Oversight Issues In Mobile Payments

Author : Tanai Khiaonarong
Publisher : International Monetary Fund
Page : 35 pages
File Size : 53,9 Mb
Release : 2014-07-15
Category : Business & Economics
ISBN : 9781498331579

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Oversight Issues in Mobile Payments by Tanai Khiaonarong Pdf

This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.

Author : Opati, Thaisaiyi Zephania,Gachukia, Martin Kang'ethe
Publisher : IGI Global
Page : 311 pages
File Size : 54,5 Mb
Release : 2019-12-20
Category : Business & Economics
ISBN : 9781799824008

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Impact of Mobile Payment Applications and Transfers on Business by Opati, Thaisaiyi Zephania,Gachukia, Martin Kang'ethe Pdf

Consumers continue to rely heavily on their phones to complete such tasks as transferring funds between banks or accounts, depositing or withdrawing funds, paying bills, and purchasing items. Mobile money users are oftentimes more financially resilient and can protect themselves better against economic and other shocks. Moreover, mobile money can increase the velocity of money in circulation because it reduces the transactions and time costs of making retail payments. As such, understanding the impact of mobile payments is imperative for businesses and the economy. Impact of Mobile Payment Applications and Transfers on Business is a pivotal reference source that provides vital research on mobile money transfer and its impact in social, corporate, and micro- and macro-policies concerning the aggregate economy and individual households as a whole within an economy. It covers the impact, innovations, business-to-business transformations, regulatory framework, challenges, and ethical issues surrounding mobile money transfers around the world. This book is ideally designed for economists, financial analysts, business managers, leaders, scholars, practitioners, researchers, and students in fields that include management, finance, economics, commerce, and leadership.

Author : Tanai Khiaonarong
Publisher : International Monetary Fund
Page : 35 pages
File Size : 53,9 Mb
Release : 2014-07-15
Category : Business & Economics
ISBN : 9781498392051

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Oversight Issues in Mobile Payments by Tanai Khiaonarong Pdf

This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.

Author : Group of Ten. Committee on Payment and Settlement Systems
Publisher : Unknown
Page : 68 pages
File Size : 45,8 Mb
Release : 2007
Category : Emigrant remittances
ISBN : IND:30000116154836

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General Principles for International Remittance Services by Group of Ten. Committee on Payment and Settlement Systems Pdf

Author : Mr. Marc C Dobler,José Garrido,Dirk Jan Grolleman,Mr. Tanai Khiaonarong,Jan Nolte
Publisher : International Monetary Fund
Page : 34 pages
File Size : 41,8 Mb
Release : 2021-12-14
Category : Business & Economics
ISBN : 9781513593401

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E-Money: Prudential Supervision, Oversight, and User Protection by Mr. Marc C Dobler,José Garrido,Dirk Jan Grolleman,Mr. Tanai Khiaonarong,Jan Nolte Pdf

This departmental paper discusses the evolving prudential frameworks for nonbank issuers of electronic money. Some jurisdictions take a relatively light-touch approach to regulating electronic money issuers (EMIs). Others have sought to apply more stringent requirements to protect electronic money (e-money) users, as the sector has grown in importance. The paper aims to build on previous IMF staff contributions to the literature and to draw policy conclusions for strengthening e-money regulatory regimes; in particular in jurisdictions where issuers, individually or collectively, have grown to a size to which they are of macro-financial importance (see below). Chapter 2 provides background on the development of e-money, its economic benefits, and potential risks. Chapter 3 discusses prudential supervision of EMIs, followed in Chapter 4 by their oversight from a payments system perspective. Chapter 5 discusses potential additional measures for user protection and contingency arrangements for EMI failure. The last chapter presents policy recommendations for policymakers, especially in those emerging market economies and developing countries wherein EMIs have reached a scale at which they could have a significant economic impact if they were to fail.

Author : Pierre-Laurent Chatain,Andrew Zerzan,Wameek Noor,Najah Dannaoui,Louis de Koker
Publisher : World Bank Publications
Page : 234 pages
File Size : 50,6 Mb
Release : 2011-02-24
Category : Political Science
ISBN : 9780821386705

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Protecting Mobile Money against Financial Crimes by Pierre-Laurent Chatain,Andrew Zerzan,Wameek Noor,Najah Dannaoui,Louis de Koker Pdf

Mobile Money is a booming industry in an increasing number of countries worldwide. The project results from increased demand for guidance and technical assistance from governments after the 2008 publication of an exploratory paper, Integrity in Mobile Phone Financial Services, which discussed mobile money and the application of international anti-money laundering (AML) and combating the financing of terrorism (CFT) standards. For most, how to craft a regulatory regime that expands access to financial services to the poor through the development of mobile phone financial services, but compliant with AML/CFT standards remains elusive. Specific AML/CFT regulations related to mobile money have not been issued in many jurisdictions, mainly due to the lack of awareness of the risks these services can pose if the right controls are not in place. Because the international standards for AML/CFT, the Financial Action Task Force s 40 + 9 Recommendations were designed and issued well before mobile money technology and business models became prevalent, even developed countries have begun to face challenges with their regulation. The project team aims to provide practical guidance to jurisdictions and the Industry on how to draft regulations and internal guidelines that allow them to comply with AML/CFT standards with enough flexibility for mobile money to thrive. Specifically, the paper (1) takes stock of new AML/CFT regulations and practices relevant to Mobile money, (2) design guidelines for drafting AML/CFT regulations that cover mobile money and (3) propose examples of best practices for the Industry to include AML/CFT in their own business model.

Author : Phoebus L. Athanassiou
Publisher : Kluwer Law International B.V.
Page : 288 pages
File Size : 44,8 Mb
Release : 2016-04-24
Category : Law
ISBN : 9789041187826

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Digital Innovation in Financial Services by Phoebus L. Athanassiou Pdf

Consumer behaviour is rapidly trending towards the use of digital devices as instruments through which to transact day-to-day business. This original and timely book shows how this trend creates new opportunities not only for retail consumers but also for financial service providers, regulators and central banks. The author offers a comprehensive overview of these opportunities and their countervailing legal and regulatory challenges. The author describes and analyses in unprecedented detail the application of digital financial innovation (FinTech), and some of its core manifestations, including virtual currencies, Blockchain and distributed ledger technologies to the delivery of financial services, in areas such as: – payments; – securities clearing and settlement; – central banking; – real-time access to financial information; – instant completion of core financial transactions; – data validation and reconciliation processes; and – digital contracting (smart contracts). Also clarified are the legal and other barriers to be overcome – including cybersecurity and risks to privacy – before any widespread adoption of digital innovation in the highly regulated financial sector context can occur. As an informed assessment of the legal merits and risks of technological innovation for financial service providers and central banks, and as a contribution to establishing a conceptual framework within which to analyse and better understand the applications of digital innovation to the financial sector, this practical work is bound to be welcomed by legal practitioners and legal scholars alike with an interest in financial services. Policymakers and regulators will also appreciate its guidance on how to temper the less benevolent aspects of FinTech with targeted, risk-focused regulation, so as to promote innovation and preserve the potential benefits for financial markets and their participants alike.

Author : Mr.Tanai Khiaonarong,Terry Goh
Publisher : International Monetary Fund
Page : 38 pages
File Size : 41,5 Mb
Release : 2020-05-29
Category : Business & Economics
ISBN : 9781513531496

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Fintech and Payments Regulation: Analytical Framework by Mr.Tanai Khiaonarong,Terry Goh Pdf

Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on activities and risks as market structure changes. This paper draws on recent international experiences in modernizing legal and regulatory frameworks for payment services. An analytical framework based on a four-step process is proposed—(i) identifying payment activities; (ii) licensing entities and designating systems; (iii) analyzing and managing risks, and (iv) promoting legal certainty. As payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements should be warranted.

Author : Mr.Amadou N Sy,Mr.Rodolfo Maino,Mr.Alexander Massara,Hector Perez Saiz,Preya Sharma
Publisher : International Monetary Fund
Page : 61 pages
File Size : 50,9 Mb
Release : 2019-02-14
Category : Business & Economics
ISBN : 9781484385661

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FinTech in Sub-Saharan African Countries by Mr.Amadou N Sy,Mr.Rodolfo Maino,Mr.Alexander Massara,Hector Perez Saiz,Preya Sharma Pdf

FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.

Author : Gabriella Gimigliano
Publisher : Springer
Page : 314 pages
File Size : 52,6 Mb
Release : 2016-07-25
Category : Business & Economics
ISBN : 9781137575128

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Bitcoin and Mobile Payments by Gabriella Gimigliano Pdf

This book provides a critical analysis of The European Union’s regulatory framework for mobile payments and bitcoin. Chapters discuss the creation of the EU single market for e-payments and combine legal analysis with comparative case studies in their exploration of the regulatory challenges surrounding e-payments. The contributing authors analyse the key economic and legal issues of the development of bitcoin and mobile payments within the EU framework through a comparative lens. They cover topics ranging from user data and funds protection and the stability of the payment system to the competitiveness of the EU market. Providing a comprehensive and methodological guide to the bitcoin and mobile payments in Europe, this book will prove an illuminating and informative read for academics, students and policy makers with an interest in the impact of innovation on payment systems.

Author : Nwanneka V. Ezechukwu
Publisher : Taylor & Francis
Page : 202 pages
File Size : 51,6 Mb
Release : 2023-03-17
Category : Law
ISBN : 9781000851465

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Mobile Payments, Consumer Policy, and the Law by Nwanneka V. Ezechukwu Pdf

Mobile technology offers an innovative and cost-effective channel for delivering a range of financial services, including mobile payments. In some jurisdictions, mobile payments simply provide a convenient option for facilitating payment transactions. In other jurisdictions, mobile payments are viewed as potentially transformative because they present an opportunity to expand access to financial services. However, as with other innovations, mobile payments raise consumer protection concerns and require robust regulatory mechanisms to address such concerns. Against this backdrop, the book adopts a typology of consumer policy tools which can be used to address the identified consumer concerns. This typology guides the enquiry into the existing consumer protection frameworks applying to mobile payments in selected jurisdictions (Canada, Kenya, and the United Kingdom). The main objective of this endeavour is to identify best practices that national authorities seeking to leverage mobile payments and similar innovations can emulate. This book will be of interest to policymakers, regulators, industry stakeholders, students, and scholars interested in the regulation of innovative financial services, particularly from a consumer protection perspective.

Author : Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida
Publisher : International Monetary Fund
Page : 128 pages
File Size : 54,9 Mb
Release : 2016-06-30
Category : Political Science
ISBN : 9781498336536

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The Withdrawal of Correspondent Banking Relationships by Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida Pdf

This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.

Author : Ms.Inutu Lukonga
Publisher : International Monetary Fund
Page : 51 pages
File Size : 41,9 Mb
Release : 2018-09-11
Category : Business & Economics
ISBN : 9781484376546

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Fintech, Inclusive Growth and Cyber Risks: Focus on the MENAP and CCA Regions by Ms.Inutu Lukonga Pdf

Financial technology (fintech) is emerging as an innovative way to achieve financial inclusion and the broader objective of inclusive growth. Thus far, fintech in the MENAP and CCA remains below potential with limited impact on financial inclusion. This paper reviews the fintech landscape in the MENAP and CCA regions, identifies the constraints to the growth of fintech and its contribution to inclusive growth and considers policy options to unlock the potential.

Author : Mr.Ghiath Shabsigh,Mr.Tanai Khiaonarong,Mr.Harry Leinonen
Publisher : International Monetary Fund
Page : 22 pages
File Size : 41,6 Mb
Release : 2020-06-24
Category : Business & Economics
ISBN : 9781513536330

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Distributed Ledger Technology Experiments in Payments and Settlements by Mr.Ghiath Shabsigh,Mr.Tanai Khiaonarong,Mr.Harry Leinonen Pdf

Major transformations in payment and settlements have occurred in generations. The first generation was paper-based. Delivery times for payment instruments took several days domestically and weeks internationally. The second generation involved computerization with batch processing. Links between payment systems were made through manual or file-based interfaces. The change-over period between technologies was long and still some paper-based instruments like checks and cash remain in use. The third generation, which has been emerging, involves electronic and mobile payment schemes that enable integrated, immediate, and end-to-end payment and settlement transfers. For example, real-time gross settlement systems have been available in almost all countries. DLT has been viewed as a potential platform for the next generation of payment systems, enhancing the integration and the reconciliation of settlement accounts and their ledgers. So far, experiments with DLT experimentations point to the potential for financial infrastructures to move towards real-time settlement, flatter structures, continuous operations, and global reach. Testing in large-value payments and securities settlement systems have partly demonstrated the technical feasibility of DLT for this new environment. The projects examined analyzed issues associated with operational capacity, resiliency, liquidity savings, settlement finality, and privacy. DLT-based solutions can also facilitate delivery versus payment of securities, payment versus payment of foreign exchange transactions, and efficient cross-border payments.

Author : El Bachir Boukherouaa,Mr. Ghiath Shabsigh,Khaled AlAjmi,Jose Deodoro,Aquiles Farias,Ebru S Iskender,Mr. Alin T Mirestean,Rangachary Ravikumar
Publisher : International Monetary Fund
Page : 35 pages
File Size : 51,9 Mb
Release : 2021-10-22
Category : Business & Economics
ISBN : 9781589063952

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Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance by El Bachir Boukherouaa,Mr. Ghiath Shabsigh,Khaled AlAjmi,Jose Deodoro,Aquiles Farias,Ebru S Iskender,Mr. Alin T Mirestean,Rangachary Ravikumar Pdf

This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.