Description
Book SynopsisTable of ContentsPreface viii
About the Editors xi
Acknowledgements xiii
1. Payments Explained
Payments are Getting Political Again 6
Money: A History of Gods and Codes 11
Payments Explained 14
From Barter to App – How Payments Have Changed 17
Do We Still Need to Pay? 21
How ACH and Real-Time Payments Clearing and Settlement Works 23
Payments as a Service 26
The New Emerging Banks and Their Role in Payments 28
The Payments Race 31
PayTech Regulation Trends 34
An Innovative Local Payments Method in an Ancient Land 37
2. Payment System Infrastructures and Money Transfer Technologies
The Convergence of Card Payments and Bank Payments 46
Instant Payments: A New Deal for the Payments Market? 49
PIN on Mobile – A Pivotal Moment for Payments 51
PayTech in the Cloud 54
The Rise of a Super-Correspondent Banking Network 56
Why Distinctions within Mobile Wallets and Tokenization Matter 59
The Future is Already Here; It is Just Not Evenly Distributed 61
PSD2 Open Banking: The Challenges of Third-Party Provider Identity and Regulatory Checking 64
Taking PayTech to the Villages of India 68
3. Payments Regulation and Compliance
How Payments Regulation and Compliance Can Create a Better Future 74
Refining the Collective Responsibility for Compliance 78
Can Operational Agility Grow Payments in the New Online Platform Marketplaces? 81
The Hidden Value of Greater Standardization for the EU-Wide FinTech Market 84
Is Europe a Good Example of Open Banking? 86
Taking Back the Power: Regulations in the EU are Changing the Face of Banking 88
Achieving Control Effectiveness and Sustainable Compliance Using Nine Factors 91
Money Laundering Laws, Technology and Keeping Up with Criminals 94
Dynamic Regulation Readiness – Implementing the 5th Anti-Money Laundering Directive 97
eKYC: The Next Mountain for e-Businesses to Climb 100
AML Systems After Madoff: Ponzi-Identification Using “Complexity” 102
4. Blockchain Regulation Around the World
Understanding Cryptocurrencies, Blockchain Technology and Regulations 110
Blockchain, Cryptocurrencies and How They Fit Within Current Payments Regulation 114
Blockchain and Beyond 117
Will Central Banks Adopt the New World Economy of Cryptocurrencies? 119
The Case for a National Cryptocurrency 122
Regulation and the Future of Blockchain: Which Approach Will Succeed? 124
Web 3.0 – The Internet of Value 127
Blockchain – An Elixir for Anti-Money Laundering? 129
Facilitating Online Crypto-Payments Now and in the Future 132
A New Law for Derivatives Markets and the Use of Smart Contracts 134
PayTech and Blockchain: Adjusting for Security and Risk 137
Cryptocommodities: An Essential Element of Decentralized Payments 140
5. Payments in Practice
The Perspective of a Passionate Payments CEO 148
Plugging the Data Black Hole: How Mobile Self-Checkout Can Help Revive the High Street 152
How UnionPay Quick Pass is Beating Alipay and WeChat Pay in China 155
How Payment Agility and Cash-for-Carbon Can Solve a Global Problem for Mankind 158
Revolutionizing the Retail Industry Through Integrated Payments Systems 162
Asset Management and Payments in India – So Near and Yet So Far 164
Exploiting the Value of Data Embedded in Payments Systems 167
Reinventing the Customer Experience by Focusing on the After-Payment Emotional Experience 170
How Open Banking and Payment Touchpoints Will Save Banks 172
Why Personal Financial Management Will Be Embedded Into the Next Generation of Payments 175
How Helping Microbusinesses Accept Digital Payments Could Transform Kenya’s Economy and Enhance Inclusion 178
How Decentralization Can Create a Customer-Centric Ecosystem 182
6. Blueprint for Change
A Blueprint for Change 188
Accelerating the Adoption of PayTech Innovations 192
How to Build a Successful PayTech Product 195
The Future of Digital Payments Market Infrastructures 198
It’s Money, Jim, But Not as We Know It 201
Payments as Open Business Banking Enabler for the Gig Economy 206
The Financial Arms Race: The Game with No Rules 209
How Network Paradigms Can Lead to New Payments Innovations 212
It’s the Ecosystem, Stupid! Keeping Ahead in a Payments Ecosystem 215
Mobile Money: Creating a Cash-Light Africa to Solve the Financial Inclusion Problem 217
Back to the Future: A Miraculous Time-Trip Through the Future, Present and Past of Payments 222
Fifteen Ways in Which Our Digital Future Will be Shaped by PayTech 225
List of Contributors 229
Index 236
