Electronic Banking

Mobile Payments World

2008-07-20T07:44:00.000-07:00

A great magazine about mobile payment:
http://www.mobilepaymentsworld.com/attachments/MPW_issue_117.pdf

Warning!
Google reports this site as a bad site: Site is listed as suspicious - visiting this web site may harm your computer.

TARGET2

2008-07-03T02:38:00.000-07:00

TARGET2, the new European Real Time Gross Settlement (RTGS) system, went live on 19 November 2007, replacing the existing TARGET system. TARGET2 is based on the Single Shared Platform (SSP), developed by Banca d’Italia, Banque de France, and Deutsche Bundesbank. These three banks operate the system on behalf of the Eurosystem. TARGET2 participants access the SSP using the full set of SWIFT's messaging services: FIN, FIN Copy, InterAct, FileAct and Browse.

"In line with the banking community requirement, and comforted by the solid experience gained in the existing systems of the three providing central banks, the Eurosystem decided to use the matured and reliable SWIFT messaging services for the communication between the banking community and the SSP." — Lorenzo Giammo, SSP Project Team, Banca d'Italia - Head of Payment System Management Division, and Italy SWIFT User Group Chairman.

EFT vs RTGS

2008-04-07T23:31:00.000-07:00

"RTGS" stands for Real Time Gross Settlement. (=ساتنا in Iran)

RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "gross (ناخالص)" basis. This is the fastest possible money transfer system through the banking channel. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction. Payment is taken as final and irrevocable.

EFT operates on a deferred net (معوق خالص) settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that time. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. Contrary to this, in RTGS, transactions are processed continuously throughout the RTGS business hours.

Ref: http://www.rbi.org.in/SCRIPTs/FAQView.aspx?Id=65

FSTC | Financial Services Technology Consortium

2008-04-03T00:27:00.000-07:00

FSTC sponsors noncompetitive collaborative research and development of interbank technical projects affecting the entire financial services industry.
http://www.fstc.org/index.php

Some of the projects:

Web site richness (for non-members): POOR

More Standards

2008-04-02T05:43:00.000-07:00

UNIversal Financial Industry message scheme

http://www.iso20022.org/

The UNIFI standard provides the financial industry with a common platform for the development of messages in a standardized XML syntax, using:
- a modelling methodology (based on UML) to capture in a syntax-independent way financial business areas, business transactions and associated message flows;
- a set of XML design rules to convert the messages described in UML into XML schemas.

There is two great presentations in the site.

Market Data Definition Language (MDDL)

http://xml.coverpages.org/mddl.html

is an XML specification designed "to enable the interchange of information necessary to account, to analyze, and to trade financial instruments of the world's markets. It defines an XML-based interchange format and common data dictionary on the fields needed to describe: (1) financial instruments, (2) corporate events affecting value and tradability, and (3) market-related, economic and industrial indicators.

AND More Standards:
FinXML, VRXML, RIXML, XBRL, FpML, TWIST, RosettaNet, OAGi, ACORD, CIDX

E-Banking References in United States of America

2008-03-23T22:26:00.000-07:00

Office of the Comptroller of the Currency, Administrator of National Banks, US Department of the Treasury

OCC Electronic Banking Guidance

BITS (BITS is not an acronym. At one time, BITS stood for "Banking Industry Technology Secretariat." However, with financial modernization and the emergence of integrated financial services companies involving insurance, securities and banking, that term is no longer used.)

E-Banking References in Europe

2008-03-11T04:24:00.000-07:00

European Central Bank

E-payments in Europe, Conference programme and presentations

Bank for International Settlements, BIS

Financial Information eXchange (FIX)

2008-03-10T12:23:00.000-07:00

The Financial Information eXchange ("FIX") Protocol is a series of messaging specifications for the electronic communication of trade-related messages. It has been developed through the collaboration of banks, broker-dealers, exchanges, industry utilities and associations, institutional investors, and information technology providers from around the world. These market participants share a vision of a common, global language for the automated trading of financial instruments.
FIX is the industry-driven messaging standard that is changing the face of the global financial services sector, as firms use the protocol to transact in an electronic, transparent, cost efficient and timely manner. FIX is open and free, but it is not software. Rather, FIX is a specification around which software developers can create commercial or open-source software, as they see fit. As the market's leading trade-communications protocol, FIX is integral to many order management and trading systems. Yet, its power is unobtrusive, as users of these systems can benefit from FIX without knowing the language itself. Following is the FIX official site:

FIX Protocol Organization

Interactive Financial eXchange (IFX)

2008-03-10T12:14:00.000-07:00

XML specification for electronic bill presentment and payment, business to business payments, business to business banking (such as balance and transaction reporting, remittance information), automated teller machine communications, consumer to business payments, and consumer to business banking.

Followings may be useful links:

IFX Official Site
IFX 2.0 Preview
IFX 1.x Framework Presentation
IFX and XML in Banking
XML Usage in Financial Services
Presentation

Open Financial eXchange (OFX)

2008-03-10T11:01:00.000-07:00

XML specification for the electronic exchange of financial data between financial institutions, businesses and consumers via the Internet. It is designed to support a wide range of financial activities including consumer and small business banking; consumer and small business bill payment and investments transaction download, including stocks, bonds, and mutual funds.
Followings are the related websites:

OFX Official Site
OFX Financial Institution Data
some OFX & OFC Resources