Innovation in payments an overview

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1 Innovation in payments an overview Surveying the Scene In developed countries, payments networks are mostly fit for purpose. However, concerns are emerging of persistently high costs and chip and security vulnerabilities. ere is scope to innovate for consumer convenience supported by smart phones and near field communications ( ). In developing countries, the unbanked present an enormous growth opportunity. Half the world s adults are unbanked and many have mobile phones. Success stories like - in Kenya clearly demonstrate a latent demand among the unbanked for payment and other financial services. e social and economic benefits of providing these services are manifest. Globally, we can be far more efficient if we reduce reliance on physical payments (cash, cheques, etc.) and switch to cost-effective and secure digital payments. Contents: Surveying the Scene 1 Tereon represents a new best practice in mobile payments 2 Architecture 3 How Tereon Works 3 Security model 5 Flexible charging models 5 EMV interoperation 5 From mobile payments to ubiquitous payments 5 Central banks around the world are guardians of the payments networks, which are central to the operation of a modern economy. In their role to lead or influence change, central banks have seven key parameters of interest: Support for consumer and merchant-led innovation; Cost competitive solutions; Security; Control of monetary policy; Anti-money laundering and countering funding of terrorism obligations; Consumer protection; and Widespread deployment and acceptance. Individual payment service providers, be they banks or non-banks, seek competitive advantage and profitable growth by reducing drastically the cost of innovation. is is an especially challenging problem for banks with complex legacy systems; delivering valued innovation to existing customers who are increasingly seeking a cashless and ubiquitous service across all banking channels; servicing the unbanked cost effectively, with tailored services and cost structures that allow for a reasonable profit; and These customers may also buy in to the convenience of having one authentication device, their mobile phone, rather than a number of plastic cards Page 1

2 offering marketing services integrated into the payment process. If these services respect the customer s privacy, enhance loyalty, and increase the transaction values or volumes, they will deliver significant value. Tereon can assist any central bank to develop payment networks that meet its requirements. It is also a means by which any payment service provider can implement a suite of best practice offerings. Tereon represents a new best practice in mobile payments ere is an increasingly obvious opportunity for innovation that is centred on the mobile phone. e many payment innovations already in hand fall into three broad types: Solutions focused on -to- payments, largely but not exclusively in developing countries, and usually but not always offered by network operators; Mobile wallet solutions in which the phone emulates a payment card and is used for contactless payments by or by bar code scanning; and Electronic payment solutions offered by various start-ups, for electronic commerce, -to- payments, or other niche solutions. These are often referred to as mobile money solutions Activity levels are high in the area of mobile payments and mobile wallets These too are often referred to as mobile money solutions Typical mobile money solution Typical mobile wallet solution Payment type Pre-paid only Credit or debit cardbased Tereon offer Supports pre-paid, credit, debit, and direct links to accounts Table 1: Tereon offers a best practice mobile payment solution, which is designed to overcome the limitations of the current innovations Security Limited to PIN and the security of the handset EMV-based, with much publicized flaws End-to-end encryption, and flexibility to adapt security to match market needs Regulatory compliance Regulated as mobile money hence the transaction limits Regulated as consumer credit, and subject to PCI-DSS Operates within the prudential regulatory framework so it can link to a full range of financial services Savings product Micro-savings None No limitations Transaction limits Depends on regulators, but can be as low as 30 Depends on operator, but usually 15, 20, US$25 Unconstrained by regulator or security concerns Page 2

3 Going forward, we believe that banks will need to be involved as the principal of, or as a partner to a mobile payments solution. If Tereon is deployed so that it links directly to the account management function of a licensed deposit taking institution, then further benefits can accrue to all parties in the payments chain. Tereon was developed to address the barriers to innovation in a typical service provider with complex legacy systems, and will link into any back end system or systems; work with any mix of authentication and merchant devices (as long as the merchant devices are enabled); and implement any desired business logic. Payments Savings and loans Credit and debit Architecture Tereon as a non-integrated offer Low values, limited by mobile money regulations Micro-savings and loans in association with a bank No, unless in association with a credit scheme Tereon integrated into a bank Unlimited, subject to status Full range of saving and loans products Unlimited, subject to status Tereon is designed to work in a multi-channel architecture. It is designed to create a solution that can be developed, extended, and used to provide innovative, flexible, and inclusive payments systems for the future. It Table 2: Tereon offers additional benefits if integrated directly into a bank s account management functions Tereon has application in any situation where a secure handshake is required before an authenticated individual can access a physical or virtual space or perform a secure transaction. Examples include remote access to health records, physical and logical access in a site and transportation supports multiple types of authentication devices such as cards, mobile phones, terminals, laptops, kiosks, s, or other such devices; supports any number of services across its payment networks; supports individually customized services to each account holder, according to that holder s profile; operates a stand-alone for un-banked customers, if required; and integrates into a bank s system, if required. This last option is key to meeting the most demanding prudential requirements How Tereon Works Tereon is made up of several system elements, each of which performs a specific function. Aspects of the Tereon solution are patent-pending. At its Page 3

4 core is its business rule engine. is enables providers to define the business logic for new services as and when those services are launched, either using or a custom service description notation that is close to plain English. Tereon identifies three functional domains and their associated contexts that it uses to implement the business logic. Account management Stand-alone Account migration Bank ERP Business rules engine Defines business logic for the deployed services Services can be tailored to individual users UML or plain English notation Functional domains and contexts Customer activities and rules Merchant activities and rules Bank/payment provider activities and rules Mobiles, tablets, cards... ATMs Tereon. System User facing System protocols Terminal Network interoperability, including ISO Server management Card manufacturer Licence validation Framework and infrastructure, components Smart Device Application Services Framework (SDASF) Payment Network Management Card Manufacturer Interface Licence Server Merchant User End-to-end encryption Tereon contains a rapid application development and implementation platform to create multi-channel electronic payment networks. e components of Tereon are built and implemented using this framework, as are the protocols used to communicate between these components. e Smart Device Application Services Framework ( ) is the main infrastructure component. Most payment networks are static. Once deployed, they can only be upgraded by replacing the user s card or mobile phone application, and by reprogramming the network terminals. e is entirely different. It enables the payments provider to define all the services at the back-office server using whichever method they prefer. Once installed on the merchant terminals, the Tereon terminal applications communicate with the to provide the services to the customer. Figure 1: Break-out diagram illustrating the make-up of the Tereon system, including its ability to migrate accounts into the banking system Tereon supports ISO Each Tereon system can operate as a stand-alone service, or can interconnect to any number of other Tereon systems, or other payment systems, to create a fully interconnected payment network. Tereon can also interconnect into existing bank settlement backbones Page 4

5 Security model Providers can now implement security models that are fit for purpose, and layer additional security on top of the relevant requirements: Tereon implements end-to-end encryption by default. Merchants simply cannot store any customer payment details in the clear; e provider can set a transaction value above which it will require a user to enter his or her, even with -based transactions; and Mobile devices can only store sensitive data if they are provably secure. Flexible charging models No unencrypted communication occurs between the devices and the Tereon system. At its default setting, Tereon encrypts the payload of any communication with AES 256 as a minimum The provider can set different values for each user depending on that user s profile. The user can subsequently reduce, but may not increase, that value If the phone or tablet is lost or stolen then the customer will not lose monetary value from his account. e back-end provides three modes out of the box that the provider can use in any combination to match a customer s profile (either a merchant or a consumer) to charge for the payments services. ese modes are Float. e back-end aggregates micro-payments and receipts so customers can make and receive these without incurring punitive card charges. Direct charge. e back-end charges any transaction directly to the customer s credit card, up to a predetermined cumulative monthly total. Integration to bank account. e back-end debits all payments from, and deposits all received payments into, the customer s bank account. The first two modes can operate independent of any integration to a bank account The float mode is primarily a pre-paid mode, but it can also operate as a charged or credit mode The direct charge mode effectively emulates a debit or credit card, but with the added security that Tereon provides The integration mode can operate in combination with the float mode to aggregate micro payments to then be debited directly from, or deposited into, the customer s account EMV interoperation Tereon is designed to interoperate with and other card schemes. e system will process any device registered on it, and forward unregistered cards to the infrastructure for processing. The provider can issue its customers with EMV cards, Tereon smart cards, or any other smart device From mobile payments to ubiquitous payments Tereon is much more than a point solution to the need for new, best practice, mobile payments. Tereon is a means towards ubiquitous banking that offers a superior customer experience across all channels, within which payment is an opportunity for a conversation informed by intelligent market segmentation and powered by CRM tools. Tereon can integrate e-commerce and mobile payments as a common user experience , Kalypton Group Limited Crown House 37 High Street East Grinstead West Sussex RH19 3AF United Kingdom Page 5

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