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Payment transaction channels are one of the main proposed approaches to scaling cryptocurrency payment systems. Recent work by Malavolta et al. [7] has shown that the privacy of the protocol may conflict with its concurrent nature and may lead to deadlocks. In this paper we ask the natural question: can payments in routing networks be routed so as to avoid deadlocks altogether? Our results show that it is in general NP-complete to determine whether a deadlock-free routing exists in a given payment graph. On the other hand, Given some fixed routing, we propose another way to resolve the problem of deadlocks. We offer a modification of the protocols in lightning network and in Fulgor [7] that pre-locks edges in an order that guarantees progress, while still maintaining the protocol’s privacy requirements.

The study provides an overview of mobile money account usage, financial inclusion and digital payment transaction trends in Vietnam, and considers the factors influencing these trends. In general, the rates of using mobile money service and account ownership at financial intermediaries in Vietnam are still low, and other indicators of digital transactions suggest low levels compared to those of countries with low- and middle- income as well as to the world averages. The research also shows that owning an account at a financial intermediary facilitates the use of mobile money. This is a positive trend, at least compared to the situation in some African countries. Finally, having an account at a financial intermediary and using mobile money services generally have a positive effect on the participation in non-cash transactions.

Topic: Legal Regulation of Payment Transactions Author: Bc. Pavel Martiník Supervisor: JUDr. Petr Kotáb, Ph.D. Regulation of payment services plays a key role in this era driven by escalating digitalization. The aim of this Thesis is to depict current challenges that this area of financial law faces and to propose a basis for regulation that can be implemented in the Czech Republic. The main topic of this Thesis is virtual currencies, more specifically Bitcoins and their status within the system of payment services regulations. After a short introduction, the first chapter of this Thesis describes theoretical background of payment services regulation, especially general and specific aims of legislation in this area of financial law, by addressing it in full context of private and public law. Besides that, it also briefly illustrates the history of payment services and money. The next chapter deals with current regulation that has been adopted in the Czech Republic. Besides virtual currencies, electronic money is discussed in full detail due to its similar features with virtual currencies. Furthermore, foreign regulation of payment systems is briefly described in order to provide a comparison with the Czech Republic. Therefore, both Czech and foreign regulations dealing with virtual currencies that...

Thesis describes technical and economic aspects of payment transaction using the empirical analysis on real data of payment institution. It focuses on the description of selected products provided by payment institution and empirically analyzes them on the basis of the available data in terms of the number of transactions in individual currencies, the ratio of product types utilization and clearing and settlement used by the payment institution. The thesis also describes the security requirements necessary for the conduct of payment transactions on the Internet for non-technically educated audiences. At the end of the thesis there are several recommendations for the development of payment institution based on empirical knowledge from data analysis, which can be used for further analysis of the payment institution.

With the rapid development of Bitcoin, it is frequently used in the scene of fast payment. But the strategy which Bitcoin takes to prevent the double-spending attack is waiting for six confirmations (about one hour), this is not suitable for the fast payment scenarios where service time is about tens of seconds. The default strategy in fast payment is that do not offer the service until a payment transaction is added to the wallet of vendor, which is useless for the detection of double-spending attack. In this paper, an immune-based model is proposed to detect the double-spending attack in the fast Bitcoin payment. This model is composed of many immune-based Bitcoin nodes which include a detection modula and a traditional node. Antigen character is first extracted from a transaction by the detection modula, and initial detectors (mature detectors) are generated based on these antigens. Then, memory detectors and mature detectors are used to detect the double-spending attack, and a mature detector which matches an attack will evolve into a memory detector and be delivered to other immune-based nodes in the Bitcoin network, in order to rapidly detect the double-spending attack. Experimental result shows that this model can efficiently detect double-spending attacks in fast Bitcoin payment.

V diplomski nalogi je podan predlog mobilne aplikacije, s katero bi bilo mogoče kupiti smučarsko vozovnico, za izvedbo nakupa pa bi bil potreben le pametni telefon. V prvem delu diplomske naloge so predstavljene teoretične osnove s področja mobilnih aplikacij. V drugem delu pa je predstavljen papirnati prototip rešitve nakupa smučarske vozovnice z uporabo mobilne aplikacije. Hkrati so predstavljene vse podatkovne baze, potrebne za nemoteno izpeljavo nakupa smučarske vozovnice. Poleg teorije je predstavljen tudi osnovni slikovni prikaz aplikacije in podatkovne poti pri izpeljavi nakupa. V zaključku so podane ugotovitve, do katerih sem prišel med pisanjem diplomske naloge. Omenjene so tudi možne izboljšave in širitve aplikacije na ostala področja. The dissertation suggests development of a mobile application, that would allow users to buy a ski card, for doing that you would only use a smart phone. The first part of the dissertation is based on theoretic basis from the field of mobile applications. The second part of the dissertation consists of a paper prototype solution for buying a ski card with a mobile application. The data bases which are needed for an undisturbed proces of buying a ski card, will also be presented. Besides the description, basic screen shots of the mobile application and data bases will also be presented.

The present paper examines the fundamental relationship between the country-level infrastructure of the retail payment market and overall bank performance. Using data from across 27 European markets over the period 2000–07, the results confirm that the performance of banks in countries with more developed retail payment service markets is better. This relationship is stronger in countries with a relatively high adoption of retail payment transaction technologies. Retail payment transaction technology itself can also improve bank performance, and evidence shows that heterogeneity in retail payment instruments is associated with enhanced bank performance. Similarly, higher usage of electronic retail payment instruments seems to stimulate banking business. We also show that retail payment services have a more significant impact on savings and cooperative bank performance, although they have a positive influence on the performance of commercial banks as well. Additionally, the findings reveal that the impact of retail services on bank performance is more pronounced through fee income, although their impact through interest income is also positive. Finally, an effective payment service market is found to be associated with higher bank stability. Our findings are robust to different regression specifications.

The SEPA direct debit scheme is an important way to effect payments in practice. Since the use of direct debits is associated with certain risks for the payer, the law of payment services provides the option to withdraw the consent to execute the payment transaction. Moreover, the payer has, in principle, the right to a refund after a payment is executed. While detailed rules exist on the relationship between the payment service provider and the payment service user, many aspects of the relationship between the payer and the payee remain unclear. The present article focuses on this relationship and explores it from a civil law perspective.

The purpose of this research is to identify the development of e-commerce technology in the business world, and the benefits of the application of e-commerce in the online business. The method used in this research was the descriptive method, to present a complete overview of the situation related to some variable situations examined. The result of this research was to identify how far the development of e-commerce technology in the world of online business, as well as the benefits provided by the application of e-commerce in the world of online business. The research was done by discussing the payment transaction system, sales, and reservations made by the business by using e-commerce technology.

Summary/Zusammenfassung Methods for Verifying Cardholder Authenticity in a Financial Transaction Cards are currently used by billions of customers worldwide for cashless payment transactions and for cash withdrawals and are therefore of great national economic importance. Since cardholder confidence in an orderly and proper handling of financial transactions is of utmost significance, great importance has always been attached to security when card-based payment transaction systems were designed and developed. One aspect in this regard concerns methods for verifying card-holder authenticity. Especially two methods, i. e. cardholder signature and the personal identification number (PIN), have turned out to be practicable solutions so far, although their application has not been without weaknesses. Against this background, initiatives have been under way for quite some time designed to develop alternative possibilities for verifying the authenticity of cardholders, e. g. biometrical procedures. Within the fr...

Implementation of NFC Technology was developed to facilitate instant payment transaction such as purchase tickets, goods, or service to become one of the digital wallet besides to using credit cards. The high rate of mobile devices usage in Indonesia make many companies take advantage of this device as a media in electronic payment transactions, a lot of banking and financial product in Indonesia used this technology such as E-money, T-cash, Flazz, Ooredoo, Dompetku, XL-Tunaiku, Doku Wallet, Skye card, Artajasa MYNT and many more. The technique that used in this research to prove the hypotheses was Structural Equation Model (SEM) using Smart PLS software, we will used questionnaire and literature review method to found trend of NFC use. The population from which to draw conclusion was defined as all individual capable use NFC Technology for payment transaction .In this study, we will investigate NFC use in Indonesia, The proposed research model was develop by TAM Framework with some dimension from NFC study literature that is Mobile Payment Knowledge, Technology, Trust, Behaviour and Compatibility into the model, in order to determine the significant factor that influence of NFC use in Indonesia.

Purpose. The difference between what pharmacy benefit management companies (PBMs) charge prescription benefit plan sponsors and what dispensing pharmacies are paid (“spread”) was studied. Methods. Data from prescription transaction invoices from two large employer groups, each using a different PBM, and 84 community pharmacies (which differed for each employer group due to clear geographic separation) participating in these plans between October 1, 2002, and December 31, 2004, were studied. Detailed community pharmacy payment transaction records were compared with PBM claim records from two employers. One employer provided 49,633 prescription claim records, and the other employer provided 120,684 prescription claim records. Spread between amount due billed to the employer by the PBM and amount due paid to the dispensing pharmacy by the PBM for all prescriptions, for brand-name prescriptions, and for generic prescriptions was analyzed. Results. For the two PBMs combined, the mean ± S.D. spread for 20,376 paid transactions was $1.82 ± $8.26 per prescription. The mean ± S.D. spread for brand-name prescriptions was $0.07 ± $5.18 and for generic medications was $4.20 ± $10.69 per prescription. The two PBMs differed significantly in their spread for all drugs ($2.30 ± $6.17 and $1.78 ± $8.40) and for brand-name drugs ($0.47 ± $3.21 and $0.04 ± $5.30). The difference between PBMs for spreads on generic medications did not achieve statistical significance. Conclusion. Wide variations in spread pricing existed between two PBMs and between brand-name and generic medications. Pharmacists and prescription benefit plan sponsors should be aware of this discrepancy and seek a more transparent contract with PBMs.

Title of the Diploma Thesis Bank account Abstract The first part of the thesis deals with the account from the perspective of legal theory. It is examined the nature, characteristic elements and brief historical development. Following an analysis of the account as an object of property rights. In the chapter Legislation of the account under the Civil Code the thesis provides an analysis of provisions that affect the obligations of the account agreement. A part of this chapter is dedicated to a division of accounts under the existing scheme of the Civil Code. Regulation of other than a payment account and bankbook will be mentioned only in passing. Furthermore, the work deals with the analysis of rights and obligations being performed in relation to the provision of payment services, comprehensively regulated by the Payment System Act. Due to the fact, that the form of the Payment System Act has been significantly influenced by the european legislation, the thesis reflects, in appropriate cases, to the wording of the so-called Payment Services Directive. The final part describes fundamental changes in the provision of payment services going in connection with the adoption of the Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment...

The transposition into French law of the Payment Services Directive of 13November 2007 led to the creation of a new category of players in the banking sector: the payment institution. The provision of payment services is no longer the sole domain of credit institutions but becomes the main activity of payment institutions. Although this new distribution of banking activities undermines thebanking monopoly, it does not terminate it. For a better legibility of the bankingsystem and a more efficient control of banking institutions, it is proposed amutation of the banking system through on the one hand, a complete separation of banking activities, and on the other hand payment institutions independence from credit institutions. Securing the payments services market also depends on the supervision of payment transactions. Preserving consumer’s trust is essential to awell-functioning payment services market.; La transposition de la directive relative aux services de paiement du 13 novembre2007 en droit français est à l’origine de la création d’une nouvelle catégorie d’acteurs bancaires : l’établissement de paiement. La fourniture de services de paiement cesse ainsi d’être du domaine exclusif des établissements de crédit pour devenir l’activité principale des établissements de paiement. S’il est vrai que cette nouvelle répartition des activités bancaires ébranle le monopole bancaire, elle n’y met cependant pas fin. Pour une meilleure lisibilité et un contrôle plus efficace des acteurs, il est proposé une mutation du système bancaire grâce à d’une part une scission complète des activités bancaires, et d’autre part une indépendance des établissements de paiement face aux établissements de crédit. La sécurisation du marché des paiements dépend également de l’encadrement des opérations de paiement. La préservation de la confiance du consommateur est essentielle au bon fonctionnement du marché des services de paiement.

He Near Field Communication(NFC) protocol was standardized by the International Organization for Standards in 2003. As a result the use of NFC as a communication conduit has grown, is popular with several applications and becoming the standard in many cases. However, the protocol for NFC does not include security measures and can result in data being compromised. Consequently, different methods of securing NFC data have been developed when applied to door security, and payment transaction systems. This paper focuses on assessment of NFC security methods of passive “smart” chip cards and will include pros/cons for each, as well as a best practices suggestion.

The importance of securing a payment transaction is immeasurable for Voca, an automated clearing house, which processed £3 trillion transactions in 2004, alone. 1 Voca is employed by BACS Payment Schemes Limited, which provides secure transaction services to process its Direct Debit and Direct Credit payments in the UK. BACs processes over 60 million Direct Debit and Direct credit payments on a peak day. 2 Voca is also employed by BACs to manage the migration to BACSTEL-IP. BACSTEL IP is a a technology renewal programme using PKI and IP to update the payment processes for wages.

Retail payment systems play an important role in the smooth functioning of any economy, and thus any inefficiency in the retail payments market can send negative effects cascading throughout the financial realm. The World Bank Global Payment Systems Survey 2010 has shown that inefficiencies persist in the payment systems of many middle-income and low-income countries, with cash continuing to be the most widely used instrument for small-value payments. A number of issues are responsible for this pattern, and the lack of a coherent, holistic strategy for the development of retail payment systems is among the most common. The lessons learned during more than a decade of World Bank Group technical assistance, along with the research findings of other international and national agencies, have been merged into a comprehensive package for the development and reform of the national retail payments system: a) developing a comprehensive national retail payments strategy aims to provide public authorities and market participants with detailed guidance on how to develop and implement a comprehensive, strategic retail payments reform ; b) a practical guide for retail payments stocktaking identifies a methodology for undertaking a detailed stocktaking of a countrys retail payments landscape; c) from remittances to m-payments: Understanding alternative means of payment within the common framework of retail payments system regulation explores the development of a normative framework to underpin an efficient retail payments industry, including the so-called innovative payment mechanisms; and d) innovations in retail payments worldwide: a snapshot: outcomes of the global survey on innovations in retail payments instruments and methods 2010 presents the results of the first World Bank survey among central banks that collected information on innovative retail payment products and programs.

This paper examines the fundamental relationship between retail payments and overall economic growth. Using data from across 27 European markets over the period 1995–2009, the results confirm that migration to efficient electronic retail payments stimulates overall economic growth, consumption and trade. Among different payment instruments, this relationship is strongest for card payments, followed by credit transfers and direct debits. Cheque payments are found to have a relatively low macroeconomic impact. Retail payment transaction technology itself is also associated positively to real economic aggregates. We also show that initiatives to integrate and harmonise retail payment markets foster trade and consumption and thereby have a beneficial effect for whole economy. Additionally, the findings reveal that the impact of retail payments on economic growth is more pronounced in euro area countries. Our findings are robust to different regression specifications. The study supports the adoption of policies promoting a swift migration to efficient and harmonised electronic payment instruments.

This paper puts forward a detailed design of Error Handing and Controlling Protocol (EHCP) on the basis of Micro Payment Transaction Protocol (MPTP) used by China Mobile and the frame design of EHCP. Messages sending and receiving among three parties in the payment system is described. Finally, the analysis illustrates that our protocol achieves the goals of high security, fairness and efficiency.

Part 2: Adversaries; International audience; Cybercriminals are constantly prowling the depths of cyberspace in search of victims to attack. The motives for their attacks vary: some cybercriminals deface government websites to make political statements; others spread malicious software to do large-scale harm; and others still are monetary motivated. In this paper we will concentrate on “cyber fraudsters”. At the time of this writing, a prime hunting ground for fraudsters is online banking. Millions of people worldwide use online banking to quickly and conveniently do their regular bank-related transactions. Unfortunately, this convenience comes at a price. By doing their banking online, they are vulnerable to falling prey to fraud scams such as SIM swap fraud. This paper explains what SIM swap fraud is and how it works. We will analyze the online banking payment transaction process to discover what vulnerabilities fraudsters exploit via SIM swap fraud, and then introduce a computer-based security system which has been developed to help combat it.

In this paper a novel banking framework residing over the cloud storage architecture for electronic payment which takes place over the Internet is presented. It implements electronic cash-based transactions, between customers and merchants through the CloudBank. It is based on a bank account, though it can be easily extended and can be readily applied to other account payment models like debit cards. The proposed architecture is designed using Millicent’s main concept (scrip) technique. In this architecture, financial institutions become partners in the e-commerce transaction, conducted by their customers over the Internet. The innovation of the proposed framework is the removal of the involvement of the financial institutions to ancillary support services like helping on establishing trust between the parties payment transaction. Moreover, the proposed system can be characterized as distributed virtual banking environment provided to users (customers/merchants) authorizing all payments taking place between them. Finally, in this architecture e-cash once used is never used again so all the e-transactions are secure.

Contactless credit cards as a sub-division of smart cards offer a promising new market for RFID technologies. We consider in simulations, verified with experimental results, the way from the electrical supply power as required for the operation of contactless payment terminals to the card performance as required to allow a payment transaction within a limited time. For this purpose, we consider the paypass reference equipment, which is similar to a typical use case and specified to test product compliance.

The Czech authorities invited the World Bank to provide an independent evaluation of the Government's draft plan for the merger of the Tax and Customs Administrations, and with an eye on the eventual integration of the collection of social contributions into a newly created revenue authority. In Volume I of this report, we present a preliminary examination of the Government's draft plan for tax and customs merger. Volume II does a preliminary assessment of the issues relating to integrating collection of social contributions within the tax administration.The assessment of the Government's plan in this report is intended to assist the Government in taking a more informed decision on this issue based on lessons learned from international experience. Integration and fundamental reforms are complex processes and require adequate time, financial resources and careful management of the change process itself in order to be successful. In the report, we have pointed out the key challenges and risks and how these can be overcome. We have flagged the major issues that the Government must consider, and highlighted the challenges that the Government must be aware of when designing the establishment of a modern, unified revenue administration. We have recommended a medium term strategy that will take into consideration the key issues and concerns.

iKP (i-Key-Protocol, i = 1, 2, 3) is a family of payment protocols and one of the ancestors of SET. We have analyzed iKP on the property that if an acquirer authorizes a payment, then both the buyer and seller concerned always agree on it. We have found that even 2KP/3KP do not possess the property and then proposed a possible modification of 2KP/3KP. We have verified that the modified 2KP/3KP possess the property. We mainly describe the verification in this paper.