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Автор: Grafiati
Опубліковано: 14 березня 2023

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Статті в журналах з теми "Payment channel network"

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Qian, Hangguan, and Lin You. "A Multipath Payment Scheme Supporting Proof of Payment." Wireless Communications and Mobile Computing 2022 (January 4, 2022): 1–7. http://dx.doi.org/10.1155/2022/9911915.

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Анотація:
Blockchain technology has always been plagued by performance problems. Given this problem, many scaling schemes have been put forward. A layer 2 network is a technology that solves the performance problem of blockchain. Connected parties in this network can set up channels to send digital currency to each other. Since the interaction with the blockchain is only required when the channel is established and closed, a large number of transactions do not need to be recorded on the blockchain, thus reducing the blockchain capacity. Due to the special structure of the payment channel, the distribution of funds in the channel is often unbalanced, which limits the route payment to a certain extent. This paper improves the original payment method in the second layer network by introducing new scripts. The new payment scheme supports proof of payment which is integral to the nature of the lightning network and divides the payment into several subpayments, so the large payment can be divided into relatively small payments. Due to the capacity limitation of the payment channel, theoretically, the success rate of the micropayment route is higher. This paper tests the new payment scheme on the simulated network and validates the nature of this solution to have a high routing success rate while supporting proof of payment.
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Kemal Akkaya, Suat Mercan, and Enes Erdin. "An evaluation of cryptocurrency payment channel networks and their privacy implications." ITU Journal on Future and Evolving Technologies 2, no. 1 (March 15, 2021): 35–44. http://dx.doi.org/10.52953/clbl7402.

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Анотація:
Cryptocurrencies redefined how money can be stored and transferred among users. However, public blockchain-based cryptocurrencies suffer from high transaction waiting times and fees. To address these challenges, the payment channel network concept is touted as the most viable solution to be used for micro-payments. The idea is exchanging the ownership of money by keeping the state of the accounts locally which provides transaction approvals in seconds. Such attention on payment channel networks has inspired many recent studies that focus on how to design them and allocate channels such that the transactions will be secure and efficient. However, as payment channel networks are emerging and reaching a large number of users, privacy issues are becoming more relevant, this raises concerns about exposing not only individual habits but also businesses' revenues. In this paper, we first propose a categorization of the existing payment networks formed on top of blockchain-backed cryptocurrencies. After discussing several emerging attacks on user/business privacy in these payment channel networks, we qualitatively evaluate them based on a number of privacy metrics that relate to our case. Based on the discussions on the strengths and weaknesses of the approaches, we offer possible directions for research for the future of privacy based payment channel networks.
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Umare, Sanjana S., and Prof Ms Santoshi Pote. "Cryptocurrency based Payment channel for Edge/ IoT devices." International Journal for Research in Applied Science and Engineering Technology 10, no. 4 (April 30, 2022): 2865–69. http://dx.doi.org/10.22214/ijraset.2022.41787.

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Анотація:
Abstract: Due to the potential applications in a range of industries, blockchain-based cryptocurrencies have recently gained a lot of attention worldwide. One of these applications is in the domain of the Internet of Things. With B-IoT i.e. merging Blockchain with IoT, we aim to utilize the power of cryptocurrencies without jeopardising payment security, privacy, or long transaction period. On the other hand, traditional payment modes and methods are hampered by relatively lengthy complex process fees making them vulnerable to physical cash exchange thefts. This makes the process of transferring assets complex. By developing a payment channel network, we propose an entirely new and unique model to address these concerns by allowing nodes to build payment channels between themselves without needing to write to the network and benefit us from payment networks like blockchain. Payment channel networks have an exceptional set of characteristics regarding routing complexity. In this study, we describe a detailed analysis of a payment channel network design that will help us make the transaction process through the edge and IoT systems a lot faster and more accessible. Furthermore, there are various references which show that using edge-IoT devices to connect nodes greatly improves the success and efficiency rate. Index Terms: Cryptocurrency, Blockchain, Edge and IoT devices, Payment channel network, Security, Ethereum.
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Burchert, Conrad, Christian Decker, and Roger Wattenhofer. "Scalable funding of Bitcoin micropayment channel networks." Royal Society Open Science 5, no. 8 (August 2018): 180089. http://dx.doi.org/10.1098/rsos.180089.

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Анотація:
The Bitcoin network has scalability problems. To increase its transaction rate and speed, micropayment channel networks have been proposed; however, these require to lock funds into specific channels. Moreover, the available space in the blockchain does not allow scaling to a worldwide payment system. We propose a new layer that sits in between the blockchain and the payment channels. The new layer addresses the scalability problem by enabling trustless off-blockchain channel funding. It consists of shared accounts of groups of nodes that flexibly create one-to-one channels for the payment network. The new system allows rapid changes of the allocation of funds to channels and reduces the cost of opening new channels. Instead of one blockchain transaction per channel, each user only needs one transaction to enter a group of nodes—within the group the user can create arbitrarily many channels. For a group of 20 users with 100 intra-group channels, the cost of the blockchain transactions is reduced by 90% compared to 100 regular micropayment channels opened on the blockchain. This can be increased further to 96% if Bitcoin introduces Schnorr signatures with signature aggregation.
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Ahmet Kurt, Suat Mercan, Enes Erdin, and Kemal Akkaya. "3-of-3 multisignature approach for enabling lightning network micro-payments on IoT devices." ITU Journal on Future and Evolving Technologies 2, no. 5 (July 23, 2021): 53–67. http://dx.doi.org/10.52953/wzpc8083.

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Анотація:
Bitcoin's success as a cryptocurrency enabled it to penetrate into many daily life transactions. Its problems regarding the transaction fees and long validation times are addressed through an innovative concept called the Lightning Network (LN) which works on top of Bitcoin by leveraging off-chain transactions. This made Bitcoin an attractive micropayment solution that can also be used within certain IoT applications (e.g., toll payments) since it eliminates the need for traditional centralized payment systems. Nevertheless, it is not possible to run LN and Bitcoin on resource-constrained IoT devices due to their storage, memory, and processing requirements. Therefore, in this paper, we propose an efficient and secure protocol that enables an IoT device to use LN's functions through a gateway LN node even if it is not trusted. The idea is to involve the IoT device only in signing operations, which is possible by replacing LN's original 2-of-2 multisignature channels with 3-of-3 multisignature channels. Once the gateway is delegated to open a channel for the IoT device in a secure manner, our protocol enforces the gateway to request the IoT device's cryptographic signature for all further operations on the channel such as sending payments or closing the channel. LN's Bitcoin transactions are revised to incorporate the 3-of-3 multisignature channels. In addition, we propose other changes to protect the IoT device's funds from getting stolen in possible revoked state broadcast attempts. We evaluated the proposed protocol using a Raspberry Pi considering a toll payment scenario. Our results show that timely payments can be sent and the computational and communication delays associated with the protocol are negligible.
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Zhang, Yanjun. "Research on Multiparty Payment Technology Based on Blockchain and Smart Contract Mechanism." Journal of Mathematics 2022 (February 21, 2022): 1–14. http://dx.doi.org/10.1155/2022/3434954.

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Анотація:
As a peer-to-peer “P2P” distributed ledger, the blockchain has the advantages of decentralization, no trust, open autonomy, and nontampering. Therefore, many users are willing to conduct transactions in blockchain cryptocurrency systems such as Bitcoin and Ethereum. However, the throughput of traditional blockchain is extremely low, and the transaction is so delayed. The payment channel network is the most promising solution to expand the blockchain for widespread use. Achieving secure instant payment on the payment channel can significantly increase transaction throughput and reduce transaction delays. When the payment channel is closed, the balance in the channel will be returned to an account on the blockchain. In this paper, we discuss the design and the implementation of a multiparty payment channel network based on smart contracts. Where a two-party payment channel is designed based on blockchain and smart contracts, a new multiparty payment channel is established on the basis of the payment channel. A detailed definition and description are given, and the creation, update, and closing functions of the multiparty payment channel are designed. Moreover, we design a multiparty payment channel smart contract, deploy it to the local private blockchain, and conduct simulation and testing. The delay time of different transaction methods is counted, and the network topology type, transaction amount, and other factors are studied. The impact of transaction success rate and the gas consumption of different transaction methods are analyzed through multiple sets of experimental statistics.
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He, Fu Bao, Yi Lai Zhang, and Yi Huang. "Research and Design of Ceramic E-Commerce Dual-Channel Collaborative Distribution System." Applied Mechanics and Materials 220-223 (November 2012): 2375–78. http://dx.doi.org/10.4028/www.scientific.net/amm.220-223.2375.

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Анотація:
With the rapid development of the network information technology and logistics processing technology, the information and services are changing the people’s lifestyle, and meanwhile, exerting an influence on the sales channel. Many manufacturers are developing the network sales channel actively and selling products through the traditional channel at the same time. If manufacturers set the network sales channels incorrectly, or implement the network direct distribution thoughtlessly, it will cause the distributors’ boycott in the traditional distribution channel. Based on the existing ceramic e-commerce platform, this paper tries to develop the real dual-channel collaborative distribution system for the ceramic manufacturers. Through the system, the traditional distributors can join the network distribution channel, and sell products with dual-channel: one is the physical store sales channel after the products are delivered from the manufacturer using online procurement and payment; the other is the non-inventory network sales channel after the customers order and pay, then the manufacturer delivers to the customer directly according to the distributor’s virtual online procurement. Through the system, the ceramic manufacturer can maintain the traditional distribution channel, broaden the network distribution channel and develop the network distributors only using the non-inventory network sales model, and realize the collaborative distribution management in the traditional and the network distribution channel.
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Erdin, Enes, Mumin Cebe, Kemal Akkaya, Eyuphan Bulut, and Selcuk Uluagac. "A scalable private Bitcoin payment channel network with privacy guarantees." Journal of Network and Computer Applications 180 (April 2021): 103021. http://dx.doi.org/10.1016/j.jnca.2021.103021.

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Nowostawski, Mariusz, and Jardar Tøn. "Evaluating Methods for the Identification of Off-Chain Transactions in the Lightning Network." Applied Sciences 9, no. 12 (June 20, 2019): 2519. http://dx.doi.org/10.3390/app9122519.

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Анотація:
Payment channels and off-chain transactions are used to address blockchain scalability. Those mechanisms rely on the blockchain proper, as the resolution mechanism. They allow for high transaction throughput due to the pure peer-to-peer nature of the transaction exchange that happens directly between the peers, without the involvement of the blockchain transactions. The transactions are not mediated through the blockchain but happen off-chain. The transactions in such overlay networks are not included in the blockchain, they nevertheless leave some data traces in a public ledger. We have used the Bitcoin mainnet and testnet blockchains together with the Lightning network node to explore what can be inferred from the underlying blockchain in the context of Lightning transactions, channel setup, and channel teardown. The main purpose of this study is to identify what methods, transaction signatures, and data can be used to understand the non-visible publicly off-chain transactions. We have proposed heuristics for identifying the setup and teardown transactions, quantified and analyzed the effectiveness of our proposed methods. Using the data from the Bitcoin blockchain, as well as the data from the Lightning network to link related information we have found when parsing the blockchain, we generate network graph representations showing the relationships between the Lightning network channels identified on the blockchain. This study is significant from the personal data and privacy perspectives, as well as from forensics. We have established that at least 75% of all P2WSH transactions are Lightning transactions, and some of the channels can be deduced from the blockchain analysis. The synthesized results demonstrate that our methods are viable for identifying a subset of transactions and that only partial topology of the payment channels can be obtained from the data left in the blockchain.
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10

Zhang, Zehua, and Jia Peng. "Research on the Sales Strategy of Online Brand Owners Expanding to Offline Channels Based on The Online Agent Mode." Frontiers in Business, Economics and Management 7, no. 2 (February 5, 2023): 210–16. http://dx.doi.org/10.54097/fbem.v7i2.4895.

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Анотація:
This paper studies the supply chain system composed of online brand owners based on pure network sales to offline expansion, takes the single network channel model, establishes two dual-channel structure models of offline direct selling model and offline distribution model, and compares and analyzes the influence of different channel structures on the pricing, demand and optimal profit of supply chain members. Research shows that online brands in the offline sales development strategy choice and open offline stores fixed cost and consumer channel preference, when open offline stores fixed cost is very low, or when the fixed cost centered and consumer offline channel preference over a certain threshold, the optimal strategy for offline direct sales model, otherwise for offline distribution model. In order to improve the cooperation efficiency of the supply chain members in the offline distribution model, a bilateral contract mechanism is designed to coordinate the supply chain. When the fixed transfer payment fee is within a certain range, the mechanism can optimize the members of the supply chain and the overall profit.
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Більше джерел

Дисертації з теми "Payment channel network"

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CONOSCENTI, MARCO. "Capabilities and Limitations of Payment Channel Networks for Blockchain Scalability." Doctoral thesis, Politecnico di Torino, 2019. http://hdl.handle.net/11583/2764132.

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"Smart Resource Allocation in Internet-of-Things: Perspectives of Network, Security, and Economics." Doctoral diss., 2019. http://hdl.handle.net/2286/R.I.54825.

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Анотація:
abstract: Emerging from years of research and development, the Internet-of-Things (IoT) has finally paved its way into our daily lives. From smart home to Industry 4.0, IoT has been fundamentally transforming numerous domains with its unique superpower of interconnecting world-wide devices. However, the capability of IoT is largely constrained by the limited resources it can employ in various application scenarios, including computing power, network resource, dedicated hardware, etc. The situation is further exacerbated by the stringent quality-of-service (QoS) requirements of many IoT applications, such as delay, bandwidth, security, reliability, and more. This mismatch in resources and demands has greatly hindered the deployment and utilization of IoT services in many resource-intense and QoS-sensitive scenarios like autonomous driving and virtual reality. I believe that the resource issue in IoT will persist in the near future due to technological, economic and environmental factors. In this dissertation, I seek to address this issue by means of smart resource allocation. I propose mathematical models to formally describe various resource constraints and application scenarios in IoT. Based on these, I design smart resource allocation algorithms and protocols to maximize the system performance in face of resource restrictions. Different aspects are tackled, including networking, security, and economics of the entire IoT ecosystem. For different problems, different algorithmic solutions are devised, including optimal algorithms, provable approximation algorithms, and distributed protocols. The solutions are validated with rigorous theoretical analysis and/or extensive simulation experiments.
Dissertation/Thesis
Doctoral Dissertation Computer Science 2019
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Частини книг з теми "Payment channel network"

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Tian, Yangguang, Yingjiu Li, Binanda Sengupta, Nan Li, and Yong Yu. "Anonymous Asynchronous Payment Channel from k-Time Accountable Assertion." In Cryptology and Network Security, 512–24. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-31578-8_28.

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Liu, Mengling, and Man Ho Au. "Practical Anonymous Multi-hop Locks for Lightning Network Compatible Payment Channel Networks." In Network and System Security, 547–60. Cham: Springer Nature Switzerland, 2022. http://dx.doi.org/10.1007/978-3-031-23020-2_31.

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Tripathy, Somanath, and Susil Kumar Mohanty. "MAPPCN: Multi-hop Anonymous and Privacy-Preserving Payment Channel Network." In Financial Cryptography and Data Security, 481–95. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-54455-3_34.

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Grundmann, Matthias, and Hannes Hartenstein. "Fundamental Properties of the Layer Below a Payment Channel Network." In Lecture Notes in Computer Science, 409–20. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-66172-4_26.

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Li, Dunfeng, Yong Feng, Yao Xiao, Mingjing Tang, and Xiaodong Fu. "A Data Trading Scheme Based on Payment Channel Network for Internet of Things." In Communications in Computer and Information Science, 319–32. Singapore: Springer Singapore, 2020. http://dx.doi.org/10.1007/978-981-15-9213-3_25.

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Jourenko, Maxim, Mario Larangeira, and Keisuke Tanaka. "Payment Trees: Low Collateral Payments for Payment Channel Networks." In Financial Cryptography and Data Security, 189–208. Berlin, Heidelberg: Springer Berlin Heidelberg, 2021. http://dx.doi.org/10.1007/978-3-662-64331-0_10.

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Jourenko, Maxim, Mario Larangeira, and Keisuke Tanaka. "Lightweight Virtual Payment Channels." In Cryptology and Network Security, 365–84. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-65411-5_18.

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Pan, Chen, Shuyang Tang, Zhonghui Ge, Zhiqiang Liu, Yu Long, Zhen Liu, and Dawu Gu. "Gnocchi: Multiplexed Payment Channels for Cryptocurrencies." In Network and System Security, 488–503. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-36938-5_30.

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Werman, Shira, and Aviv Zohar. "Avoiding Deadlocks in Payment Channel Networks." In Lecture Notes in Computer Science, 175–87. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-030-00305-0_13.

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Mizrahi, Ayelet, and Aviv Zohar. "Congestion Attacks in Payment Channel Networks." In Financial Cryptography and Data Security, 170–88. Berlin, Heidelberg: Springer Berlin Heidelberg, 2021. http://dx.doi.org/10.1007/978-3-662-64331-0_9.

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Тези доповідей конференцій з теми "Payment channel network"

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Zhang, Xiaoxue, and Chen Qian. "Towards Aggregated Payment Channel Networks." In 2022 IEEE 30th International Conference on Network Protocols (ICNP). IEEE, 2022. http://dx.doi.org/10.1109/icnp55882.2022.9940365.

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Ge, Zhonghui, Yi Zhang, Yu Long, and Dawu Gu. "Shaduf: Non-Cycle Payment Channel Rebalancing." In Network and Distributed System Security Symposium. Reston, VA: Internet Society, 2022. http://dx.doi.org/10.14722/ndss.2022.24203.

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Zhang, Yuhui, and Dejun Yang. "RobustPay: Robust Payment Routing Protocol in Blockchain-based Payment Channel Networks." In 2019 IEEE 27th International Conference on Network Protocols (ICNP). IEEE, 2019. http://dx.doi.org/10.1109/icnp.2019.8888094.

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Xue, Han, Qun Huang, and Yungang Bao. "EPA-Route: Routing Payment Channel Network with High Success Rate and Low Payment Fees." In 2021 IEEE 41st International Conference on Distributed Computing Systems (ICDCS). IEEE, 2021. http://dx.doi.org/10.1109/icdcs51616.2021.00030.

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Xue, Han, Qun Huang, and Yungang Bao. "EPA-Route: Routing Payment Channel Network with High Success Rate and Low Payment Fees." In 2021 IEEE 41st International Conference on Distributed Computing Systems (ICDCS). IEEE, 2021. http://dx.doi.org/10.1109/icdcs51616.2021.00030.

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Hong, Zicong, Song Guo, Rui Zhang, Peng Li, Yufen Zhan, and Wuhui Chen. "Cycle: Sustainable Off-Chain Payment Channel Network with Asynchronous Rebalancing." In 2022 52nd Annual IEEE/IFIP International Conference on Dependable Systems and Networks (DSN). IEEE, 2022. http://dx.doi.org/10.1109/dsn53405.2022.00017.

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Sui, Zhimei, Joseph K. Liu, Jiangshan Yu, and Xianrui Qin. "MoNet: A Fast Payment Channel Network for Scriptless Cryptocurrency Monero." In 2022 IEEE 42nd International Conference on Distributed Computing Systems (ICDCS). IEEE, 2022. http://dx.doi.org/10.1109/icdcs54860.2022.00035.

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Yu, Wenxuan, Minghui Xu, Dongxiao Yu, Xiuzhen Cheng, Qin Hu, and Zehui Xiong. "zk-PCN: A Privacy-Preserving Payment Channel Network Using zk-SNARKs." In 2022 IEEE International Performance, Computing, and Communications Conference (IPCCC). IEEE, 2022. http://dx.doi.org/10.1109/ipccc55026.2022.9894329.

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Liu, Jiayuan, Canhui Chen, Lulu Zhou, and Zhixuan Fang. "Real-Time Recursive Routing in Payment Channel Network: A Bidding-based Design." In 2022 20th International Symposium on Modeling and Optimization in Mobile, Ad hoc, and Wireless Networks (WiOpt). IEEE, 2022. http://dx.doi.org/10.23919/wiopt56218.2022.9930529.

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Chen, Wuhui, Xiaoyu Qiu, Zicong Hong, Zibin Zheng, Hong-Ning Dai, and Jianting Zhang. "Proactive look-ahead control of transaction flows for high-throughput payment channel network." In SoCC '22: ACM Symposium on Cloud Computing. New York, NY, USA: ACM, 2022. http://dx.doi.org/10.1145/3542929.3563491.

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Звіти організацій з теми "Payment channel network"

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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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Анотація:
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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2

Financial Stability Report - Second Semester of 2021. Banco de la República, September 2022. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2021.

Повний текст джерела
Анотація:
Banco de la República’s main objective is to preserve the purchasing power of the currency in coordination with the general economic policy that is intended to stabilize output and employment at long-term sustainable levels. Properly meeting the goal assigned to the Bank by the 1991 Constitution critically depends on preserving financial stability. This is understood to be a general condition in which the financial system assesses and manages the financial risks in a way that facilitates the economy’s performance and efficient allocation of resources while, at the same time, it is able to, on its own, absorb, dissipate, and mitigate the shocks that may arise as a result of adverse events. This Financial Stability Report meets the goal of giving Banco de la República’s diagnosis of the financial system’s and its debtors’ recent performance as well as of the main risks and vulnerabilities that could affect the stability of the Colombian economy. In this way, participants in financial markets and the public are being informed, and public debate on trends and risks affecting the system is being encouraged. The results presented here also serve the monetary authority as a basis for making decisions that will enhance financial stability in the general context of its objectives. In recent months, several positive aspects of the financial system have preserved a remarkable degree of continuity and stability: the liquidity and capital adequacy of financial institutions have remained well above the regulatory minimums at both the individual and consolidated levels, the coverage of past-due loans by loan-loss provisions remains high, and the financial markets for public and private debt and stocks have continued to function normally. At the same time, a surge in all the types of loan portfolios, a sharp downturn in the non-performing loan portfolio, and a rise in the profitability of credit institutions can be seen for the first time since the beginning of the pandemic. In line with the general recovery of the economy, the main vulnerability to the stability of the Colombian financial system identified in the previous edition—uncertainty about changes in the non-performing loans portfolio—has receded and remains on a downward trend. In this edition, the main source of vulnerability identified for financial stability in the short term is the system’s exposure to sudden changes in international financial conditions; the results presented in this Report indicate that the system is sufficiently resilient to such scenarios. In compliance with its constitutional objectives and in coordination with the financial system’s security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth functioning of the payment system. Leonardo Villar Gomez Governor Box 1 -Decomposition of the Net Interest Margin in Colombia and Chile Wilmar Cabrera Daniela Rodríguez-Novoa Box 2 - Spatial Analysis of New Home Prices in Bogota, Medellín, and Cali Using a Geostatistical Approach María Fernanda Meneses Camilo Eduardo Sánchez Box 3 - Interest Rate Model for the SYSMO Stress Test Exercise Wilmar Cabrera Diego Cuesta Santiago Gamba Camilo Gómez Box 4 - The Transition from LIBOR and other International Benchmark Rates Daniela X. Gualtero Briceño Javier E. Pirateque Niño
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Financial Stability Report - First Semester of 2020. Banco de la República de Colombia, March 2021. http://dx.doi.org/10.32468/rept-estab-fin.1sem.eng-2020.

Повний текст джерела
Анотація:
In the face of the multiple shocks currently experienced by the domestic economy (resulting from the drop in oil prices and the appearance of a global pandemic), the Colombian financial system is in a position of sound solvency and adequate liquidity. At the same time, credit quality has been recovering and the exposure of credit institutions to firms with currency mismatches has declined relative to previous episodes of sudden drops in oil prices. These trends are reflected in the recent fading of red and blue tonalities in the performance and credit risk segments of the risk heatmaps in Graphs A and B.1 Naturally, the sudden, unanticipated change in macroeconomic conditions has caused the appearance of vulnerabilities for short-term financial stability. These vulnerabilities require close and continuous monitoring on the part of economic authorities. The main vulnerability is the response of credit and credit risk to a potential, temporarily extreme macroeconomic situation in the context of: (i) recently increased exposure of some banks to household sector, and (ii) reductions in net interest income that have led to a decline in the profitability of the banking business in the recent past. Furthermore, as a consequence of greater uncertainty and risk aversion, occasional problems may arise in the distribution of liquidity between agents and financial markets. With regards to local markets, spikes have been registered in the volatility of public and private fixed income securities in recent weeks that are consistent with the behavior of the international markets and have had a significant impact on the liquidity of those instruments (red portions in the most recent past of some market risk items on the map in Graph A). In order to adopt a forward-looking approach to those vulnerabilities, this Report presents a stress test that evaluates the resilience of credit institutions in the event of a hypothetical scenario thatseeks to simulate an extreme version of current macroeconomic conditions. The scenario assumes a hypothetical negative growth that is temporarily strong but recovers going into the middle of the coming year and has extreme effects on credit quality. The results suggest that credit institutions have the ability to withstand a significant deterioration in economic conditions in the short term. Even though there could be a strong impact on credit, liquidity, and profitability under the scenario being considered, aggregate capital ratios would probably remain at above their regulatory limits over the horizon of a year. In this context, the recent measures taken by both Banco de la República and the Office of the Financial Superintendent of Colombia that are intended to help preserve the financial stability of the Colombian economy become highly relevant. In compliance with its constitutional objectives and in coordination with the financial system’s security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions that are necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth functioning of the payment system. Juan José Echavarría Governor
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4

Financial Stability Report - Second Semester of 2020. Banco de la República de Colombia, March 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2020.

Повний текст джерела
Анотація:
The Colombian financial system has not suffered major structural disruptions during these months of deep economic contraction and has continued to carry out its basic functions as usual, thus facilitating the economy's response to extreme conditions. This is the result of the soundness of financial institutions at the beginning of the crisis, which was reflected in high liquidity and capital adequacy indicators as well as in the timely response of various authorities. Banco de la República lowered its policy interest rates 250 points to 1.75%, the lowest level since the creation of the new independent bank in 1991, and provided ample temporary and permanent liquidity in both pesos and foreign currency. The Office of the Financial Superintendent of Colombia, in turn, adopted prudential measures to facilitate changes in the conditions for loans in effect and temporary rules for rating and loan-loss provisions. Finally, the national government expanded the transfers as well as the guaranteed credit programs for the economy. The supply of real credit (i.e. discounting inflation) in the economy is 4% higher today than it was 12 months ago with especially marked growth in the housing (5.6%) and commercial (4.7%) loan portfolios (2.3% in consumer and -0.1% in microloans), but there have been significant changes over time. During the first few months of the quarantine, firms increased their demands for liquidity sharply while consumers reduced theirs. Since then, the growth of credit to firms has tended to slow down, while consumer and housing credit has grown. The financial system has responded satisfactorily to the changes in the respective demands of each group or sector and loans may grow at high rates in 2021 if GDP grows at rates close to 4.6% as the technical staff at the Bank expects; but the forecasts are highly uncertain. After the strict quarantine implemented by authorities in Colombia, the turmoil seen in March and early April, which was evident in the sudden reddening of macroeconomic variables on the risk heatmap in Graph A,[1] and the drop in crude oil and coal prices (note the high volatility registered in market risk for the region on Graph A) the local financial markets stabilized relatively quickly. Banco de la República’s credible and sustained policy response played a decisive role in this stabilization in terms of liquidity provision through a sharp expansion of repo operations (and changes in amounts, terms, counterparties, and eligible instruments), the purchases of public and private debt, and the reduction in bank reserve requirements. In this respect, there is now abundant aggregate liquidity and significant improvements in the liquidity position of investment funds. In this context, the main vulnerability factor for financial stability in the short term is still the high degree of uncertainty surrounding loan quality. First, the future trajectory of the number of people infected and deceased by the virus and the possible need for additional health measures is uncertain. For that reason, there is also uncertainty about the path for economic recovery in the short and medium term. Second, the degree to which the current shock will be reflected in loan quality once the risk materializes in banks’ financial statements is uncertain. For the time being, the credit risk heatmap (Graph B) indicates that non-performing and risky loans have not shown major deterioration, but past experience indicates that periods of sharp economic slowdown eventually tend to coincide with rises in non-performing loans: the calculations included in this report suggest that the impact of the recession on credit quality could be significant in the short term. This is particularly worrying since the profitability of credit establishments has been declining in recent months, and this could affect their ability to provide credit to the real sector of the economy. In order to adopt a forward-looking approach to this vulnerability, this Report presents several stress tests that evaluate the resilience of the liquidity and capital adequacy of credit institutions and investment funds in the event of a hypothetical scenario that seeks to simulate an extreme version of current macroeconomic conditions. The results suggest that even though there could be strong impacts on the credit institutions’ volume of credit and profitability under such scenarios, aggregate indicators of total and core capital adequacy will probably remain at levels that are above the regulatory limits over the horizon of a year. At the same time, the exercises highlight the high capacity of the system's liquidity to face adverse scenarios. In compliance with its constitutional objectives and in coordination with the financial system's security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions that are necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth operation of the payment systems. Juan José Echavarría Governor
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