Web Settlement. Exchanging real value on the Web. Adrian Hope-Bailie Evan Schwartz Stefan Thomas. Ripple Labs

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1 Web Settlement Exchanging real value on the Web Adrian Hope-Bailie Evan Schwartz Stefan Thomas Ripple Labs

2 Agenda What is Web Settlement? Why is Web Settlement important? How do we achieve this vision? How can you get involved? 2

3 What is Web Settlement?

4 Payments are promises to pay.

5 Payments are promises to pay. Settlement is the real exchange of value and the final resolution of those promises.

6 Payment is not settlement Real-time T+? 6

7 Settlement is an act that discharges obligations in respect of funds or securities transfers between two or more parties - Bank for International Settlements 7

8 Settlement is facilitated by a counterparty, such as a central bank or payment network.

9 The 5th party in the 4-corner model Transfer on Bank A ledger Transfer on counterparty ledger Transfer on Bank B ledger 9

10 Web Settlement involves using the Web to create an open marketplace for fast, low cost, and secure settlement.

11 Why is Web Settlement important?

12 Today: payment networks are siloed Few counterparties provide inter-network settlement??

13 Web Settlement can connect networks Standards enable links between counterparties and ledgers

14 Today: slower, more costly settlement US EU Sending Institution Receiving Institution Payment flow Payment Matching & Instructions Fund flow Correspondent Bank Relationship ACH SWIFT SEPA Nostro Debit & FX Federal Reserve ECB

15 Today: slower, more costly settlement US EU Sending Institution Receiving Institution Payment flow sent $ 1000 receive d Payment Matching & Instructions 730 Fund flow Correspondent Bank Relationship $ 7.5 fee ACH Federal Reserve $ 25 fee SWIFT Nostro Debit & FX 4% FX SEPA ECB 15 fee

16 Increasing speed increases the volume Information exchange exploded because of the Internet s speed and reach Volume of Information Internet reaches global market 16

17 Using the Web as settlement rails Standards enable many options for settlement Account Provider Account Provider Counterparty Account $102 Payer Account Payment Payment Direction Counterparty Account $100 Payee Account 17

18 Increasing competition to deliver settlement Competition provides more options and brings costs down Web Settlement 18

19 Web Payments standards increase choice among payment instruments. Web Settlement increases links between payment instruments.

20 The Value Web People and institutions can transact across the Web

21 How do we achieve this vision?

22 Learning from the Web s history First, infrastructure providers lay groundwork for the Internet Phase 1: Infrastructure ARPANET

23 Learning from the Web s history Second, networks develop and begin to federate Phase 2: Federation Phase 1: Infrastructure AOL/Compuserv ARPANET

24 Learning from the Web s history Third, the Web provides platform for all new types of services Phase 3: Global Market World Wide Web Phase 2: Federation AOL/Compuserv Phase 1: Infrastructure ARPANET

25 The progression of the Value Web History of the Web The Value Web Phase 3: Global Market World Wide Web??? Phase 2: Federation AOL/Compuserv Payment Networks ARPANET Financial Institutions Phase 1: Infrastructure

26 Challenge: the double-spend problem Money is not just information, you cannot send it twice Settlement via Counterparty 1 Payee 1 Payer Duplicate Payment Payee 2 Settlement via Counterparty 2 26

27 Challenge: new regulatory frontier More ledgers, more counterparties, more need for oversight Who are the participants? Payer??? Payee??? Settlement Counterparty Counterparty 27

28 Challenge: lack of simple, open standards Existing standards are not equipped to facilitate Web Settlement??

29 How can you get involved?

30 Web Settlement Community Group Further build case for new settlement standards Incubate and prototype standards Bring in non-w3c members, including banks and payment networks

31 Web Settlement Task Force Liase with the W3C Web Payments activity Connect with other TFs on Credentials, Authentication, Payment Initiation, etc Develop charter for Web Settlement Working Group

32 Web Settlement: from anyone to anywhere Linking networks enables faster, cheaper payments for everyone

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