Relevant bibliographies by topics / Secure Payments

Academic literature on the topic 'Secure Payments'

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Published: 6 September 2023

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Journal articles on the topic "Secure Payments"

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Chang, Tao-Ku. "A Secure Operational Model for Mobile Payments." Scientific World Journal 2014 (2014): 1–14. http://dx.doi.org/10.1155/2014/626243.

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Instead of paying by cash, check, or credit cards, customers can now also use their mobile devices to pay for a wide range of services and both digital and physical goods. However, customers’ security concerns are a major barrier to the broad adoption and use of mobile payments. In this paper we present the design of a secure operational model for mobile payments in which access control is based on a service-oriented architecture. A customer uses his/her mobile device to get authorization from a remote server and generate a two-dimensional barcode as the payment certificate. This payment certificate has a time limit and can be used once only. The system also provides the ability to remotely lock and disable the mobile payment service.
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Xu, Ruohan. "Optimized Secure Payment Solution Using QR Code Scanning based on Operation-payment Dual Devices." BCP Business & Management 17 (February 23, 2022): 118–23. http://dx.doi.org/10.54691/bcpbm.v17i.383.

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With the development of the internet and mobile payment technology, the mobile payment transaction volume in China is rising year by year. Likewise, an increasing number of people are using mobile payments for their convenience and stability. In recent years, however, security incidents involving these mobile payments have also occurred more frequently. Some lawbreakers have been known to add illegal information to QR codes so that the mobile phones of unwitting customers are infected with viruses when they scan the codes to make payments. These viruses result in losses of personal property. In view of this, we propose an optimized secure payment solution for QR code scanning based on Operating-payment dual devices. This sets a separation of the payment process by utilizing both an operating device and a payment device, so as to minimize losses when customers scan malware-infected QR codes. Through theoretical analysis, our proposed solution can effectively improve the security of QR code payments, and meet the requirements for secure payment in daily life.
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Ahamad, Shaik Shakeel, V. N. Sastry, and Siba K. Udgata. "A Secure Mobile Wallet Framework with Formal Verification." International Journal of Advanced Pervasive and Ubiquitous Computing 4, no. 2 (April 2012): 1–15. http://dx.doi.org/10.4018/japuc.2012040101.

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This paper proposes a Secure Mobile Wallet Framework (SMWF) using WPKI (Wireless Public Key Infrastructure) and UICC (Universal Integrated Circuit Card) by defining (a) a procedure of personalizing UICC by the client, (b) a procedure of provisioning and personalization (Mutual Authentication and Key Agreement Protocol) of Mobile Payments Application (which is on UICC) by the Bank and (c) our proposed mobile wallet is will have mobile wallet manager managed by CA (acting as TSM), every mobile application is independent, protected by firewalls and encrypted data is stored in the mobile wallet application. Their proposed Mobile Wallet ensures end to end security. The authors’ proposed SMWF is compared with recent works and found to be better in terms of generating client’s credentials, implementation of WPKI in UICC, personalization of mobile payment application by the bank and in ensuring end to end security (i.e., from Mobile Payments Application in UICC to the Bank Server). The proposed mobile payment protocol originating from Mobile Payment Application (which is on UICC) to the Bank Server realizes Fair Exchange ensures Confidentiality, Authentication, Integrity and Non Repudiation, prevents double spending, over spending and money laundering, and withstands replay, Man in the Middle (MITM) and Impersonation attacks. Proposed mobile payment protocol is formally verified using AVISPA and Scyther Tool and presented with results.
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Sabino, Anthony Michael, and Mary Jane C. Sabino. "Secured interest in royalty payments kept secure in recent decision." Natural Gas 11, no. 11 (July 20, 2009): 17–20. http://dx.doi.org/10.1002/gas.3410111105.

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Vishwakarma, Pinki Prakash, Amiya Kumar Tripathy, and Srikanth Vemuru. "The Fact-Finding Security Examination in NFC-enabled Mobile Payment System." International Journal of Electrical and Computer Engineering (IJECE) 8, no. 3 (June 1, 2018): 1774. http://dx.doi.org/10.11591/ijece.v8i3.pp1774-1780.

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Contactless payments devised for NFC technology are gaining popularity. Howbeit, with NFC technology permeating concerns about arising security threats and risks to lessen mobile payments is vital. The security analysis of NFC-enabled mobile payment system is precariously imperative due to its widespread ratification. In mobile payments security is a prevalent concern by virtue of the financial value at stave. This paper assays the security of NFC based mobile payment system. It discusses the security requirements, threats and attacks that could occur in mobile payment system and the countermeasures to be taken to secure pursuance suitability.
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Mamčenko, Jelena, Brigita Šustickiene, and Jūratė Romeikienė. "CONTACTLESS PAYMENTS FRAUD DETECTION METHODS AND IS SOCIETY PREPARED TO RESIST: A CASE STUDY." SOCIETY. INTEGRATION. EDUCATION. Proceedings of the International Scientific Conference 2 (July 3, 2023): 467–77. http://dx.doi.org/10.17770/sie2023vol2.7159.

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The ability to use contactless payment technologies, non-cash payments and credit card payments is becoming almost an essential requirement for consumers and merchants in today's economic conditions. Different market sectors are rapidly adapting to these technologies and looking for the most convenient, secure, and fastest possible solutions that combine intelligent data processing, security, and business management functions. Millions of debit and credit card holders care about secure payments, the businesses that receive these payments are secure in terms of security, and the operators that process such incoming and outgoing payments are interested in innovative solutions that set them apart from the competition. Amid the COVID-19 pandemic, when e-commerce was growing exponentially, the global market for fraud detection and prevention, currently stands at USD 20.9 billion, and is expected to grow, until 2025 will rise to USD 38.2 billion by the end of the year; holds the market at 12.8 % annually. The US remains the dominant region in this market segment, but European countries are also increasingly investing in fraud prevention and detection solutions, which are growing in demand in Europe due to an increase in cybercrime as well as advanced bots and cyber-attack.
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Adil. O. Y. Mohamed. "Intelligent Blockchain-Based Secure Framework for Transaction in Mobile Electronic Payment System." International Journal of Interactive Mobile Technologies (iJIM) 17, no. 04 (February 23, 2023): 37–46. http://dx.doi.org/10.3991/ijim.v17i04.37671.

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The rate of smartphone purchases is rising daily, and mobile payments are now frequently accepted in various areas. It is essential to transfer money completely safe as well as quick. The encrypted distributed ledgers function provides verified real-time transaction confirmation without the necessity for intermediaries like banks and clearinghouses; blockchain provide quick, secure, decentralized, and inexpensive transaction services. Blockchain technology makes money transfer simpler with transparency and financial data security. Through these capabilities, blockchain has attracted interest from around the world. However, some challenges arise while completing some financial security needs. This work proposes a framework for secure mobile payments based on blockchain technology. The advantages of blockchain are discussed and how blockchain technology provides multi-level authentication to secure mobile based financial transactions. Due to the increased safety and confidentiality of users on mobile payment apps, the suggested system takes into account the need of developing a safe application for the mobile transactions. We have also addressed the security related challenges of blockchain based payment applications and provided potential solutions.
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Mushkudiani, Nino. "Development of Electronic Payments in Georgia." Economics and Culture 15, no. 2 (December 1, 2018): 64–74. http://dx.doi.org/10.2478/jec-2018-0021.

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Abstract Electronic payments are considered to be a fast and secure alternative for traditional payment methods. Today, it is impossible to imagine modern bank operations, commercial transactions and other payments without electronic payments. This article shows that electronic payments are not the only means for reducing costs with respect to other payment methods, such as cash, but can also generate significant benefits for increasing economic development and reducing shadow economy. The paper focuses on the development of electronic payments in Georgia and its impact on the economy of the country. Over the decades, the payment systems in Georgia have evolved significantly in line with the technological advancement. Significant progress has been achieved in improving the e-payment systems infrastructure. The evolution of e-payments in Georgia can be characterized by the following: debit (including prepaid) and credit cards, credit and debit transfers compose a core set of noncash payment types commonly used today by consumers and businesses. These core noncash payment types are used both in traditional ways, such as in-person purchases, payroll deposits, and bill payments, and in innovative ways, such as contactless and mobile payments, e-commerce and online bill payments. Using the economic-mathematical analyses of the information taken from the web-page of the National Bank of Georgia and commercial banks’ publications, a mathematical model was built, based on which the positive relationship between e-payments and economic growth in terms of real GDP was shown.
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Bhutta, Muhammad Nasir Mumtaz, Surbhi Bhattia, Mohammed Ali Alojail, Kashif Nisar, Yue Cao, Shehzad Ashraf Chaudhry, and Zhili Sun. "Towards Secure IoT-Based Payments by Extension of Payment Card Industry Data Security Standard (PCI DSS)." Wireless Communications and Mobile Computing 2022 (January 24, 2022): 1–10. http://dx.doi.org/10.1155/2022/9942270.

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IoT emergence has given rise to a new digital experience of payment transactions where physical objects like refrigerators, cars, and wearables will make payments. These physical objects will be storing the cardholder credentials and will directly make payments with the vendors over insecure public networks. For such payment transactions, government regulations and standards organizations require to implement PCI DSS for adapting similar set of security measures at the global level. The current version of PCI DSS is not suitable for IoT-based payment systems due to characteristics of IoT such as resource-constrained nature of devices and updating software/firmware of so many physical devices. Also, there arises an emergent need of implementing PCI DSS requirements and assessments for security of all stakeholders that store or process the user credentials in a payment. This paper is an initial effort to bring the researcher’s attention to make upcoming versions of PCI DSS suitable for IoT and thus securing the new ways of IoT-based payment systems. The paper has reviewed the traditional payment process along with considerations for IoT-based payment systems to make recommendations to modify the PCI DSS in a suitable way for IoT.
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Gupta, Saksham, Sanchit Tomar, Rituraj Bansal, Sameer Choudhary, and Pardeep Kaur. "Secure Transaction System Using Face Recognition." Journal of Cyber Security, Privacy Issues and Challenges 1, no. 2 (July 8, 2022): 19–29. http://dx.doi.org/10.46610/jcspic.2022.v01i02.003.

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The use of online payment is increasing dramatically in today's environment. As a result, this initiative was created to protect payments against internet scams. The project's main goal is to create a secure payment system that uses face recognition and Open CV in Python. It makes use of the confidence level, which is defined as the value generated by the system and used to determine the forecast's accuracy. Several graphic modules were combined with a pattern mirror to create this piece. Before entering a PIN, the system in this project uses face detection and a proxy. Because it embeds elements of the users' faces to increase system accuracy, the algorithm employed in this research will improve the security and efficiency of face recognition. To strengthen security, we have introduced three-fold encryption while the data is being transmitted for authentication. The user's bank balance is confirmed and the work is completed after the system has completed its verification. The suggested system outperforms existing functions, and its user-friendly interface makes it simple to use.
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Dissertations / Theses on the topic "Secure Payments"

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Al-Meaither, Mansour. "New schemes for secure electronic payments." Thesis, Royal Holloway, University of London, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.419912.

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Chen, Bangdao. "Using human interactive security protocols to secure payments." Thesis, University of Oxford, 2012. http://ora.ox.ac.uk/objects/uuid:f73a0165-410f-4a69-a56c-b6f004253ba3.

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We investigate using Human Interactive Security Protocols (HISPs) to secure payments. We start our research by conducting extensive investigations into the payment industry. After interacting with different payment companies and banks, we present two case studies: online payment and mobile payment. We show how to adapt HISPs for payments by establishing the reverse authentication method. In order to properly and thoroughly evaluate different payment examples, we establish two attack models which cover the most commonly seen attacks against payments. We then present our own payment solutions which aim at solving the most urgent security threats revealed in our case studies. Demonstration implementations are also made to show our advantages. In the end we show how to extend the use of HISPs into other domains.
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Dold, Florian. "The GNU Taler system : practical and provably secure electronic payments." Thesis, Rennes 1, 2019. http://www.theses.fr/2019REN1S008/document.

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Les nouveaux protocoles de réseautage et cryptographiques peuvent considérablement améliorer les systèmes de paiement électroniques en ligne. Le présent mémoire porte sur la conception, la mise en œuvre et l’analyse sécuritaire du GNU Taler, un système de paiement respectueux de la vie privée conçu pour être pratique pour l’utilisation en ligne comme méthode de (micro-)paiement, et en même temps socialement et moralement responsable. La base technique du GNU Taler peut être dû à l’e-cash de David Chaum. Notre travail va au-delà de l’e-cash de Chaum avec un changement efficace, et la nouvelle notion de transparence des revenus garantissant que les marchands ne peuvent recevoir de manière fiable un paiement d’un payeur non fiable que lorsque leurs revenus du paiement est visible aux autorités fiscales. La transparence des revenus est obtenue grâce à l’introduction d’un protocole d’actualisation donnant lieu à un changement anonyme pour un jeton partiellement dépensé sans avoir besoin de l’introduction d’une évasion fiscale échappatoire. De plus, nous démontrons la sécurité prouvable de la transparence anonyme de nos revenus e-cash, qui concerne en plus l’anonymat habituel et les propriétés infalsifiables de l’e-cash, ainsi que la conservation formelle des fonds et la transparence des revenus. Notre mise en œuvre du GNU Taler est utilisable par des utilisateurs non-experts et s’intègre à l’architecture du web moderne. Notre plateforme de paiement aborde une série de questions pratiques telles que la prodigue des conseils aux clients, le mode de remboursement, l’intégration avec les banques et les chèques “know-your-customer (KYC)”, ainsi que les exigences de sécurité et de fiabilité de la plateforme web. Sur une seule machine, nous réalisons des taux d’opérations qui rivalisent avec ceux des processeurs de cartes de crédit commerciaux globaux. Pendant que les crypto-monnaies basées sur la preuve de travail à l’instar de Bitcoin doivent encore être mises à l’échelle pour servir de substituant aux systèmes de paiement établis, d’autres systèmes plus efficaces basés sur les Blockchains avec des algorithmes de consensus plus classiques pourraient avoir des applications prometteurs dans le secteur financier. Nous faisons dans la conception, la mise en œuvre et l’analyse de la Byzantine Set Union Consensus, un protocole de Byzantine consensus qui s’accorde sur un (Super-)ensemble d’éléments à la fois, au lieu d’accepter en séquence les éléments individuels sur un ensemble. Byzantine Set consensus peut être utilisé comme composante de base pour des chaînes de blocs de permissions, où (à l’instar du style Nakamoto consensus) des blocs entiers d’opérations sont convenus à la fois d’augmenter le taux d’opération
We describe the design and implementation of GNU Taler, an electronic payment system based on an extension of Chaumian online e-cash with efficient change. In addition to anonymity for customers, it provides the novel notion of income transparency, which guarantees that merchants can reliably receive a payment from an untrusted payer only when their income from the payment is visible to tax authorities. Income transparency is achieved by the introduction of a refresh protocol, which gives anonymous change for a partially spent coin without introducing a tax evasion loophole. In addition to income transparency, the refresh protocol can be used to implement Camenisch-style atomic swaps, and to preserve anonymity in the presence of protocol aborts and crash faults with data loss by participants. Furthermore, we show the provable security of our income-transparent anonymous e-cash, which, in addition to the usual anonymity and unforgeability proper- ties of e-cash, also formally models conservation of funds and income transparency. Our implementation of GNU Taler is usable by non-expert users and integrates with the modern Web architecture. Our payment platform addresses a range of practical issues, such as tipping customers, providing refunds, integrating with banks and know-your-customer (KYC) checks, as well as Web platform security and reliability requirements. On a single machine, we achieve transaction rates that rival those of global, commercial credit card processors. We increase the robustness of the exchange—the component that keeps bank money in escrow in exchange for e-cash—by adding an auditor component, which verifies the correct operation of the system and allows to detect a compromise or misbehavior of the exchange early. Just like bank accounts have reason to exist besides bank notes, e-cash only serves as part of a whole payment system stack. Distributed ledgers have recently gained immense popularity as potential replacement for parts of the traditional financial industry. While cryptocurrencies based on proof-of-work such as Bitcoin have yet to scale to be useful as a replacement for established payment systems, other more efficient systems based on Blockchains with more classical consensus algorithms might still have promising applications in the financial industry. We design, implement and analyze the performance of Byzantine Set Union Consensus (BSC), a Byzantine consensus protocol that agrees on a (super-)set of elements at once, instead of sequentially agreeing on the individual elements of a set. While BSC is interesting in itself, it can also be used as a building block for permissioned Blockchains, where—just like in Nakamoto-style consensus—whole blocks of transactions are agreed upon at once, increasing the transaction rate
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Pourghomi, Pardis. "Managing near field communication (NFC) payment applications through cloud computing." Thesis, Brunel University, 2014. http://bura.brunel.ac.uk/handle/2438/8538.

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The Near Field Communication (NFC) technology is a short-range radio communication channel which enables users to exchange data between devices. NFC provides a contactless technology for data transmission between smart phones, Personal Computers (PCs), Personal Digital Assistants (PDAs) and such devices. It enables the mobile phone to act as identification and a credit card for customers. However, the NFC chip can act as a reader as well as a card, and also be used to design symmetric protocols. Having several parties involved in NFC ecosystem and not having a common standard affects the security of this technology where all the parties are claiming to have access to client’s information (e.g. bank account details). The dynamic relationships of the parties in an NFC transaction process make them partners in a way that sometimes they share their access permissions on the applications that are running in the service environment. These parties can only access their part of involvement as they are not fully aware of each other’s rights and access permissions. The lack of knowledge between involved parties makes the management and ownership of the NFC ecosystem very puzzling. To solve this issue, a security module that is called Secure Element (SE) is designed to be the base of the security for NFC. However, there are still some security issues with SE personalization, management, ownership and architecture that can be exploitable by attackers and delay the adaption of NFC payment technology. Reorganizing and describing what is required for the success of this technology have motivated us to extend the current NFC ecosystem models to accelerate the development of this business area. One of the technologies that can be used to ensure secure NFC transactions is cloud computing which offers wide range advantages compared to the use of SE as a single entity in an NFC enabled mobile phone. We believe cloud computing can solve many issues in regards to NFC application management. Therefore, in the first contribution of part of this thesis we propose a new payment model called “NFC Cloud Wallet". This model demonstrates a reliable structure of an NFC ecosystem which satisfies the requirements of an NFC payment during the development process in a systematic, manageable, and effective way.
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Budrionis, Andrius. "Elektroninės komercijos saugumas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2011. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20110709_152449-66284.

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Darbe nagrinėjami šiuo metu rinkoje naudojami elektroninių atsiskaitymų modeliai ir jų saugumo problemos. Kadangi elektroninių transakcijų metu operuojama svarbiais ir konfidencialiais duomenimis, aukštesnio saugumo lygio užtikrinimo problema visada išlieka itin aktuali. Darbe išnagrinėtos dažniausiai sutinkamos elektroninių atsiskaitymų schemos (tiesioginis atsiskaitymas ir atsiskaitymas per Paypal sistemą), jų saugumo užtikrinimo principai, technikos ir spragos. Atsižvelgiant į dabartinius rinkos poreikius ir informacijos saugumo spragas šiuo metu naudojamuose modeliuose, suprojektuotas aukštesnio saugumo lygio elektroninių atsiskaitymų modelis ir realizuotas šio sprendimo prototipas. Šio prototipo projektas ir realizacija gali būti naudojamos kaip rekomendacijos kūrėjams, tobulinantiems elektroninių atsiskaitymų modelių saugumą.
The work deals with electronic payment models used in the market and their security problems. As electronic transactions operate with important and confidential data, ensuring higher level of security is always an actual issue. The study generally concerns the main electronic payment schemes (direct payment and payment through Paypal), their safety principles, technical decisions and security ensuring gaps. Considering the current market needs and information security gaps in current eCommerce models, a new, ensuring higher level of security in electronic payments, model was designed and a prototype of this decision was implemented. The prototype design and implementation may be used as recommendations for developers, improving electronic payment security models.
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Pant, Shristi. "A SECURE ONLINE PAYMENT SYSTEM." UKnowledge, 2011. http://uknowledge.uky.edu/cs_etds/1.

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An online payment system allows a customer to make a payment to an online merchant or a service provider. Payment gateways, a channel between customers and payment processors, use various security tools to secure a customer’s payment information, usually debit or credit card information, during an online payment. However, the security provided by a payment gateway cannot completely protect a customer’s payment information when a merchant also has the ability to obtain the payment information in some form. Furthermore, not all merchants provide a secure payment environment to their customers and, despite having a standard payment policy, adhere to it. Consequently, this exposes a customer’s payment information to risks of being compromised or misused by merchants or stolen by hackers and spammers. In this thesis we propose a new approach to payment systems in which a customer’s payment information cannot be obtained by a merchant. A customer sends his payment information directly to a payment gateway and a payment gateway, upon verifying the transaction, sends a payment to the appropriate merchant. We use the Pedersen commitment scheme along with dual signatures to securely transfer funds to a merchant and protect a customer’s payment information from any Internet vulnerabilities.
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Capper, D. J. S. "Debt enforcement : the struggle to secure payment." Thesis, Queen's University Belfast, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.431478.

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Deng, Ni. "A secure, payment-based email delivery system." CSUSB ScholarWorks, 2005. https://scholarworks.lib.csusb.edu/etd-project/2909.

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Kovan, Gerry. "SPP Secure Payment Protocol: Protocol Analysis, Implementation and Extensions." Thesis, University of Waterloo, 2005. http://hdl.handle.net/10012/1079.

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Internet commerce continues to grow rapidly. Over 60% of US households use the internet to shop online. A secure payment protocol is required to support this rapid growth. A new payment protocol was recently invented at IBM. We refer to the protocol as SPP or Secure Payment Protocol. This thesis presents a protocol analysis of SPP. It is essential that a thorough security analysis be done on any new payment protocol so that we can better understand its security properties. We first develop a method for analyzing payment protocols. This method includes a list of desirable security features and a list of proofs that should be satisfied. We then present the results of the analysis. These results validate that the protocol does contain many security features and properties. They also help understand the security properties and identify areas where the protocol can be further secured. This led us to extend the design of the protocol to enhance its security. This thesis also presents a prototype implementation of SPP. Three software components were implemented. They are the Electronic Wallet component, the merchant software component and the Trusted Third Party component. The architecture and technologies that are required for implementation are discussed. The prototype is then used in performance measurement experiments. Results on system performance as a function of key size are presented. Finally, this thesis presents an extension of SPP to support a two buyer scenario. In this scenario one buyer makes an order while another buyer makes the payment. This scenario enables additional commerce services.
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Téllez, Isaac Jesús Augusto. "Design of secure mobile payment protocols for restricted connectivity scenarios." Doctoral thesis, Universitat Politècnica de Catalunya, 2012. http://hdl.handle.net/10803/96918.

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The emergence of mobile and wireless networks made posible the extensión of electronic commerce to a new area of research: mobile commerce called m-commerce, which includes mobile payment), that refers to any e-commerce transaction made from a mobile device using wireless networks. Most of the mobile payment systems found in the literatura are based on the full connectivity scenario where all the entities are directly connected one to another but do not support business models with direct communication restrictions between the entities of the system is not a impediment to perform comercial transactions. It is for this reason that mobile payment systems that consider those situations where direct communications between entities of the system is not posible (temporarily or permanently) basically due to the impossibility of one of the entities connected to the Internet are required. In order to solve the current shortage in the scientific world of previous research works that address the problema of on-line payment from mobile devices in connectivity restricted scenarios, in this thesis we propose a set of secure payment protocols (that use both symmetric and non-traditional asymmetric cryptography), which have low computational power requirements, are fit for scenarios with communications restrictions (where at least two of the entities of the system cannot exchange information in a direct way and must do it through another entity) and offer the same security capabilities as those protocols designed for full connectivity scenarios. The proposed protocols are applicable to other types of networks, such as vehicular ad hoc network (VANETs), where services exist which require on-line payment and scenarios with communication restrictions.On the other hand, the implementation (in a multiplatform programming language) of the designed protocols shows that their performance is suitable for devices with limited computational power.
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Books on the topic "Secure Payments"

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1950-, Clarke Leo L., and Dolan John F, eds. Secured transactions and payment systems: Problems and answers. 2nd ed. New York: Aspen Publishers, 2003.

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Secured transactions and payment systems: Problems and answers. Boston: Little, Brown, 1995.

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Rob, Macgegor, and International Business Machines Corporation. International Technical Support Organization., eds. Secure electronic transactions: Credit card payment on the Web in theory and practice. Research Triangle Park, NC: International Technical Support Organization, 1997.

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Secure Rural Schools reauthorization and forest management options for a viable county payments program: Oversight hearing before the Subcommittee on National Parks, Forests, and Public Lands of the Committee on Natural Resources, U.S. House of Representatives, One Hundred Twelfth Congress, first session, Thursday, July 14 2011. Washington: U.S. G.P.O., 2012.

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Institute, American Law, and National Conference of Commissioners on Uniform State Laws., eds. Uniform commercial code: Revised article 9, secured transactions : sales of accounts, chattel paper, and payment intangibles : council draft. Philadelphia, Pa: Executive Office, American Law Institute, 1995.

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Secure Rural Schools and Community Self-determination Act: Hearings before the Subcommittee on Forests and Public Land Management of the Committee on Energy and Natural Resources, United States Senate, One Hundred Sixth Congress, first session, on S. 1608, to provide annual payments to the states and counties from National Forest System lands managed by the Forest Service, and ... October 5, 1999, October 19, 1999. Washington: U.S. G.P.O., 2000.

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United States. Congress. Senate. Committee on Energy and Natural Resources. Secure Rural Schools and payment in lieu of taxes: Hearing before the Committee on Energy and Natural Resources, United States Senate, One Hundred Thirteenth Congress, first session ... March 19, 2013. Washington: U.S. Government Printing Office, 2013.

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William S. Hein & Company., American Law Institute, and National Conference of Commissioners on Uniform State Laws., eds. Uniform Commercial Code revised article 9: Secured transactions ; sales of accounts, Chattel, paper, and payment intangibles, consignments (with conforming amendments to Articles 1, 2, 5, and 8). Philadelphia: American Law Institute, 1997.

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William S. Hein & Company., National Conference of Commissioners on Uniform State Laws., and American Law Institute, eds. Uniform Commercial Code: Revised article 9, secured transactions; sales of accounts and chattel paper, and payment intangibles; consignments (with conforming amendments to articles 1, 2, and 5). Philadelphia: American Law Institute, 1996.

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Gomzin, Slava. Bitcoin Payments: Implementing Secure Crypto Transactions. Wiley & Sons, Limited, John, 2015.

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Book chapters on the topic "Secure Payments"

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Ding, Sophia. "Secure Payment." In Trends in Data Protection and Encryption Technologies, 193–99. Cham: Springer Nature Switzerland, 2023. http://dx.doi.org/10.1007/978-3-031-33386-6_32.

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AbstractSecure payment is an essential element of digital commerce in a world where cash is becoming redundant, credit cards are becoming less and less critical, and mobile devices are becoming means of payment. Therefore, it must be considered through the lens of various payment methods: Credit cards have been around since the 1950s, but the introduction of chip technology and contactless payment raises new challenges for the security of payments. Commercial payment service providers, such as credit card issuers or infrastructure operators, typically implement secure payment. Additionally, there are open-source payment gateways that facilitate the transfer of payment information. The providers of these open-source solutions claim that their products facilitate integration with existing systems on the client side and provide better customization due to their modularity and adaptability.
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Soghoian, Christopher, and Imad Aad. "Merx: Secure and Privacy Preserving Delegated Payments." In Lecture Notes in Computer Science, 217–39. Berlin, Heidelberg: Springer Berlin Heidelberg, 2009. http://dx.doi.org/10.1007/978-3-642-00587-9_14.

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Burdges, Jeffrey, Florian Dold, Christian Grothoff, and Marcello Stanisci. "Enabling Secure Web Payments with GNU Taler." In Security, Privacy, and Applied Cryptography Engineering, 251–70. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-49445-6_14.

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Takahashi, Taisei, and Akira Otsuka. "Short Paper: Secure Offline Payments in Bitcoin." In Financial Cryptography and Data Security, 12–20. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-43725-1_2.

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Daza, Vanesa, Roberto Di Pietro, Flavio Lombardi, and Matteo Signorini. "SOLDI: Secure Off-Line Disposable CredIts to Secure Mobile Micro Payments." In E-Business and Telecommunications, 340–62. Cham: Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-25915-4_18.

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Buldas, Ahto, Dirk Draheim, and Märt Saarepera. "Secure and Efficient Implementation of Electronic Money." In Future Data and Security Engineering. Big Data, Security and Privacy, Smart City and Industry 4.0 Applications, 34–51. Singapore: Springer Nature Singapore, 2022. http://dx.doi.org/10.1007/978-981-19-8069-5_3.

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AbstractDuring the last years, central banks have discussed possible use of central bank digital currencies (CBDC) – electronic cash. Besides the financial and economic factors also the security and scalability of technical implementation of CBDC have been studied. Blockchain technology provides high level of security independent of the technical infrastructure and enables central banks to outsource most of the CBDC operations to the private sector while still having full control over the total amount of CBDC in circulation. Scalability of blockchain solutions depends on the possibility of decomposing (sharding) the blockchain. Electronic money and payments can be represented and organized in several ways, including accounts, bills/coins, and also unspent transaction outputs (UTXOs). We show how the representation of money and payments influences the existence of secure and decomposable blockchain implementations of electronic money. We show that the bill money scheme can be securely and efficiently implemented as sharded blockchains.
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Rosenthal, Howard. "Most Professional Certifications Won't Help You Secure Insurance Payments." In Before You See Your First Client, 39–40. New York: Routledge, 2021. http://dx.doi.org/10.4324/9781003169048-17.

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Dodson, Ben, Debangsu Sengupta, Dan Boneh, and Monica S. Lam. "Secure, Consumer-Friendly Web Authentication and Payments with a Phone." In Lecture Notes of the Institute for Computer Sciences, Social Informatics and Telecommunications Engineering, 17–38. Berlin, Heidelberg: Springer Berlin Heidelberg, 2012. http://dx.doi.org/10.1007/978-3-642-29336-8_2.

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Torres, J., A. Izquierdo, A. Ribagorda, and A. Alcaide. "Secure Electronic Payments in Heterogeneous Networking: New Authentication Protocols Approach." In Computational Science and Its Applications – ICCSA 2005, 729–38. Berlin, Heidelberg: Springer Berlin Heidelberg, 2005. http://dx.doi.org/10.1007/11424857_80.

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Rosenthal, Howard. "You Must Use a DSM or ICD Diagnosis to Secure Third-Party Payments." In Before You See Your First Client, 21–22. New York: Routledge, 2021. http://dx.doi.org/10.4324/9781003169048-9.

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Conference papers on the topic "Secure Payments"

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Krol, Michal, and Ioannis Psaras. "SPOC: Secure Payments for Outsourced Computations." In Workshop on Decentralized IoT Security and Standards. Reston, VA: Internet Society, 2018. http://dx.doi.org/10.14722/diss.2018.23002.

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Pagani, Alessio. "QUIC Bitcoin: Fast and Secure Peer-to-Peer Payments and Payment Channels." In 2022 IEEE Future Networks World Forum (FNWF). IEEE, 2022. http://dx.doi.org/10.1109/fnwf55208.2022.00107.

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Godbole, Rahul M., and Alwyn R. Pais. "Secure and efficient protocol for mobile payments." In the 10th international conference. New York, New York, USA: ACM Press, 2008. http://dx.doi.org/10.1145/1409540.1409574.

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Lokhava, Marta, Giuliano Losa, David Mazières, Graydon Hoare, Nicolas Barry, Eli Gafni, Jonathan Jove, Rafał Malinowsky, and Jed McCaleb. "Fast and secure global payments with Stellar." In SOSP '19: ACM SIGOPS 27th Symposium on Operating Systems Principles. New York, NY, USA: ACM, 2019. http://dx.doi.org/10.1145/3341301.3359636.

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Halbach, Till. "A prototype-based case study of secure mobile payments." In eChallenges e-2015 Conference. IEEE, 2015. http://dx.doi.org/10.1109/echallenges.2015.7441076.

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Hussain, Babar, Carson Lau, and C. Patrick Yue. "Li-Fi based Secure Programmable QR Code (LiQR)." In JSAP-OSA Joint Symposia. Washington, D.C.: Optica Publishing Group, 2017. http://dx.doi.org/10.1364/jsap.2017.6p_a409_6.

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The use of Quick Response (QR) code [1] has proliferated with growing number of mobile consumers and its use in a wide range of applications including advertisement, product labelling and tracking, access control, and mobile payments etc. However, being a static image, a QR code can be replicated or altered easily posing a security challenge while using it for sensitive applications, for instance, payments and access control. Visible light communication (VLC) or Li-Fi, which uses modulated LED light to transmit data that can be captured via the CMOS image sensor on a smartphone [2], presents an ideal opportunity to substitute traditional static QR code with an LED light based QR code. This type of light based QR code (LiQR) is se-cure and can be dynamically programmed for improved security as well as cover a wider range of applications.
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Daza, Vanesa, Roberto Di Pietro, Flavio Lombardi, and Matteo Signorini. "FORCE - Fully Off-line secuRe CrEdits for Mobile Micro Payments." In International Conference on Security and Cryptography. SCITEPRESS - Science and and Technology Publications, 2014. http://dx.doi.org/10.5220/0005053201250136.

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Marforio, Claudio, Nikolaos Karapanos, Claudio Soriente, Kari Kostiainen, and Srdjan Čapkun. "Smartphones as Practical and Secure Location Verification Tokens for Payments." In Network and Distributed System Security Symposium. Reston, VA: Internet Society, 2014. http://dx.doi.org/10.14722/ndss.2014.23165.

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Ravikumar, K., and A. Udhayakumar. "Secure Multiparty Electronic Payments Using ECC Algorithm: A Comparative Study." In 2014 World Congress on Computing and Communication Technologies (WCCCT). IEEE, 2014. http://dx.doi.org/10.1109/wccct.2014.31.

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Dmitrienko, Alexandra, David Noack, and Moti Yung. "Secure Wallet-Assisted Offline Bitcoin Payments with Double-Spender Revocation." In ASIA CCS '17: ACM Asia Conference on Computer and Communications Security. New York, NY, USA: ACM, 2017. http://dx.doi.org/10.1145/3052973.3052980.

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Reports on the topic "Secure Payments"

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Gómez, Maria Fernanda, and Carolina González-Velosa. Can a Pay-for- Performance Program Help the Vulnerable find Jobs during a Pandemic?: Experimental Evidence from Empleate in Colombia. Inter-American Development Bank, July 2023. http://dx.doi.org/10.18235/0005029.

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During a period of COVID-19-induced job losses and mobility restrictions, the government of Colombia's launched Empléate, an innovative Pay-for-performance (P4P) program that targeted impoverished and vulnerable workers. Empléate operated at a national scale and had a novel financial arrangement: in contrast to traditional programs wherein service providers are remunerated based on their activities, service providers in Empleate only received payments based on successful placement of participants into formal employment. They were also granted premia for sustaining participants in formal jobs months for 3 to 6 months after insertion. This article presents the results of a randomized impact evaluation of Empleate conducted between September 2020 to April 2021. The Intention-to-Treat (ITT) estimates show that program participants were 9% more likely to secure a formal job five to eight months post-treatment. Impacts were larger among men and among individuals with work experience in sectors less affected by the pandemic, with the impacts rising to 22% and 17% respectively. There is no evidence of impacts among women and among individuals without secondary education. These ITT impacts likely underestimate real Average Treatment Effects (ATE) due to issues of imperfect compliance. Complementary analysis from survey data suggests creaming, underscoring the importance of ensuring an adequate allocation of financial risk on P4P contracts. Nevertheless, many design features are promising and positive impacts are noteworthy considering the adverse repercussions in Colombia's formal labor market inflicted by the pandemic.
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Lambermont, Serge, and Niels De Boer. Unsettled Issues Concerning Automated Driving Services in the Smart City Infrastructure. SAE International, December 2021. http://dx.doi.org/10.4271/epr2021030.

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Information and communication technology is fundamentally changing the way we live and operate in cities, such as instant access to events, transportation, bookings, payments, and other services. At the same time, three “megatrends” in the automotive industry—self-driving, electrification, and advanced manufacturing technology—are enabling the design of innovative, application-specific vehicles that capitalize on city connectivity. Applications could countless; however, they also need to be safe and securely integrated into a city’s physical and digital infrastructure, and into the overall urban ecosystem. Unsettled Issues Concerning Automated Driving Services in the Smart City Infrastructure examines the current state of the industry, the developments in automated driving and robotics, and how these new urban, self-driving city applications are different. It also analyzes higher level challenges for urban applications. Ultimately, this report includes several options for sharing lessons learned among different cities and their stakeholders.
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Kim, Hyeyoung, Jihyun Lee, and Gerardo Reyes-Tagle. Standardized PPP Contract in Korea and its Implications for Latin America and the Caribbean. Inter-American Development Bank, November 2021. http://dx.doi.org/10.18235/0003708.

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The standardization of PPP contracts in Korea has played a key role in establishing PPP institutional frameworks in the civil law system in which there must be legal and institutional safeguards for the long-term PPP contracts. The reliability of standardized contracts is secured due to the fact that the standardized PPP contract has been prepared by the statutory PPP agency under the approval of the Ministry of Economy and Finance, an influential ministry within the government. The standardization of PPP contracts has been of great utility for both the competent authorities and private partners. The standardized contract has streamlined negotiations. The private partner was able to trust in the major risk allocation declared through the standardized contract in handling land acquisition, construction completion, operation and demand, and termination. We found out through our survey that there are similarities between Korea and LAC countries in that most LAC countries have adopted the civil law system and the countries have developed similar payment types for PPP and risk allocation principles. The experience and lessons on standardized PPP contract in Korea can be of great utility to LAC countries.
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Payment Systems Report - June of 2020. Banco de la República de Colombia, February 2021. http://dx.doi.org/10.32468/rept-sist-pag.eng.2020.

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With its annual Payment Systems Report, Banco de la República offers a complete overview of the infrastructure of Colombia’s financial market. Each edition of the report has four objectives: 1) to publicize a consolidated account of how the figures for payment infrastructures have evolved with respect to both financial assets and goods and services; 2) to summarize the issues that are being debated internationally and are of interest to the industry that provides payment clearing and settlement services; 3) to offer the public an explanation of the ideas and concepts behind retail-value payment processes and the trends in retail payments within the circuit of individuals and companies; and 4) to familiarize the public, the industry, and all other financial authorities with the methodological progress that has been achieved through applied research to analyze the stability of payment systems. This edition introduces changes that have been made in the structure of the report, which are intended to make it easier and more enjoyable to read. The initial sections in this edition, which is the eleventh, contain an analysis of the statistics on the evolution and performance of financial market infrastructures. These are understood as multilateral systems wherein the participating entities clear, settle and register payments, securities, derivatives and other financial assets. The large-value payment system (CUD) saw less momentum in 2019 than it did the year before, mainly because of a decline in the amount of secondary market operations for government bonds, both in cash and sell/buy-backs, which was offset by an increase in operations with collective investment funds (CIFs) and Banco de la República’s operations to increase the money supply (repos). Consequently, the Central Securities Depository (DCV) registered less activity, due to fewer negotiations on the secondary market for public debt. This trend was also observed in the private debt market, as evidenced by the decline in the average amounts cleared and settled through the Central Securities Depository of Colombia (Deceval) and in the value of operations with financial derivatives cleared and settled through the Central Counterparty of Colombia (CRCC). Section three offers a comprehensive look at the market for retail-value payments; that is, transactions made by individuals and companies. During 2019, electronic transfers increased, and payments made with debit and credit cards continued to trend upward. In contrast, payments by check continued to decline, although the average daily value was almost four times the value of debit and credit card purchases. The same section contains the results of the fourth survey on how the use of retail-value payment instruments (for usual payments) is perceived. Conducted at the end of 2019, the main purpose of the survey was to identify the availability of these payment instruments, the public’s preferences for them, and their acceptance by merchants. It is worth noting that cash continues to be the instrument most used by the population for usual monthly payments (88.1% with respect to the number of payments and 87.4% in value). However, its use in terms of value has declined, having registered 89.6% in the 2017 survey. In turn, the level of acceptance by merchants of payment instruments other than cash is 14.1% for debit cards, 13.4% for credit cards, 8.2% for electronic transfers of funds and 1.8% for checks. The main reason for the use of cash is the absence of point-of-sale terminals at commercial establishments. Considering that the retail-payment market worldwide is influenced by constant innovation in payment services, by the modernization of clearing and settlement systems, and by the efforts of regulators to redefine the payment industry for the future, these trends are addressed in the fourth section of the report. There is an account of how innovations in technology-based financial payment services have developed, and it shows that while this topic is not new, it has evolved, particularly in terms of origin and vocation. One of the boxes that accompanies the fourth section deals with certain payment aspects of open banking and international experience in that regard, which has given the customers of a financial entity sovereignty over their data, allowing them, under transparent and secure conditions, to authorize a third party, other than their financial entity, to request information on their accounts with financial entities, thus enabling the third party to offer various financial services or initiate payments. Innovation also has sparked interest among international organizations, central banks, and research groups concerning the creation of digital currencies. Accordingly, the last box deals with the recent international debate on issuance of central bank digital currencies. In terms of the methodological progress that has been made, it is important to underscore the work that has been done on the role of central counterparties (CCPs) in mitigating liquidity and counterparty risk. The fifth section of the report offers an explanation of a document in which the work of CCPs in financial markets is analyzed and corroborated through an exercise that was built around the Central Counterparty of Colombia (CRCC) in the Colombian market for non-delivery peso-dollar forward exchange transactions, using the methodology of network topology. The results provide empirical support for the different theoretical models developed to study the effect of CCPs on financial markets. Finally, the results of research using artificial intelligence with information from the large-value payment system are presented. Based on the payments made among financial institutions in the large-value payment system, a methodology is used to compare different payment networks, as well as to determine which ones can be considered abnormal. The methodology shows signs that indicate when a network moves away from its historical trend, so it can be studied and monitored. A methodology similar to the one applied to classify images is used to make this comparison, the idea being to extract the main characteristics of the networks and use them as a parameter for comparison. Juan José Echavarría Governor
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Financial Infrastructure Report 2022. Banco de la República, June 2023. http://dx.doi.org/10.32468/rept-sist-pag.eng.2022.

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Banco de la República's monitoring of the local financial market infrastructure is an additional contribution to the country's financial stability. One of the products of that monitoring has been the Payment Systems Report, which is now known as the Financial Infrastructure Report. The change in name, as of this edition, is intended to reflect in a broader way the issues that are addressed in the report. The 2022 edition includes several changes that are the result of a comparative study of financial infrastructure reports prepared by other central banks. These changes seek to make the report more fluid and easier to read, including main points and selected key figures for the different interest groups to which it is addressed. The report shows the financial infrastructure continued to render its services without interruption, with general evidence of good performance in 2021. Additionally, the resilience of the Central Counterparty Risk of Colombia (CRCC) and the Large-value Payments System (CUD) to extreme events was validated, based on stress tests conducted according to international standards (focused on liquidity and credit risk). As for retail payments, transactional information indicates the use of electronic instruments increased in terms of value during 2021 compared to 2020 (credit and debit cards, checks and electronic funds transfers). The use of debit and credit cards in payments rose to levels similar to those reached in the pre-pandemic year. Meanwhile, electronic funds transfers continued to grow. Although the results of the BR 2022 survey show cash continues to be the instrument most used by the public for regular payments (like the situation in other countries), the perception of its use decreased significantly to 75 % (87 % in 2019). Also, in commerce, cash was the preferred instrument for customers. However, in this measurement, several retail channels such as hairdressers, drugstores and restaurants joined the group that has traditionally received electronic payments for a value greater than 10% of their sales (hypermarkets and gas stations). Likewise, for nearly 50% of the population, cash payments are lower than before the pandemic. This is consistent with the transactional increase in electronic payment instruments that was observed in 2021. Banco de la República continues to monitor the technological developments that have expanded and modernized the supply in the international and local payments market, as these are issues of interest to the industry that provides clearing and settlement services. This report outlines the Pix case for instant payments in Brazil, the projects that are underway regarding the possible issue of digital currency by central banks (CBDC) for cross-border payments, as well as an approach to the Fintech ecosystem in Colombia, with an emphasis on companies that provide payment services. Leonardo Villar Governor Main points: 2022 The local financial infrastructure was safe and efficient throughout the year. The services of the financial infrastructure were proved on a continuous basis, showing good performance overall. Less momentum in the large-value payment system CUD activity declined versus the previous year because of fewer government deposits with BanRep. This was offset partially by growth in repos to increase money supply and in retail-value payments (electronic funds transfers, checks and cards). Increased momentum in financial market infrastructures. Larger amounts were cleared and settled through the Central Securities Depository (DCV) due to an increase in the market for sovereign debt. Operations managed by the Central Counterparty Risk of Colombia (CRCC) increased due to inclusion of the foreign exchange segment and the positive evolution in non-delivery forward peso/dollar contracts. Added confidence in the peso/dollar spot foreign exchange market due to CRCC interposition. Number and value of trades grew, mainly due to the adjustment of therisk management model for the FX segment and the increase in the limiton net selling positions in dollars. Stress testing with international standards to validate CRCC and CUD resilience Stress tests conducted independently by the SFC, BanRep and the CRCC, like those done in England and the United States, concluded that the CRCC's risk management model allows it to withstand extreme market events and simultaneous defaults by its main members. Based on the experience of other central banks, BanRep strengthened its intraday liquidity risk stress exercises in the CUD by incorporating temporary payment delays. It calculated that a two-hour delay by a key participant increases the system's liquidity needs by 0.5%. Electronic payments increased during 2021 According to transactional information, all electronic payment instruments increased in value versus 2020 (electronic funds transfers, checks and debit and credit cards). Electronic funds transfers continued to grow (80% from legal entities), with the participation of closed schemes driven particularly by the use of mobile wallets (35% of the number of intra-transfer transactions). The use of debit and credit cards for payments climbed to levels similar to those witnessed in the pre-pandemic year. Cash continues to be the instrument most used by the public for regular payments. The results of the BanRep survey in 2022 show that the perception of the use of cash declined significantly to 75% (87% in 2019), and about 50% of the population perceive their cash payments as being lower than those they made before the pandemic. Electronic funds transfers were second most used instrument, having increased to 15% (3% in 2019). Also, in commerce, cash was the preferred instrument of payment for its customers; however, several commerce channels received more than 10% of the value of their sales in electronic payments (hypermarkets 35%, gas stations 25%, hairdressers 15%, drugstores 14% and restaurants 12%). Continuous technological developments have broadened, and modernized services offered in the payments market. Pix (instant payments in Brazil). The high level of adoption of instant transfers in Brazil motivated a review of its strengths; namely, the possibility of different use cases between individuals, businesses, and government; high participation by financial and payment institutions; free of charge for individuals and the possibility of charging legal entities, and simple user experience. Digital currencies in central banking. Several groups of countries have joined forces to conduct pilot projects with wholesale CBDCs for cross-border payments. Flows generated by international trade, foreign investment and remittances between individuals can be processed more efficiently, transparently, and securely by reducing their cost and increasing their speed. Due to the constant progress being made on this issue, BanRep will continue to monitor all CBDC-related matters. The fintech ecosystem for payments in Colombia. A high percentage of existing FinTech companies in the country are dedicated to offering digital payment services: wallets, payment gateways, mobile devices (point-of-sale terminals) and acquisition. These have driven innovation in payment services.
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Payment Systems Report - June of 2021. Banco de la República, February 2022. http://dx.doi.org/10.32468/rept-sist-pag.eng.2021.

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Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure. The figures published in this edition of the report are for the year 2020, a pandemic period in which the con¬tainment measures designed and adopted to alleviate the strain on the health system led to a sharp reduction in economic activity and consumption in Colom¬bia, as was the case in most countries. At the start of the pandemic, the Board of Directors of Banco de la República adopted decisions that were necessary to supply the market with ample liquid¬ity in pesos and US dollars to guarantee market stability, protect the payment system and preserve the supply of credit. The pronounced growth in mone¬tary aggregates reflected an increased preference for liquidity, which Banco de la República addressed at the right time. These decisions were implemented through operations that were cleared and settled via the financial infrastructure. The second section of this report, following the introduction, offers an analysis of how the various financial infrastructures in Colombia have evolved and per¬formed. One of the highlights is the large-value payment system (CUD), which registered more momentum in 2020 than during the previous year, mainly be¬cause of an increase in average daily remunerated deposits made with Banco de la República by the General Directorate of Public Credit and the National Treasury (DGCPTN), as well as more activity in the sell/buy-back market with sovereign debt. Consequently, with more activity in the CUD, the Central Securi¬ties Depository (DCV) experienced an added impetus sparked by an increase in the money market for bonds and securities placed on the primary market by the national government. The value of operations cleared and settled through the Colombian Central Counterparty (CRCC) continues to grow, propelled largely by peso/dollar non-deliverable forward (NDF) contracts. With respect to the CRCC, it is important to note this clearing house has been in charge of managing risks and clearing and settling operations in the peso/dollar spot market since the end of last year, following its merger with the Foreign Exchange Clearing House of Colombia (CCDC). Since the final quarter of 2020, the CRCC has also been re¬sponsible for clearing and settlement in the equities market, which was former¬ly done by the Colombian Stock Exchange (BVC). The third section of this report provides an all-inclusive view of payments in the market for goods and services; namely, transactions carried out by members of the public and non-financial institutions. During the pandemic, inter- and intra-bank electronic funds transfers, which originate mostly with companies, increased in both the number and value of transactions with respect to 2019. However, debit and credit card payments, which are made largely by private citizens, declined compared to 2019. The incidence of payment by check contin¬ue to drop, exhibiting quite a pronounced downward trend during the past last year. To supplement to the information on electronic funds transfers, section three includes a segment (Box 4) characterizing the population with savings and checking accounts, based on data from a survey by Banco de la República con-cerning the perception of the use of payment instruments in 2019. There also is segment (Box 2) on the growth in transactions with a mobile wallet provided by a company specialized in electronic deposits and payments (Sedpe). It shows the number of users and the value of their transactions have increased since the wallet was introduced in late 2017, particularly during the pandemic. In addition, there is a diagnosis of the effects of the pandemic on the payment patterns of the population, based on data related to the use of cash in circu¬lation, payments with electronic instruments, and consumption and consumer confidence. The conclusion is that the collapse in the consumer confidence in¬dex and the drop in private consumption led to changes in the public’s pay¬ment patterns. Credit and debit card purchases were down, while payments for goods and services through electronic funds transfers increased. These findings, coupled with the considerable increase in cash in circulation, might indicate a possible precautionary cash hoarding by individuals and more use of cash as a payment instrument. There is also a segment (in Focus 3) on the major changes introduced in regulations on the retail-value payment system in Colombia, as provided for in Decree 1692 of December 2020. The fourth section of this report refers to the important innovations and tech¬nological changes that have occurred in the retail-value payment system. Four themes are highlighted in this respect. The first is a key point in building the financial infrastructure for instant payments. It involves of the design and im¬plementation of overlay schemes, a technological development that allows the various participants in the payment chain to communicate openly. The result is a high degree of interoperability among the different payment service providers. The second topic explores developments in the international debate on central bank digital currency (CBDC). The purpose is to understand how it could impact the retail-value payment system and the use of cash if it were to be issued. The third topic is related to new forms of payment initiation, such as QR codes, bio¬metrics or near field communication (NFC) technology. These seemingly small changes can have a major impact on the user’s experience with the retail-value payment system. The fourth theme is the growth in payments via mobile tele¬phone and the internet. The report ends in section five with a review of two papers on applied research done at Banco de la República in 2020. The first analyzes the extent of the CRCC’s capital, acknowledging the relevant role this infrastructure has acquired in pro¬viding clearing and settlement services for various financial markets in Colom¬bia. The capital requirements defined for central counterparties in some jurisdic¬tions are explored, and the risks to be hedged are identified from the standpoint of the service these type of institutions offer to the market and those associated with their corporate activity. The CRCC’s capital levels are analyzed in light of what has been observed in the European Union’s regulations, and the conclusion is that the CRCC has a scheme of security rings very similar to those applied internationally and the extent of its capital exceeds what is stipulated in Colombian regulations, being sufficient to hedge other risks. The second study presents an algorithm used to identify and quantify the liquidity sources that CUD’s participants use under normal conditions to meet their daily obligations in the local financial market. This algorithm can be used as a tool to monitor intraday liquidity. Leonardo Villar Gómez Governor
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