receipts
SOURCE: VICTORIA DEPT OFTREASURY AND FINANCE (AU)
Financial Markets
• Human Services• Justice• Taxes• Tolls
• Salaries• Suppliers• Service Providers• Transfer Payments
Bank Service and Transaction Mgmt
Cash Management
Single Acct for Govt OR
Single Acct for Dept
TCV
Departmental Accounting
Public Ledger and Central Agencies
Payments
Revenue Expenditure
• EFT• cards• cheq• cash
Value Transfer Value
Transfer
Information Flows
Fund Flows
• Commonwlth• Educat, NRE• Parliam, AG
Bank
• internet• electronic• Maxi• teleph• mail• counter
• EFT• cards• cheq• cash
• internet• electronic• teleph• mail
Outer Budget Balances
E-CommerceE-Business
Government Outputs: Budget Sector
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Internet Banking Services 2001
Offer in 2001 Offer in 2004
Account Balances 52% 91%
Account Transfers 52% 90%
E-Bill Payment 41% 84%
E-Bill Presentment 10% 64%
P2P Payments 17% 61%
Brokerage Accounts 9% 56%
Account Aggregation 3% 42%
SOURCE: GRANT THORNTON 2001
% of Banks Surveyed
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Financial Aggregation• Idea: allow access to all assets through a single portal
SOURCE: VERTICAL ONE
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Aggregation ProcessAggregation Process
FI
FI with3rd Party
Non-FI with
3rd Party
Aggregator/
Portal
Contractual
Non-Contractual• Knowledge/Permission• No Knowledge/ Permission
Arrangement
Data Feed
Screen Scraping
Screen Scraping
Methodology
Brokerages
Banks
lnsurers
Mortgage Originators
Non-Financial
Info
What’s Aggregated
SOURCE: BANKING INDUSTRY TECHNOLOGY SECRETARIAT
FI = Financial institution
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Screen Scraping
Obtaining data from screen display commands
Client Web server Legacy database
Terminalscreen data
Screen scraper
Existing application
HTML data
HTMLdata
Legacy system(mainframe)
SOURCE: WIM GEVERS
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Screen Scraping• Some systems produce as their only output commands to
80 x 24 display terminals
• Sequences of characters telling the terminal to move its cursor and display data, e.g. ^M0238Feb. ^M024416, ^M02482004displays “Feb. 16, 2004” in row 2, starting at col. 38
• Screen scraping involves virtual simulation of the display terminal to retrieve the data
• Vendors
– Teamstudio screensurfer
Move to row 02, column 38 and display “Feb. ”
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Financial Aggregation Issues
• Account consolidation– Different accounts in one bank– Different accounts in different banks
• Screen scraping
– Combine brokerage, insurance with banking
• Web BillPay– Requires registration of vendors
• EIPP
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CashEdge Account Aggregation
SOURCE: CASHEDGE
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Treasury Workstation
TWS SCOPE
SOURCE: SELKIRK FINANCIAL TECHNOLOGIES
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THE UNIVERSITY OF HONG KONG
JANUARY 2004COPYRIGHT
© 2004 MICHAEL I. SHAMOS
Online Customers Hold More Products with Wells Fargo
<20 20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75+
9%9% 9%9%
6%6% 6%6%
8%8%
10%10%
13%13% 13%13%14%14%
15%15%
12%12%11%11%
13%13%
SOURCE: WELLS FARGO, 1999
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THE UNIVERSITY OF HONG KONG
JANUARY 2004COPYRIGHT
© 2004 MICHAEL I. SHAMOS
95% have Higher Balances
<20 20-24
25-29
30-34
35-39
40-44
45-49
50-54
55-59
60-64
65-69
70-74
75+
-2%-2%
32%32%
24%24%20%20%
25%25%
15%15%
28%28%24%24%
37%37%
20%20%
13%13%
6%6%
-11%-11%
Online vs. Offline Customers’ BalancesOnline vs. Offline Customers’ Balances% Difference% Difference
SOURCE: WELLS FARGO, 1999
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Attrition is Lower
Offline Attrition Online Attritionwithout bill pay
Online Attritionwith bill pay
(36%)
(54%)
SOURCE: WELLS FARGO, 1999
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
27%
40%
64%
82%
SOURCE: SYNERGISTICS
18-34 35-49 50-64 65+AGE:
Consumers Strongly Prefer 24-hour Access To Banking
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
HSBC Hexagon System
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
HSBC Hexagon System
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HSBC Hexagon Payment
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HSBC Trade Services
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
B2B Payment TypesExample
Like wire transfer
Like promissory note or purchase order
Like bank-accepted billof lading
Like a letter of credit or escrow payment
Purpose
Buyer trusts Seller to deliver
Seller trust Buyer to PAY
Seller doubts Buyerability to PAY
Buyer doubts seller ability to DELIVER
Payment Type
Payment Order
Payment Obligation
Certification
Conditional
• Payment Orders & Obligations can be future dated• Attributes can be combined, eg conditional certified payment obligation• Obligations can be discounted by seller’s bank & traded freely
SOURCE: DEBRA MITTERER
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Seller’s bankBuyer’s bank
Initiation2
Initiation
2Initiation
confirmation
Initiation confirmation
4
SellerBuyer
Initiation confirmation
3
Initiation response
3
5Signed receipt
Agree on terms of purchase
1
Syntax validationNon repudiationTransaction status
e-paymentsPluse-paymentsPlusbank co-brandedbank co-branded
TrustAct Server
B2B Payments
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Seller’s bank
Buyer’s bank
SellerBuyer
Credit
confirmation9’Debit
confirmation 8’
*Optional flow
6Confirm conditions*
7Funds transfer
8 Debit advice 9Credit advice
Confirm conditions*
6
e-paymentsPluse-paymentsPlusbank co-brandedbank co-branded
TrustAct Server
B2B Payments
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Major Ideas
• P2P is cheap• P2P can be ubiquitous (email)• P2P is real-time• eBanking is unexplored territory
– Start: replicate paper statements
• Aggregation• B2B payments as part of a larger trade process
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
QA&
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Banking Services
• Consumer– Payments, eCheques– Savings– Loan services– Aggregation of accounts– Securities
• Both– Bill presentment– Reporting
• Terrorism, laundering
– 24/7 generates business
• Business– Payments– Cash management– Credit– Financial instruments– Factoring– Trade financing– Insurance– Foreign exchange– Accounting– Integration with
business systems
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OBI with B2B Payment
Requisitioner
Supplier
Payment Authority
BuyingOrganizationSupplier Search
Requisitioner Profile Mgmt.
Approval
Catalog Mgmt.
Price Info. Mgmt.
Order Entry & Inv. Mgmt.
1. Connect to BO's Web Server and Select a Hyperlink to SO's catalog.2. Authenticate Requisitioner using Digital Certificate3. OBI Order Request4. Add Administrative Information5. OBI Order6. Obtain Credit Authorization7. Issue Invoice and Receive Payment
a
b
SOURCE: JAE KYU LEE
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Online Payment Revenue Growth
SOURCE: CELENT
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20-763 ELECTRONIC PAYMENT SYSTEMS
SPRING 2004
COPYRIGHT © 2004 MICHAEL I. SHAMOS
Non-Card eCommerce Payments
SOURCE: CELENT
ACHPayPalCheckfree …