Academic literature on the topic 'Merchant banks'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the lists of relevant articles, books, theses, conference reports, and other scholarly sources on the topic 'Merchant banks.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Journal articles on the topic "Merchant banks"
1
Menshikova, Evgenia N. "Agrarian Business of Merchant Women of the Central Chernozem Region in Post-reform Period." Vestnik of Saint Petersburg University. History 69, no. 1 (2024): 39–57. http://dx.doi.org/10.21638/spbu02.2024.103.
Full textAbstract:
The article analyses the forms of the presence of merchant women in the agricultural business of the Central Chernozem region. After the emancipation reform of 1861 in Russia, land became a commodity for all classes. At the time, merchant women showed increased entrepreneurial interest in the land market of the region. Merchant women invested in a variety of types of land: arable land, vegetable gardens, forests, meadows, pastures, swamps, gardens, as well as land in the city that belonged to private individuals or the municipality. On the land outside the city merchants placed their industrial enterprises (brick, iron foundries, salt-melting plants), which carried an unfavorable environmental burden to the city. Many merchant women owned large landed property. This allowed them to be large landowners of the Central Chernozem provinces. Land was an asset whose value was increasing every year. Merchant women performed numerous operations with the land: they bought (mainly from nobles and peasants), sold, took, leased and subleased, carried out numerous collateral operations. Representatives of all estate groups of provincial society became business partners for merchants in the agricultural business. It was a common phenomenon for merchants to build business relations in the agricultural business between members of the same merchant family (often between a wife and husband). Merchant women operated in the agricultural sector of the region, relying on their own and borrowed funds of individuals and banking institutions (Moscow land banks, Kharkov land banks, Oryol land banks, Yelets City Public Bank, Oryol branch of the State Bank).
2
Agarwal, Nishant, and Meghna Sharma. "Fraud Risk Prediction in Merchant-Bank Relationship using Regression Modeling." Vikalpa: The Journal for Decision Makers 39, no. 3 (July 2014): 67–76. http://dx.doi.org/10.1177/0256090920140305.
Full textAbstract:
Banking industry has gone through one of the worst crisis in recent times, and is still recovering from the after-shocks. However, there were a lot of learnings that banks would have taken away from this crisis. One of them is the need for a robust risk management system. The crisis dealt a blow to the banking system, catching them off guard when it came to foreseeing the risk. Banks, in the credit card business, face financial risk in the form of both credit risk and fraud risk. Sharma and Agarwal (2013) proposed a model for predicting the credit risk from the merchants. This paper builds upon their technique to predict the fraud risk posed by the merchants to the banks. Fraud risk is an important aspect of risk management systems, particularly in the credit space. The uncertainty surrounding the receipt of paybacks calls for designing robust risk prediction models. Fraud risk is very different from credit risk because fraud risk does not follow a pattern. It happens suddenly, and may not always have a trend before it happens. This creates a need for separate model for fraud risk prediction. This paper develops a fraud risk prediction model that uses logistic regression technique, deployed using SAS. The setup of the study is the merchant-bank relationship in the credit card industry. The model developed in this paper triggers on a transaction level, and assigns a ‘probability score of default (PF) to each merchant for a possible fraud risk whenever a transaction is done at the merchant. Such a score warns the management in advance of probable future losses on merchant accounts. Banks can rank order merchants based on their PF score, and instead of working on the entire merchant portfolio, they can focus on the relatively riskier set of merchants. The PF model is validated by comparing the actual defaults with those predicted by the model and a good alignment is found between the two. The results show that the model can capture 62 percent frauds in the first decile when the transactions are sorted by the probability of fraud computed by the model.
3
Huda, Farzana, and Tanbir Ahmed Chowdhury. "Merchant Banking Operation: A Case Study of Selected Merchant Banks in Bangladesh." Asian Journal of Finance & Accounting 9, no. 1 (February 25, 2017): 116. http://dx.doi.org/10.5296/ajfa.v9i1.10712.
Full textAbstract:
In Bangladesh the establishment of merchant bank added value to the stock market which plays a vital role in the progress of economic development. This study tried to analyze the performance of Lanka Bangla Investment Ltd., Prime Finance Capital Management Ltd., IDLC Investment Ltd. and Uttara Finance and Investment Ltd. Seven trend equations have been tested for different activities of the selected merchant banks. It is observed that the selected merchant banks were able to achieve a stable growth of investment in securities, margin loan to clients, brokerage commission, capital gain/loss from securities, portfolio management services, issue management fees, corporate advisory fees and underwriting commission during the period of 2011-2015. Among them the trend equation of investment in securities, margin loan to clients, and corporate advisory fees are positive incase of all the selected merchant banks. Square of correlation coefficient (r2) has also been tested for all trend equations. The r2 of interest income from merchant bank, portfolio management services, settlement and transaction fees and documentation fees, is more than 0.5. It indicates the prospect of merchant banks in Bangladesh is bright.
4
BUCHNEA, EMILY. "Bridges and Bonds: The Role of British Merchant Bank Intermediaries in Latin American Trade and Finance Networks, 1825–1850." Enterprise & Society 21, no. 2 (February 4, 2020): 453–93. http://dx.doi.org/10.1017/eso.2019.37.
Full textAbstract:
In the first half of the nineteenth century, transatlantic trade and finance networks were complex webs of transactions often consisting of lengthy chains of connections linking distant firms to distant markets. As a number of scholars have shown, merchant bankers of the nineteenth century were at the center of many of these networks, acting as an interconnected and often impenetrable group that dictated the flow of capital and investment across many borders. Most recently, scholars such as Manuel Llorca-Jaña, Manuel López-Morell, and Juliette Levy (to name a few) have produced a number of especially significant publications on the role of financial intermediaries in Latin America. Llorca-Jaña’s and López-Morrell’s work has been essential for illuminating the role of London bankers Huth & Co. and Rothschilds (respectively) in creating a global network that included Latin American markets and trades, while Levy’s work has highlighted the role of special financial players in inland markets, namely in the Yucatan. This paper aims to build on this previous work through an analysis of crucial network actors in Anglo-American merchant bank networks in the first half of the nineteenth century. To conduct a varied and general analysis, this paper will draw on the correspondence records of the Baring Bros. and N. M. Rothschild, two of the most well-known and profitable London merchant banks of the period. Through this material, this study will present an analysis of British merchant bank connectivity and the role of intermediaries in connecting merchant banks to distant markets and clients, such as the mining districts of interior Mexico and the sugar merchants of Cuba.
5
McDowell, Linda, and Gill Court. "Performing Work: Bodily Representations in Merchant Banks." Environment and Planning D: Society and Space 12, no. 6 (December 1994): 727–50. http://dx.doi.org/10.1068/d120727.
Full textAbstract:
Not only is the workplace a significant site of the social construction of feminine and masculine identities but in an increasing range of service sector occupations, a gendered bodily performance is a significant part of selling a product. In this paper, we draw on Butler's notion of gender identity as a regulatory fiction to investigate the consequences of the specificity of embodiment and gendered performances. Drawing on three case studies in the City of London, we explore the differential fictions constructed by men and women engaged in interactive service work in a professional capacity in merchant banks. We examine the ways in which women are embodied and/or represented as ‘woman’ in the workplace, comparing women's sense of themselves and their everyday workplace experiences with those of men doing the same job. Our aim is to establish whether the necessity of selling oneself as part of the product in such service sector employment challenges the idealisation of male workers as disembodied rational subjects, while not necessarily disrupting the inferior position of embodied women.
6
ACCOMINOTTI, OLIVIER. "London Merchant Banks, the Central European Panic, and the Sterling Crisis of 1931." Journal of Economic History 72, no. 1 (March 12, 2012): 1–43. http://dx.doi.org/10.1017/s0022050711002427.
Full textAbstract:
The Central European panic of the spring 1931 is often presented as a cause of the sterling crisis of September. But what was the transmission channel? This article explores how the continent's financial troubles affected Britain's banking system. The freeze of Central European assets created a liquidity strain for London merchant banks because they had accepted (guaranteed) the commercial bills of German merchants. I use new balance sheet data to quantify this shock and explore how the liquidity crisis contributed to the sterling crisis. The evidence demonstrates that international contagion was crucial in transmitting the 1931 global financial crisis.
7
Miah, Mohammad Dulal, Yasushi Suzuki, and S. M. Sohrab Uddin. "The impact of COVID-19 on Islamic banks in Bangladesh: a perspective of Marxian “circuit of merchant’s capital”." Journal of Islamic Accounting and Business Research 12, no. 7 (August 4, 2021): 1036–54. http://dx.doi.org/10.1108/jiabr-11-2020-0345.
Full textAbstract:
Purpose This paper aims to assess the probable impact of COVID-19 on the Islamic banking system in Bangladesh. More specifically, it attempts to test the hypothesis that Islamic banks are exposed to increased risk because of their role as a provider of “merchant capital” including financing for trade, commerce and working capital, which are believed to be severely disrupted by the COVID-19. Design/methodology/approach The paper draws upon the Marxian tradition on the identification of the circuit of “merchant capital” separated from the circuit of “interest-bearing capital.” Moreover, the research adopts the balance sheet approach to trace the sectoral distribution of investment as well as sources of income of Islamic banks. Findings The research supports the hypothesis that the investment pattern of Islamic banks is skewed toward the trade and merchant’s financing. More than two-third of Islamic banks’ investment, and income thereof, is concentrated on working capital and trade finance. As these sectors are largely vulnerable to the economic shock resulting from COVID-19, Islamic banks in Bangladesh are likely to be affected through this channel. Research limitations/implications The research focuses only on Islamic banks in Bangladesh. Further study can assess the impact of COVID-19 on conventional and Islamic banks in other countries to find similarities and differences with the findings of the current research. Practical implications The finding of this research will be useful for bank managers, policymakers and users of financial services. In particular, this study provides important information useful for regulators in devising appropriate policies which aim to mitigate the adverse impact of COVID-19. Originality/value To the best of the authors’ knowledge, this is the first study that attempts to examine the impact of COVID-19 on Islamic banking system in Bangladesh, a country where Islamic banks occupy one-third of the total banking system’s assets.
8
Permana, Ardi Rizky, and Lily Sudhartio. "Defining Service Quality of BRI Merchant Application Using Importance Performance Analysis." Jurnal EMT KITA 8, no. 2 (April 30, 2024): 774–82. http://dx.doi.org/10.35870/emt.v8i2.2423.
Full textAbstract:
The COVID-19 pandemic has changed people's habits worldwide, accelerating the adoption of cashless payment transactions, especially in Indonesia. This situation allows Financial Technology companies and Conventional Banks to increase competition. This thesis focuses on the Digital Payments Industry in Indonesia, emphasizing the Merchant Acceptance Business, which has a crucial role as a catalyst for Cashless Payments. This research is based on previous studies regarding service quality, business model canvas, and the importance of performance analysis of the BRI Merchant Application. This research aims to define a service quality strategy for BRI merchant applications through a critical performance analysis approach. The study found that the quality of BRI merchant application services consists of changing merchant data, adding EDC, Checking transactions, reconciling Payments, filing complaints, and monitoring complaints.
9
Derviz, Alexis. "Collateral composition, diversification risk, and systemically important merchant banks." Journal of Financial Stability 14 (October 2014): 23–34. http://dx.doi.org/10.1016/j.jfs.2014.03.001.
Full text
10
Matringe, Nadia. "The Fair Deposit: Credit Reallocation and Trade Finance in the Early Modern Period." Annales. Histoire, Sciences Sociales 72, no. 2 (June 2017): 275–315. http://dx.doi.org/10.1017/ahsse.2019.13.
Full textAbstract:
Based on the private records of a prominent sixteenth-century merchant bank (Salviati of Lyon), this article focuses on an important instrument of trade finance in the early modern period: the fair deposit. While the financial history of deposit banking has often been separated from that of merchant banking, this study demonstrates that during the sixteenth century a specific type of deposit banking emerged at fairs, intrinsically connected to merchant banking and international trade. As analysis of the Salviati archives reveals, the fair deposit was an instrument of both clearing and credit, sustaining the financing of large-scale European trade. Credit mostly derived from international trade and banking, where it was reinjected almost immediately. Investments were stimulated by the numerous advantages offered by the fairs held at Lyon: licit lending at interest, a choice of investments, and the possibility of making purchases and rapid transfers. Loans to local and foreign businessmen nourished the trade of commodities and, above all, the exchange business, conferring on Lyon a crucial position in the European trade and exchange system. This form of deposit banking was closely related to the development of merchant banks that worked mostly on commission, drawing substantial profits from it without becoming specialists or even deposit banks.
Dissertations / Theses on the topic "Merchant banks"
1
Pavlidis, Panayiotis M. "Marketing's role in successful new product development in commercial, investment and merchant banks." Thesis, City University London, 1993. http://openaccess.city.ac.uk/8378/.
Full textAbstract:
This thesis investigates marketing's role in new product development (NPD) in commercial, investment and merchant banks. It examines how marketing inputs contribute to new product development success. NPD success can be measured at two levels of analysis - at the program and at the project level. Our study is concentrated at the program level at which sustained product development success is examined, rather than one-off project success. Successful product developers are identified as those banks with a better record of being first to market with new products. This measure of product development success is important in the financial risk management market in which commercial, investment and merchant banks compete fiercely. Based on peer evaluation seventeen banks were identified as innovative, that is to say; active new product developers in the financial risk management market from a universe of almost 130 U.K. and foreign banks with established operations in London. From these seventeen eight participated in our research study. Data was collected in two stages. First, personal interviews were conducted with the heads of the treasury divisions or the heads of derivates desks to collect background information for control purposes. Second, detailed questionnaires were administered to two further members of each bank who were involved with the development of financial risk management products. The questionnaires consisted of statements for which respondents were invited to indicate agreement or disagreement on 5-point Likert type scales. Our findings show that it is not the trappings but the quality of marketing inputs that contribute to program success. Quality of marketing inputs comprises the quality of approach adopted and the quality of execution. The most important finding is that successful product developers adopt higher quality marketing than do less successful product developers. Successful product developers place great emphasis on getting both their approach and their execution right. It was found that successful product developers adopt a market-based approach in identifying new opportunities. They not only adopt a strategy which selects markets on the basis of benefits sought (instead of determining strategy on the basis of primarily internal strengths), but they also use internal marketing to promote this cause. Further, successful product developers possess the appropriate implementation skills to exploit selected opportunities. While we cannot claim that program success will be guaranteed from a market-based approach, our evidence lends strong support that absence of a market-based approach is likely to lead to considerably lesser success in the type of product development investigated in this research study.
2
Terblanché, Janet René. "The legal risks associated with trading in derivatives in a Merchant Bank /." Link to the online version, 2006. http://hdl.handle.net/10019/1233.
Full text
3
Yoon, Il-Hyun. "The 1997 Korean financial crisis and the failure of financial institutions : evidence from merchant banks." Thesis, University of Newcastle Upon Tyne, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.407602.
Full text
4
Terblanche, Janet Rene. "The legal risks associated with trading in derivatives in a merchant bank." Thesis, Stellenbosch : University of Stellenbosch, 2006. http://hdl.handle.net/10019.1/2693.
Full textAbstract:
Thesis (LLM (Mercantile Law))--University of Stellenbosch, 2006.The research defines derivatives as private contracts, with future rights and obligations imposed on all parties, used to hedge or transfer risk, which derives value from an underlying asset price or index, which asset price or index may take on various forms. The nature of derivatives is that the instruments are intended to be risk management tools. The objectives of derivatives are either to hedge a risk, or to speculate. Derivatives may be classified by the manner in which they are traded, either over the counter (OTC) or on exchange. Alternatively, derivatives may be classified on the basis of structure and mechanisms, i.e. forwards, futures, options or swaps. Risk and risk management are defined in the third chapter with the focus on merchant banking. The nature of risk is that it is inherent in all activities. The nature of risk management is that it aims to ensure that the risks faced by the merchant bank are managed on a daily basis. The objective of risk management is to ensure that losses are minimised and the appropriate level of risk is taken in order to maximise profits. Risk may be classified as operational, operations, market, systemic, credit and legal risk. A comprehensive discussion of credit risk is presented, as it pertains to the legal risk in derivatives in a merchant bank. This includes insolvency, set-off, netting, credit derivatives and collateral. Legal risk is defined as the risk of loss primarily caused by legal unenforceability (i.e. a defective transaction, for instance a contract), legal liability (i.e. a claim) or failure to take legal steps to protect assets (e.g. intellectual property). The nature of legal risk is that it is caused by jurisdictional and other cross-border factors, inadequate documentation, the behaviour of financial institutions, a lack of internal controls, financial innovation or the inherent uncertainty of the law. The objectives of legal risk management in derivatives are to avoid the direct and indirect costs associated with legal risk materialising. This includes reputational damage. Derivatives attract specific legal risks due to the complexity of the instruments as well as the constant innovation in the market. There remains some legal uncertainty regarding derivatives in terms of gaming, wagering and gambling, as well as insurance. The relationship between risk and derivatives is that due to the complexity and constant innovation associated with derivatives, there are some inherent risks to trading in derivatives. It is therefore important to ensure that there is a vested risk management culture in the derivatives trading environment. Chapter four gives an overview of derivatives legislation in foreign jurisdictions and in South Africa. The contractual and documentation issues are discussed with reference to ad hoc agreements, master agreements and ISDA agreements. The practical implementation issues of master agreements and ad hoc agreements are also discussed. The recommendations are that legal risk management be approached in a similar manner to credit, market and other risk disciplines. A legal risk management policy needs to be developed and implemented. The second recommendation is that a derivative to manage the legal risk in derivatives be developed.
5
Hui, Ching, and 許楨. "Modern transformation of the Huizhou merchant : Wu Jim-pah (1850-1927) the Mandarin-capitalist in late Qing Tianjin." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2011. http://hdl.handle.net/10722/207899.
Full textAbstract:
Contrary to the significance that HSBC and its comprador office made on
the modernisation in China at the turn of the 19th and the 20th Century, studies
about the Bank’s expansion in the Beijing-Tianjin area were exceptionally limited.
In this research, the importance of HSBC’s expansion to North China in the 1880s
will be primarily examined by the Bank and its comprador office’s roles in the
railways development in North China.
During this process, Wu Jim-pah, as the first comprador of HSBC in
Tianjin, offered significant aids in establishing HSBC’s collaboration with the
Qing Court and the influential Bei-yang Ministry under Li Hong-zhang’s
administration. This research is going to examine Wu Jim-pah’s career and
personal development in late Qing Huizhou, Suzhou, Shanghai, Tianjin and
Beijing, so as to answer a series of questions related to China’s social-economic
reforms and its earliest capitalists’ formation at the turn of the centuries.
Moreover, acts as the first academic study focusing on Wu Jim-pah’s
participation in the early modernisation projects of late Qing China, this research
put the collection and classification of historical materials in the central place. The
findings of primary resources from the archives in China and overseas, namely,
the Institute of History and Philology of Academia Sinica in Taipei, the National
Library of China, the Shanghai Library, the Southwest Jiao-tong University, the
Tianjin Academy of Social Sciences (TASS), the HSBC Group Archives, London
School of Oriental and African Studies (SOAS), as well as the Public Record
Office at Kew, London, could be regarded as the most valuable part of this
research.published_or_final_version
Humanities and Social Sciences
Doctoral
Doctor of Philosophy
6
Bruneau, Quentin. "Knowing sovereigns : forms of knowledge and the changing practice of sovereign lending." Thesis, University of Oxford, 2016. https://ora.ox.ac.uk/objects/uuid:127b0026-030f-417d-9cb8-f871936d6227.
Full textAbstract:
This thesis examines how sovereign lending, i.e. the practice of lending capital to sovereigns, has changed since the early nineteenth century. It tackles this question by investigating how lenders have thought about sovereigns for the past two centuries, focusing on the tools they have used to know and represent them. I argue that there was a critical shift in the early twentieth century in terms of the kinds of knowledge lenders deployed to know sovereigns. This shift differentiates the old sovereign lending from the new. In the old sovereign lending, merchant banking families such as the Rothschilds knew sovereigns through intensely personal relations based on gentility, whereas in the new sovereign lending, joint stock banks, credit rating agencies and international institutions largely came to know sovereigns through statistics. Though difficult to imagine nowadays, the description of sovereigns through quantifiable facts (the original definition of 'statistics') was revolutionary for early twentieth century lenders. Despite constituting the origins of sovereign credit ratings, this key shift has been overlooked in all major studies about sovereign debt. The new sovereign lending rose to prominence from the interwar period to the 1970s and now defines our world. The identification of this crucial shift is based on the development and application of the concept of forms of knowledge. Forms of knowledge refer to enduring ways of knowing and representing the constituent units of the international system used by international practitioners (e.g. diplomats, military strategists, financiers, and international lawyers). Examples of forms of knowledge include, but are not limited to, modern cartography, international treaties, statistics, gentility, and heraldry. The use of this concept is that it leads to a better understanding of how international practitioners and their practices undergo radical changes. In so doing, it provides a firmer empirical grasp on the question of how fundamental discontinuities arise in international relations.
7
Edbor, Mikael, and Erica Soltanieh. "Inter-industry collaborations in the Swedish mobile payments market." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-123963.
Full textAbstract:
The rapid development of technology is quickly changing the everyday lives of people, and it is now possible to use a mobile phone to pay at the checkout in stores. However, being able to pay with a mobile phone has no intrinsic value over existing payment methods, and thus banks have to find a way to add value to their mobile payment services through inter-industry collaboration with other actors. The aim of this report is to find how banks can collaborate with other actors in order to strengthen their brand in the mobile payment business. Through a literature review and several interviews with representatives in the financial industry, merchant sector, and academia, this report answers questions related to the market in Sweden, dominant design, network externalities, business collaboration, trust, and co-branding. This report found that there is a difference in prioritization regarding features and qualities of mobile payments between different segments in the market, and banks should choose a segment to focus their efforts on. There is also a need for discussion in the market between different actors in order to promote the standardization needed to develop mobile payment services further, and banks should therefore collaborate with other actors regarding standards, even if the collaboration does not need to involve resource sharing. Co-branding with other actors could also be a way banks to enhance their brand in mobile payments and reach new market segments. Trust is a critical factor for the success of mobile payments and the handling of customer data will be one of the biggest issues to solve for the banks and their collaborators. Finally, the most important conclusion of this report is that the banks have to find a business model which is attractive enough to the merchants in order to attract them in collaboration and be able to create added value to mobile payments.Den snabba utvecklingen av tekniken förändrar snabbt vardagen för människor, och det är nu möjligt att använda en mobiltelefon för att betala i kassan i butiker. Att kunna använda en mobiltelefon för att betala istället för nuvarande betalningssätt har dock inget egenvärde och banker måste därför hitta ett sätt att addera värde till sina mobilbetalningstjänster genom att samarbeta med andra aktörer över industrigränserna. Målet med denna rapport är att finna hur banker kan samarbeta med andra aktörer för att stärka sitt varumärke inom mobilbetalningsbranchen. Med hjälp av literaturstudier och flera intervjuer med representanter från finansindustrin, handeln och akademi svarar den här rapporten på frågeställningar relaterade till den svenska marknaden, dominant design, nätverkseffekter, affärssamarbeten, tillit och varumärkessamarbeten. Rapporten visar att det finns skillnader mellan de olika marknadssegmenten gällande prioriteringen av funktioner och egenskaper hos mobila betalningar, och att banker bör välja ett segment att fokusera på. Vidare fann rapporten att det krävs diskussion på marknaden mellan de olika aktörerna för att främja framtagningen av den standardisering som krävs för att föra utvecklingen av mobila betalningar framåt. Banker borde därför samarbeta med andra aktörer för att få fram en sån standard, även om det inte behöver innebära att man delar resurser. Varumärkessamarbeten med andra aktörer kan också användas av banker för att förstärka sitt varumärke inom mobila betalningar och nå nya marknadssegment. Tillit är en kritisk faktor för att mobila betalningar ska lyckas, och hanteringen av kunddata kommer vara ett av de största problemen för bankerna och deras samarbetspartners att lösa. Slutligen så är den viktigaste slutsatsen av den här rapporten att banker måste skapa en affärsmodell som är tillräckligt attraktiv för handlare för att kunna locka till sig dem till samarbeten och kunna skapa mervärde till mobila betalningar.
8
El, Madhoun Nour. "Towards more secure contact and NFC payment transactions : new security mechanisms and extension for small merchants." Thesis, Sorbonne université, 2018. http://www.theses.fr/2018SORUS168.
Full textAbstract:
EMV est la norme implémentée pour sécuriser une transaction d'achat avec contact ou sans contact (NFC) entre un appareil de paiement d'un client et un PoS. Elle représente un ensemble de messages de sécurité échangés entre les acteurs de la transaction, garantissant plusieurs propriétés de sécurité importantes. En effet, plusieurs chercheurs ont analysé le fonctionnement de la norme EMV afin de vérifier sa fiabilité: ils ont identifié plusieurs vulnérabilités de sécurité qui représentent aujourd'hui des risques majeurs pour notre sécurité au quotidien. Par conséquent, nous sommes intéressés à proposer de nouvelles solutions qui visent à améliorer la fiabilité d’EMV. Dans un premier temps, nous présentons un aperçu du système de sécurité EMV et nous étudions ses vulnérabilités identifiées dans la littérature. En particulier, il existe deux vulnérabilités de sécurité EMV, qui mènent à des risques dangereux menaçant à la fois les clients et les commerçants. Par conséquent, nous sommes intéressés dans la deuxième étape à répondre à ces deux faiblesses. Nous examinons d'abord une sélection des travaux qui ont été conçus pour résoudre ces vulnérabilités. Ensuite, afin d'obtenir de meilleurs résultats par rapport à ces travaux, nous proposons un nouveau système pour le paiement avec contact et NFC qui intègre 4 mécanismes de sécurité innovants. Enfin, dans la troisième étape, nous adaptons notre premier mécanisme de sécurité dans le contexte d'une nouvelle architecture de paiement NFC. Cette architecture est particulièrement destinée aux petits commerçants, leur permettant de profiter de leurs smartphones NFC pour une utilisation directe en tant que des lecteurs NFCEMV is the standard implemented to secure the communication, between a client’s payment device and a PoS, during a contact or NFC purchase transaction. It represents a set of security messages, exchanged between the transaction actors, guaranteeing several important security properties. Indeed, researchers in various studies, have analyzed the operation of this standard in order to verify its reliability: unfortunately, they have identified several security vulnerabilities that, today, represent major risks for our day to day safety. Consequently, in this thesis, we are interested in proposing new solutions that improve the reliability of this standard. In the first stage, we introduce an overview of the EMV security payment system and we survey its vulnerabilities identified in literature. In particular, there are two EMV security vulnerabilities that lead to dangerous risks threatening both clients and merchants: (1) the confidentiality of banking data is not guaranteed, (2) the authentication of the PoS is not ensured to the client’s device. Therefore, our interests move in the second stage to address these two weaknesses. We first review a selection of the related works that have been implemented to solve these vulnerabilities, and then, in order to obtain better results than the related works, we propose a new secure contact and NFC payment system that includes four innovative security mechanisms. Finally, in the third stage, we adapt our first security mechanism in the context of a new NFC payment architecture. This architecture is especially destined for small merchants, allowing them to take advantage of their NFC smartphones for use directly as NFC readers
9
El, Madhoun Nour. "Towards more secure contact and NFC payment transactions : new security mechanisms and extension for small merchants." Electronic Thesis or Diss., Sorbonne université, 2018. http://www.theses.fr/2018SORUS168.
Full textAbstract:
EMV est la norme implémentée pour sécuriser une transaction d'achat avec contact ou sans contact (NFC) entre un appareil de paiement d'un client et un PoS. Elle représente un ensemble de messages de sécurité échangés entre les acteurs de la transaction, garantissant plusieurs propriétés de sécurité importantes. En effet, plusieurs chercheurs ont analysé le fonctionnement de la norme EMV afin de vérifier sa fiabilité: ils ont identifié plusieurs vulnérabilités de sécurité qui représentent aujourd'hui des risques majeurs pour notre sécurité au quotidien. Par conséquent, nous sommes intéressés à proposer de nouvelles solutions qui visent à améliorer la fiabilité d’EMV. Dans un premier temps, nous présentons un aperçu du système de sécurité EMV et nous étudions ses vulnérabilités identifiées dans la littérature. En particulier, il existe deux vulnérabilités de sécurité EMV, qui mènent à des risques dangereux menaçant à la fois les clients et les commerçants. Par conséquent, nous sommes intéressés dans la deuxième étape à répondre à ces deux faiblesses. Nous examinons d'abord une sélection des travaux qui ont été conçus pour résoudre ces vulnérabilités. Ensuite, afin d'obtenir de meilleurs résultats par rapport à ces travaux, nous proposons un nouveau système pour le paiement avec contact et NFC qui intègre 4 mécanismes de sécurité innovants. Enfin, dans la troisième étape, nous adaptons notre premier mécanisme de sécurité dans le contexte d'une nouvelle architecture de paiement NFC. Cette architecture est particulièrement destinée aux petits commerçants, leur permettant de profiter de leurs smartphones NFC pour une utilisation directe en tant que des lecteurs NFCEMV is the standard implemented to secure the communication, between a client’s payment device and a PoS, during a contact or NFC purchase transaction. It represents a set of security messages, exchanged between the transaction actors, guaranteeing several important security properties. Indeed, researchers in various studies, have analyzed the operation of this standard in order to verify its reliability: unfortunately, they have identified several security vulnerabilities that, today, represent major risks for our day to day safety. Consequently, in this thesis, we are interested in proposing new solutions that improve the reliability of this standard. In the first stage, we introduce an overview of the EMV security payment system and we survey its vulnerabilities identified in literature. In particular, there are two EMV security vulnerabilities that lead to dangerous risks threatening both clients and merchants: (1) the confidentiality of banking data is not guaranteed, (2) the authentication of the PoS is not ensured to the client’s device. Therefore, our interests move in the second stage to address these two weaknesses. We first review a selection of the related works that have been implemented to solve these vulnerabilities, and then, in order to obtain better results than the related works, we propose a new secure contact and NFC payment system that includes four innovative security mechanisms. Finally, in the third stage, we adapt our first security mechanism in the context of a new NFC payment architecture. This architecture is especially destined for small merchants, allowing them to take advantage of their NFC smartphones for use directly as NFC readers
10
Shi, Xiaoxuan. "L’industrie lyonnaise de la soie et la Chine : réalités et limites de l’expansion commerciale des soyeux lyonnais (milieu du XIXe siècle à 1914)." Electronic Thesis or Diss., Sorbonne université, 2023. http://www.theses.fr/2023SORUL045.
Full textAbstract:
L'industrie de la soie a joué un rôle central dans les échanges commerciaux mondiaux au XIXe siècle. Lyon, capitale historique pour l’industrie de la soie en Europe, constituait aussi l’un des centres commerciaux les plus importants du continent, déjà à l’époque romaine, puis, à nouveau, à partir du XVIe siècle. Au XIXe siècle, Lyon était l'un des centres les plus importants de la soie au monde, en grande partie grâce à ses liens étroits avec la Chine, laquelle était le plus grand fournisseur de matières premières pour la soierie lyonnaise. En même temps, la Chine, où la technique de la fabrication de soie a été découverte sous la dynastie des Shang , est une destination indispensable pour les soyeux lyonnais. En effet, l'ouverture de la Chine au commerce étranger, après la Seconde Guerre de l'Opium, permit aux soyeux lyonnais de s'implanter et de réaliser des opérations de commerce de la soie en Chine. Depuis le XIXe siècle, ces commerces s’intensifient en profitant de l’établissement de concessions françaises en Chine et de la mise en place de la route maritime entre Marseille et Shanghai. Les soyeux lyonnais réussirent à conquérir le marché chinois et ils développaient une stratégie de partenariat avec les négociants locaux pour acquérir des soies grèges directement en Chine et les envoyaient à Lyon sans passer par Londres afin de concurrencer les Britanniques. Puis ce réseau lyonnais travailla avec le plus puissant acteur britannique, qui avait installé des filatures et des ateliers de tissage sur place. Cette stratégie leur permit de devenir des acteurs majeurs du commerce de la soie en Chine et de renforcer leur position sur le marché mondialSilk industry played a central role in global commercial exchanges during the 19th century. Lyon, the historical capital of European silk industry, constitutes also one of the most important commercial centers of the continent, as early as in the roman period, again from the 16th century. In the 19th century, Lyon was renowned as one of the most important global silk business centers, mostly due to its close link to China, which was the biggest silk exporting country for the silk industry of Lyon. China, where the silk manufacturing techniques were invented during the Shang Dynasty, was an indispensable destination for silk manufacturers of Lyon. In fact, the opening of China to foreign trade, especially after the Second Opium War, which permits these silk manufacturers to establish and operate in the silk trade in China. To the mid-19th century, those silk trades were stepping up, with the establishment of the French concession in Shanghai as well as the opening of the direct maritime route between Marseille and Shanghai, Lyon’s silk entrepreneurs attempted, some of them by direct competition, others opting to work in partnership with well-established British trade houses in China, first to short-circuit the British monopoly and then to secure the silk supply by themselves. The efforts made by the silk entrepreneurs of Lyon made them predominant players in the global silk trad and contributed to the silk trade development between China and Europe during the 19th Century
Books on the topic "Merchant banks"
2
Bank, NAL Merchant, ed. Twenty five years of merchant banking in Nigeria. Akoka: Lagos University Press, 1985.
Find full text
3
Chesterton, Josephine M. Merchant banking in Hong Kong. Hong Kong: Butterworths Asia, 1998.
Find full text
4
Cox, John M. Merchant banking in transition. Menlo Park, CA: SRI International, Business Intelligence Program, 1989.
Find full text
5
Clay, C. J. J. 1910-, Wheble B. S, and Kay William, eds. Clay and Wheble's modern merchant banking. 3rd ed. New York: Woodhead-Faulkner, 1990.
Find full text
7
Iannini, Giuseppe. Problemi e prospettive del merchant banking: Un'indagine sul caso italiano. Milano: Angeli, 1990.
Find full text
8
Guanghe, Gong, and Zeng Sili, eds. Zi ben shi chang zhong de shang ren yin hang. Beijing: Zhongguo jin rong chu ban she, 1997.
Find full text
9
Balossini, Cajo Enrico. Banche d'affari: Modelli stranieri ed esperienze italiane. Milano: A. Giuffrè, 1987.
Find full text
10
Bank of England. Board of Banking Supervision. Report of the Board of Banking Supervision inquiry into the circumstances of the collapse of Barings. London: HMSO, 1995.
Find full textBook chapters on the topic "Merchant banks"
1
Lessambo, Felix I. "Merchant Banks." In The U.S. Banking System, 115–24. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-34792-5_8.
Full text
2
Reid, Margaret. "Other Banks: Merchant, Investment and Foreign." In All-Change in the City, 169–87. London: Palgrave Macmillan UK, 1988. http://dx.doi.org/10.1007/978-1-349-07005-3_8.
Full text
3
Vargas-Machuca, María José. "Credit Companies, Merchant-Bankers and Large National Banks. The Case of Andalusia (1800–1936)." In Entrepreneurship in Spain, 99–114. New York, NY : Routledge, 2021. | Series: Routledge studies inentrepreneurship: Routledge, 2020. http://dx.doi.org/10.4324/9781003126973-8.
Full text
4
Vargas-Machuca, María José. "Merchant Bankers, Banking Houses and Large National Banks. The Case of Jaen Province (1800–1936)." In Palgrave Studies in Economic History, 117–34. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-61318-1_8.
Full text
5
Ma, Xiaodong. "An Urban Merchant Bank Builds a Digital Bank." In Methodology for Digital Transformation, 335–43. Singapore: Springer Nature Singapore, 2023. http://dx.doi.org/10.1007/978-981-19-9111-0_24.
Full text
6
Jones, Stuart. "Union Acceptances: The First Merchant Bank, 1955–73." In Financial Enterprise in South Africa since 1950, 154–91. London: Palgrave Macmillan UK, 1992. http://dx.doi.org/10.1007/978-1-349-11536-5_7.
Full text
7
Forsyth, John. "Die Rolle der Merchant Bank bei Fusionen und Übernahmen von Unternehmen." In Handbuch des Bankmarketing, 485–95. Wiesbaden: Gabler Verlag, 1991. http://dx.doi.org/10.1007/978-3-663-13326-1_25.
Full text
8
Opitz, Peter. "Die Vollendung des Europäischen Binnenmarktes aus Sicht einer deutschen Merchant Bank." In Banken im Vorfeld des Europäischen Binnenmarktes, 31–47. Wiesbaden: Gabler Verlag, 1989. http://dx.doi.org/10.1007/978-3-322-84354-8_3.
Full text
9
Burk, Kathleen. "A Merchant Bank at War: The House of Morgan 1914–18." In Money and Power, 155–72. London: Palgrave Macmillan UK, 1988. http://dx.doi.org/10.1007/978-1-349-07173-9_6.
Full text
10
Davies, Quentin, and Gordan Duncan. "Die Rolle der Merchant Bank beim Zustandekommen von Fusionen und Übernahmen." In Handbuch des Bankmarketing, 437–62. Wiesbaden: Gabler Verlag, 1987. http://dx.doi.org/10.1007/978-3-322-83582-6_22.
Full textConference papers on the topic "Merchant banks"
1
Koumpan, Elizabeth, Ram Ravishankar, and Periasamy Girirajan. "On Demand Loans Real Time Service: Essential User Feature by the Banks in Society 5." In 13th International Conference on Applied Human Factors and Ergonomics (AHFE 2022). AHFE International, 2022. http://dx.doi.org/10.54941/ahfe1002254.
Full textAbstract:
Investing for a Sustainable Future is driving major client buying behaviors and long-term corporate strategies. We are currently at the transition between the 3rd Industrial Revolution (the computer / Internet based information industry), and the 4th Industrial Revolution (driven by digital transformation, AI, IoT, Blockchain), emerging into the 5th Industrial Revolution. This transition drives an unprecedented connection of business to purpose, democratizing technology for consumers with ease of use and integration of cyberspace with physical space In addition, Covid-19 has acted as a catalyst accelerating the virtual way people work, learn, buy, and how businesses interact with their consumers, partners, and one another, which will be forever changed. With much of life shifted online, such use of embedded finance products, transacting with e-commerce systems, etc. now demands a new level of data gathering, sharing, and management. This change in life drives the optimization of the entire social and organizational systems. In the Financial Services industry, “Buy Now, Pay Later” (BNPL) is one of the strongest trends, that redefines processes around digital payments, embedded lending, and e-commerce. With BNPL, retailers could minimize the risk of capital management during a period of huge economic uncertainty, worldwide lockdowns, and the temporary closure of non-essential physical stores. BNPL type process naturally evolves into digital frictionless user experience, replicated across channels, expanding into services such as event tickets and vacations (tailored to behavioral patterns and personalized shopping recommendations), offerings on interest-bearing financing and over-the-top payments with any merchant via their smartphone apps, QR codes, and virtual cards, making a range of goods and services more affordable.What would be the next moves? Winners in this market will be companies that combine strong consumer and merchant relationships into a composite cross-industry business process that translates to a robust value proposition and a potentially new set of business models. BNPL does not only produce monetary benefits. Because the providers have relationships with consumers and merchants, they generate powerful insights from the data exhaust, and can provide merchant partners with valuable data to understand :•Who their customers are and their target customer segments. •The types of products customers prefer. •Where customers shop. •Trading and micro-lendingIn the future, Data wallets will enable both individuals and businesses to control their participation in the new ecosystems based on their preferences, augmented by ecosystem-centric loyalty schemes, providing the foundation for new engagement models.Sustainability Linked Loans (SLLs) will support the achievement of the borrower’s environmental and social objectives, & United Nations ESG / sustainability metrics. People, Jobs, Economic Inclusion, and Sustainability will be at the heart of everybody. Banks need to turn BNPL into an opportunity, by applying technology and optimizing, automating, and even monetizing, through exponential technologies like BPA and AI. Banks should leverage their huge base of retail customers with a variety of credit products, and many established banking providers, that have merchant acquiring services. It is essential for businesses that intersect payments, lending, and e-commerce to formulate a BNPL strategy
2
Mengshan, Lu. "Research of China Merchants Bank's retail banking CRM strategies." In 2011 6th International Conference on Product Innovation Management (ICPIM). IEEE, 2011. http://dx.doi.org/10.1109/icpim.2011.5983707.
Full text
3
Huo, Yunlei. "Research on Car Loan Business Development Inquiry in Hohhot Branch of China Merchants Bank." In 4th International Conference on Management Science, Education Technology, Arts, Social Science and Economics 2016. Paris, France: Atlantis Press, 2016. http://dx.doi.org/10.2991/msetasse-16.2016.212.
Full text
4
Lao, Guoling, and Xinwang Wang. "Study of Security Mechanisms in Personal Internet Banking - Take China Merchants Bank as an Example." In 2010 International Conference on Computational Intelligence and Software Engineering (CiSE). IEEE, 2010. http://dx.doi.org/10.1109/cise.2010.5676896.
Full text
5
Sakdanupab, Patinee, Davich Banthao, Adisorn Leelasantitham, and Supaporn Kiattisin. "An analysis model of merchant discount rate for services of credit card in commercial bank using fuzzy logic." In 2010 International Conference on Information and Automation (ICIA). IEEE, 2010. http://dx.doi.org/10.1109/icinfa.2010.5512412.
Full text
6
Al-Laham, Mohamad, Haroon Al-Tarawneh, and Najwan Abdallat. "Development of Electronic Money and Its Impact on the Central Bank Role and Monetary Policy." In InSITE 2009: Informing Science + IT Education Conference. Informing Science Institute, 2009. http://dx.doi.org/10.28945/3328.
Full textAbstract:
In recent years there has been considerable interest in the development of electronic money schemes. Electronic money has the potential to take over from cash as the primary means of making small-value payments and could make such transactions easier and cheaper for both consumers and merchants. Electronic money is a record of the funds or "value" available to a consumer stored on an electronic device in his or her possession, either on a prepaid card or on a personal computer for use over a computer network such as the Internet. This paper argues that e-money, as a network good, could become an important form of currency in the future. Such a development would influence the effectiveness and implementation of monetary policy. If an increased use of e-money substantially limits demand for central bank reserves, it would require changes in the operational target of the central bank and a closer coordination of monetary and fiscal policies.
7
Hamdani, Hamdani, Wahyuddin Albra, Nazir Nazir, M. Heikal, Mulia Saputra, Sri Gustini, Damanhur Abbas, and Henry Aspan. "Consumer Perceptions of Syariah Bank and Location (An Overview of Merchants Interest in Choosing Microfinance Financing for Syariah Banking in Bireuen District)." In Proceedings of the 1st Workshop on Multidisciplinary and Its Applications Part 1, WMA-01 2018, 19-20 January 2018, Aceh, Indonesia. EAI, 2019. http://dx.doi.org/10.4108/eai.20-1-2018.2281866.
Full text
8
Najim ABDULLAH, Rawaa, Mustafa jawad KADHAM, and Saif Ali Mohammed HUSSEIN. "PREVALENCE OF SYPHILIS AMONG BLOOD VOLUNTEERS IN BAGHDAD PROVINCE / IRAQ." In VI.International Scientific Congress of Pure,Applied and Technological Sciences. Rimar Academy, 2022. http://dx.doi.org/10.47832/minarcongress6-14.
Full textAbstract:
The bacterium Treponema pallidum subspecies pallidum causes syphilis, a sexually and blood-transmitted illness (STD). The signs and symptoms of syphilis vary according on the stage of the illness (primary, secondary, latent, and tertiary). The goal of this study is to use serological and immunological testing to evaluate the prevalence of syphilis among blood donors in Baghdad province. The current study was done on a total of 28287 blood donors at the main blood bank in Baghdad who were tested between April 2020 and March 2021. They ranged in age from 20 to 75 years and were screened throughout the study period between April 2020 and March 2021. Serum, plasma and whole blood samples were collected, tested for IgG,IgA and IgM by ELISA. The results of the epidemiological study revealed that 200 instances of syphilis were found among 28287 blood samples donated by volunteers, with no signs of the disease. There were 189 men (94.5%) and 11 women (5.5%), resulting in a male to female ratio of 17:1. According to the findings of the current study, the incidence of syphilis among blood donors in both sexes varied in proportion to the donors' socio-demographic parameters, with a higher frequency in men. the study shows the following percentages: Unemployed / jobless 139 (69. 5 percent), governments 35 (17.5%), merchants 12 (6%), farmers 11 (5.5%), and students 3 (1.5%). The majority were 85 (42.5 percent), with primary study accounting for 75 (37.5%), secondary study 31 (15.5%), tertiary 6 (3%), and university graduates 3 (1.5%). The findings indicated that married people had 154 (77%) more infections than unmarried people 46 (23%). The individuals' ABO profiles were 92 (46%) O, 64 (32%) A, 33 (16.5%) B, and 11 (5.5%) AB. Syphilis serology had been performed and showed positive treponemal IgG, IgA & IgM by ELISA, The showed that results all 200 samples of donor's blood were positive for TPHA test.
9
Szeto, Kei, and Stefan Grochowalski. "Maneuvering Simulation Model Based oh Ship Design Parameters." In SNAME 22nd American Towing Tank Conference. SNAME, 1989. http://dx.doi.org/10.5957/attc-1989-057.
Full textAbstract:
The knowledge of maneuvering characteristics of ships under different conditions is paramount from the safety and operation point of view. The maneuvering characteristics can be predicted in a number of ways: model scale maneuvering test, numerical calculation using hydrodynamic theories and numerical simulation based on semispherical formulas. The first and second approaches require detailed information of the hull geometry and other particulars. The model test prediction is often costly since it requires model construction, specialized equipment and testing facilities, etc. The theoretical prediction is less expensive than the model test but it usually requires substantial amount of computer resources, and CPU time in particular. On the other hand, semiempirical prediction does not require detailed ship information or extensive use of computer facilities, and it is the least expensive. However, it can only predict the general maneuvering characteristics for a given combination of ship basic parameters – principle dimensions, rudder and propeller particulars. Such general maneuvering characteristics would be essential for applications in ship design, port planning and maritime policy making. Using the semiempirical prediction at the early stage of a ship design, the designer can optimize the ship basic parameters in relation to maneuverability and other mission requirements. The port authorities and regulatory agencies can consult the semiempirical prediction in their decision making process regarding port development, traffic control and navigational requirements for different classes of ships. Bearing this in mind, a hydrodynamic derivative-type maneuvering simulation model has been developed at the Institute for Marine Dynamics ( IMD) of the National Research Council Canada. The development of the model was based on published information. The simulation model can predict the maneuvering characteristics of a ship if its hydrodynamic derivatives, rudder and propeller geometry are known. In addition, it can also predict maneuvering characteristics of merchant ships based on its basic design parameters including: length, beam, draft, block and waterplane coefficients, displacement, rudder and propeller geometry, etc. The model allows continuous engine speed and rudder angle inputs for simulation of both standard and arbitrary maneuvers. The model can also predict the influence of different propulsion systems and operating conditions oo the maneuvering behavior. It incorporates the effect of a bow thruster and the different response characteristic of steam and diesel power plants. In addition, the effects of bank and channel, current, shallow water and wind on the maneuvering behavior are incorporated. The mathematical formulations of the basic maneuvering model, thruster, propulsion plants and various environmental effects are described in Section 2 and 3. A carputer software package has been developed according to the mathematical formulations described. The package utilizes the existing carputer facilities at IMD. It is designed to be user-friendly and operates interactively according to the instructions of the user. The structure and usage of the simulation software are described in Section 4. A discussion of the accuracy of the simulation model is based on comparisons with model scale and sea trial results and the conclusions are presented in section 5 and 6, respectively.
Reports on the topic "Merchant banks"
1
Santoro, Fabrizio, Wilson Prichard, and Giulia Mascagni. Digital IDs and Digital Payments – Opportunities and Challenges for Tax Administration. Institute of Development Studies, April 2024. http://dx.doi.org/10.19088/ictd.2024.021.
Full textAbstract:
Tax administrations in Africa and, more broadly, low-income countries (LICs), are increasingly investing in advanced digital technologies, in an effort to build more effective, rules-based and efficient tax systems. Those efforts fit within broader government efforts towards e-government and the establishment of digital public infrastructures (DPI). 1 While these efforts to digitalise tax administration are multi faceted, affecting all aspects of administration, recent years have seen growing attention to the potential impacts of digital ID systems (DIS) and digital merchant payments (DMP), both of which are linked closely to broader discussions of the potential of DPI to strengthen development outcomes. This growing attention has been driven by hopes that building such systems can contribute to significant improvements in tax systems and revenue collection as part of broader and ambitious digitalisation efforts undertaken by African governments (World Bank 2016; IMF 2020).
2
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.
Full textAbstract:
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