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21 Jan 2018

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21 Jan 2018

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How does distributed ledger technology work in the Blockchain?

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http://www.bm.ust.hk/files/Content/FlippingBook/en-US/Issue54/HTML/files/assets/basic-html/index.html#1

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https://hk.finance.appledaily.com/finance/realtime/article/20180107/57672676

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Need more research

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http://www.afr.com/business/banking-and-finance/financial-services/world-economic-forum-says-fintech-is-here-to-stay-and-dont-forget-insurance-20150703-gi4rta

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FiServ
https://www.fiserv.com/about.aspx
FIS(TM) https://www.fisglobal.com/about-us/about-our-company
Jack Henry
https://www.jackhenry.com/more-from-jha/pages/about-us.aspx

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About Us, Fiserv Innovation and Technology | Fiserv

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Fiserv is a global leader in financial services technology driving innovation in Payments, Processing Services, Risk & Compliance and Customer & Channel Management.

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https://usa.visa.com/about-visa/our_business/history-of-visa.html
http://www.mastercard.com/us/company/en/docs/history%20of%20payments.pdf

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History of Visa Credit Cards | Our Business

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Visa History: Learn about our journey & how we continue to evolve, but our focus remains - to be the best way to pay and be paid, for everyone, everywhere.

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https://en.wikipedia.org/wiki/Automated_teller_machine

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An automated teller machine, also known as an automatic teller machine ( ATM, American, British, Australian, Malaysian, South African, Singaporean, Indian, Maldivian, Hiberno, Philippine and Sri Lankan English), automated banking machine ( ABM, Canadian English), cash point (British English), cashline, minibank, cash machine, cash dispenser, bankomat or bancomat is an electronic telecommunications device that enables the customers of a financial institution to perform financial transactions, particularly cash withdrawal, without the need for a human cashier, clerk or bank teller.

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Question: How does traditional monetary system work in the US?

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Question: How does traditional monetary system work in the US?

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The American Dream - Understanding Money and the Banking System

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Posted with Permission - Please support the video creators by buying the high quality video from their website or by making a donation http://theamericandreamfilm.com/ The AMERICAN DREAM is a 30 minute animated film that shows you how you've been scammed by the most basic elements of our government system.

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BII

The payments industry has been evolving rapidly, especially in the last few years with the growing shift to digital.

The global payments ecosystem is constantly changing as new startups try to change the way we move money around the world. Mobile wallets and the increased importance of card security to reduce fraud are some of the major trends that are shaping the future of payments processing.

Below, we've compiled a list of these types of innovative payment processing that will mark the future of the payments industry, and provided examples of each.

Mobile Wallets

Mobile wallets could be the single biggest transformation in payments processing if they take off in the way that many analysts expect.

Retailers are particularly excited about mobile payments because they can offer valuable insights about customer transactions that companies can use to enhance the shoppers' experience. The speed of mobile payments can also help increase foot traffic in stores, which in turn would generate more sales.

In 2014, Apple was the only major mobile wallet on the market. But in 2015, Google and Samsung launched their own mobile wallets, and Walmart, Chase, and other major players joined the market. BI Intelligence, Business Insider's premium research service, expects in-store mobile payment volume to grow from $75 billion in 2015 to $503 billion in 2020.

Digital Remittance

Migrants have been sending money to their families and friends in their home countries for decades, but the digital shift is making that process easier than ever. And while digital still just holds a small portion of the global remittance market, growth at digital startups is tremendous.

In 2014, $583 billion were remitted across borders in 2014, and the World Bank expects that number to climb to $636 billion in 2017. BI Intelligence notes that digital accounted for 6% of all remittances in 2014.

But digital's share is growing thanks to the work of startups. Xoom, founded in San Francisco in 2001, grew 53% between 2012 and 2013 and 30% between 2013 and 2014. It now makes more revenue from digital than legacy company MoneyGram, the second-largest remittance company in the world.

BII

Payments Security

The U.S. has a major problem with credit card fraud, which cost retailers $32 billion in 2014. To mitigate this, card networks strongly encouraged merchants to upgrade to EMV security, which is the standard in other parts of the world. EMV cards have an embedded microchip for extra security.

In October 2015, fraud liability shifted to merchants from card issuers. And today, interest in EMV terminals is rising.

Small business owners had been one of the most hesitant groups in terms of upgrading to EMV, but that has changed as of the third quarter of 2016. In Q3, more than half of all small businesses had upgraded, up from just 31% one year earlier.

mPOS

Mobile point-of-sale (mPOS) devices were extremely disruptive when they first debuted because they provided a sleek and easy way for all merchants to accept card payments. Today, consumers expect merchants everywhere to accept cards, so mPOS terminals have become even more important.

BI Intelligence forecasts that there will be 27.7 million mPOS devices in circulation in the U.S. by 2021, up from just 3.2 million in 2014.

Retailers will be the biggest group pushing the mPOS ecosystem to these new heights. Square, one of the more popular credit card processing companies in the U.S., is evidence of this. Large sellers (those who have more than $125,000 in annualized sales) represented 42%, or $5.25 billion, of Square's gross purchase volume in Q2 2016, up from just 8% in Q2 2011.

More to Learn

Mobile shopping trends are pointing to m-commerce as the wave of the future for shoppers. But mobile shopping is just one aspect of the broader payments ecosystem.

That's why BI Intelligence spent months compiling the best and most exhaustive guide on the world of payments entitled : Everything You Need to Know About The Next Era of Payment Processing.

To get your copy of this invaluable guide to the payments industry, choose one of these options:

1. Subscribe to an ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIP

2. Purchase the report and download it immediately from our research store. >> BUY THE REPORT

The choice is yours. But however you decide to acquire this report, you've given yourself a powerful advantage in your understanding of the fast-moving world of the payments ecosystem.

Credit Card Industry and Market

Mobile Payment Technologies

Mobile Payments Industry

Mobile Payment Market, Trends and Adoption

Credit Card Processing Industry

List of Credit Card Processing Companies

List of Credit Card Processing Networks

List of Payment Gateway Providers

M-Commerce: Mobile Shopping Trends

E-Commerce Payment Technologies and Trends

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Future of Payments: Four Trends to Know in Payment Processing

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The payments industry has been evolving rapidly, especially in the last few years with the growing shift to digital. The global payments ecosystem is constantly changing as new startups try to change the way we move money around the world.

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A front-line industry insider's look at the financial technology explosion The FINTECH Book is your primary guide to the financial technology revolution, and the disruption, innovation and opportunity therein. Written by prominent thought leaders in the global fintech investment space, this book aggregates diverse industry expertise into a single informative volume to provide entrepreneurs, bankers and investors with the answers they need to capitalize on this lucrative market.

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Book: Creating Strategic Value Through Finance Technology

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Book: Creating Strategic Value Through Finance Technology

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Lessons in innovation from key FinTech trends and successes

Creating Strategic Value through Financial Technology explores the growing Financial Technology (FinTech) industry to provide insight on how traditional financial institutions and FinTech companies can boost innovation and enhance valuation in a complex regulatory environment. In plumbing the depth and breadth of several niches within in the FinTech sector, author Jay Wilson uncovers key themes that have contributed to the industry's success; in this book, he maps them together to provide useful guideposts for investors, entrepreneurs, and traditional institutions looking to facilitate growth as technology and financial services collide. With an expert's perspective on FinTech history and outlook, certain trends and examples of value-enhancing strategies stand out. FinTech niches covered include: payments, crowdfunding, alternative/marketplace lending, the blockchain, and technology solutions in the context of banking, insurance, and investment companies.

There is no denying the growing importance of technology in the financial services industry, and the FinTech sector offers valuable solutions for a diverse array of financial services providers and their customers. This book guides you through several niches of the FinTech sector, and highlights the most important takeaways from recent endeavors.

Navigate the financial technology sector

Enhance customer and product offerings

Improve efficiency and cost structure

Enhance profitability and company valuation from the intersection of technology and finance

Innovation and customer preference is a key driver of FinTech's growth. Customers are demanding better value and convenience, and the organizations that provide it are reaping the rewards of growth. As financial regulations grow more and more complex, and customers are presented with more and more options, it is becoming imperative for traditional institutions to modernize processes and carve out a place in the future of financial services. Creating Strategic Value through Financial Technology provides a handbook for navigating that space, with practical guidance on how FinTech companies and traditional financial institutions can enhance profitability and valuation from the trends.

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Creating Strategic Value through Financial Technology

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Lessons in innovation from key FinTech trends and successes Creating Strategic Value through Financial Technology explores the growing Financial Technology (FinTech) industry to provide insight on how traditional financial institutions and FinTech companies can boost innovation and enhance valuation in a complex regulatory environment.

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Question : What is Fintech and who are the main players?

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Question : What is Fintech and who are the main players?

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This is the near future. www.pwc.nl/nl/banken/future-of-banking.html Things have changed. In the financial sector customers are at the centre of attention again. Technology changed a lot. And so fast that not everyone has been able to keep up. The past few years banks had a rough time adapting to the new world.

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Alipay is China's leading third-party online payment app. Find out how it's also evolving into a global lifestyle super app.

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Most business crowdfunding platforms offer returns on the investment, but this has none - it is simply a gift. George said the individual gifts will be small, in the $50 to $250 range. The platform can be linked to wedding and baby registries.

"You're going to spend $250 on a coffee making machine? If that $250 goes to a down payment of your home, at the very least, I improve your quality of life and the second thing I do is I give you some, today, some tax deductibility," George added.

As an incentive for encouraging prospective homeowners to attend credit education courses and counseling, borrowers can also receive grants of up to $2,500 once they've completed the free classes. After that, the platform will match donations at $2 for every $1 raised, up to $2,500.

"Folks that go to counseling tend to be more informed, and they also tend to be better borrowers," George said. "We've looked at this as advertising dollars and have said, listen we think this promotes homeownership, we think it's something that we would otherwise spend either through the internet or through social media. We've put our money here where we think it has its best use."

On the other side, contributors are also assured that the money will in fact go to fund the home purchase and can make their gift conditional on that.

The idea is not just to raise money for the down payment but to add to the borrower's existing funds. This can help eliminate the need for mortgage insurance, which is required on very low down payment loans. Fannie Mae is calling it a "pilot project," and will be watching the results closely.

"What we're doing today is we're trying to test and learn a variety of solutions because the preferences for today's homebuyers have changed significantly, and there is no silver bullet to solving a problem that's as hard as how do you find a down payment," said Jonathan Lawless of Fannie Mae. "What we prefer to do is source ideas from all sorts of different places. Our customers are a major one, lenders who are dealing every day with people trying to buy homes, and instead of trying to take those ideas and spend three years trying to roll out a major change, we'd rather test and learn."

Sellers used to be able to assist buyers with the down payment, but that was prohibited after the financial crisis. No down payment loans are also largely gone since then, except for high net worth individuals in private lender programs not backed by the government.

One of the biggest criticisms of lending during the housing boom and ensuing bust was that homeowners were able to finance their properties so easily, with little to no money up front, so they had no "skin in the game." They, therefore, found it much easier to default on the loans when home prices crashed and walk away from the homes altogether.

This program walks a fine line between gift and equity. Some borrowers will add the crowdfunded equity to their own cash while others may not, depending on how much they get.

"Skin in the game is a little bit of a confusing concept. If you pay for your closing costs, is that skin in the game? Is it really down payment?" asked Lawless. "Would you rather have somebody have a lot of money in the bank after they buy the home and no down payment or the opposite? And so we still have a lot of questions and a lot to learn when it comes to the role of down payment."

Lawless says it is all about savings - helping the homeowner avoid becoming house poor after their purchase. He says that makes the consumer safer than someone who is unable to generate any savings. Others argue that if you can't save enough for a down payment in the first place, then you probably shouldn't be buying the house.

"I have qualms with anybody getting a loan who can't put some down payment down themselves. Those types of borrowers typically are one water heater away from missing their payments, going into default, maybe losing the house to foreclosure," said Rick Sharga, executive vice president at Ten-X, an online real estate sales and auction company.

Sharga, a noted analyst during the foreclosure crisis, said that if a borrower can't fund the down payment alone then he or she is likely not financially ready for the investment. He was not, however, entirely against the crowdfunding platform.

"If crowdfunding is a way to augment a down payment or to make a bigger down payment than you could make yourself, because then it will keep your monthly payments down or it will help you qualify for a loan that you might not have gotten without the crowdfunding, I could see the benefits of that," he added.

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A new way to buy a home-crowdfunding the down payment with no money of your own

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Most business crowdfunding platforms offer returns on the investment, but this has none - it is simply a gift. George said the individual gifts will be small, in the $50 to $250 range. The platform can be linked to wedding and baby registries. "You're going to spend $250 on a coffee making machine?

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Example: Square - credit card payment by twitter co-founder

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Example: Square - credit card payment by twitter co-founder

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Will beat visa & master, low fee and free machine(only an adaptor to iPad or android tablets)

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Twitter co-founder on "Square" payment device

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Twitter co-founder Jack Dorsey is running another tech company that handles $4 billion a year in credit card transactions. Darsey talks to business and economics correspondent Rebecca Jarvis about his latest venture, Square.

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Example- FinTech: How technology is changing the world of finance - BBC Newsnight

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Example- FinTech: How technology is changing the world of finance - BBC Newsnight

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FinTech: How technology is changing the world of finance - BBC Newsnight

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The Bitcoin and Blockchain Technology Explained

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A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.

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What is Crowdfunding? CrowdFunding planning? What, How, Why and when

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Part 1: What is RegTech? Capco Institute

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What is RegTech? In our latest Capco Institute video series, Hamish Wynn, Ph.D., partner, Capco New York, is joined by a distinguished panel of senior banking, technology and legal practitioners to discuss what's hot in RegTech, including the role of the regulator and advice for early stage RegTech companies.

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At the end of this video, you'll understand what Fintech is and how it could transform the way banks operate.