- Overview of Current and Future Payment Ecosystems
- Alternative Currencies - Ven and HubCulture
- National Banking Infrastructure - United States Federal Reserve
- Web Developers - Yandex Money
- International Infrastructure - World Bank
- Card Processing - Worldline
- Remittances and the Underbanked - Bloomberg
- General Discussion about Financial Infrastructure
- Daniel Appelquist
- Manu Sporny
- Daniel Appelquist, Manu Sporny, Charles McCathie Nevile, Stan Stalnaker, Bryan Sullivan, Virginie Galindo, Ken Isaacson, Wendy Seltzer, Evgeny Vinogradov, Jörg Heuer, Ricardo Varela, Harish Natarajan, Olivier Maas, Prakash Hariramani, Dave Birch, Erik Anderson, Axel Nennker, Joseph Potvin, Hannes Tschofenig, Adrian Citu, Alexander Gee, Connie Theien, Emil Johansson, Jeff Jaffe, Michel Leger, Louise Bennett, Ernesto Jimenez, Dave Raggett, and 75 others for a total of 103+ people
Manu Sporny is scribing.
Note: These are minutes for an official W3C Workshop event that have been cleaned up and reformatted by the Web Payments Community Group. The Web Payments Community Group and the W3C are two different organizations, and it is the W3C that managed this event. These minutes may be handed over to the W3C to become the official minutes for the event, but that has not happened yet (and may not happen at all). Readers should understand that there is a difference between officially sanctioned W3C work, and the work done by the Web Payments Community Group (which is not officially sanctioned by W3C's membership).
Topic: Overview of Current and Future Payment Ecosystems
Topic: Alternative Currencies - Ven and HubCulture
USE CASE: Bots that execute financial operations on behalf of users.
Stan shows Hubs that show Ven.
KYC == Know Your Customer
AML == Anti-Money Laundering
USE CASE: Personal vault can host information/assets and issue ids useful for various things (e.g. payments?)
Loud ringing drives Stan off of the stage. Chaals is being brutal w/ speaker timing.
USE CASE: Managed access to personal identity/attributes as economically valuable assets in a payment system
Topic: National Banking Infrastructure - United States Federal Reserve
ACH == Automated Clearing House (bank-based payments)
Loud ringing drives Ken off the stage.
Topic: Web Developers - Yandex Money
USE CASE: Invoke payment service via URI scheme.
USE CASE: Simple URI system - simple payment markup that developers get right.
USE CASE: Enable customer-based selection of payment processor.
USE CASE: Switch payment method in the middle of a transaction.
USE CASE: Allow loyalty cards, coupons, etc. as a payment mechanism.
Topic: International Infrastructure - World Bank
USE CASE: National incentives for using web-based payments due to beneficial effects upon economy.
Scribe missed slide #6.
USE CASE: Ensure access to payment systems by non-traditional channels, where barriers exist for traditional channels
Topic: Card Processing - Worldline
USE CASE: Secure Element-based offline payment.
An unknown voice from the crowd asks: "Do card schemes agree w/ this card not present mechanism?"
USE CASE: Browser-mediated offline transactions.
Chaals next up is Erik Anderson from Bloomberg.
Topic: Remittances and the Underbanked - Bloomberg
USE CASE: Sending money to family internationally via low-cost methods.
Erik shows very complex slide showing how money flows.
This is just for US -to Mexico.
USE CASE: Enable financial regulation (e.g. reporting above a certain value) to be implemented directly in payment protocols
USE CASE: Enable Zero-trust transactions.
Chaals thanks the panelists for their presentations.
USE CASE: Leveraging variable degrees of identity/anonymity per requirements of the payment transaction.
Topic: General Discussion about Financial Infrastructure
USE CASE: Realtime purchases involving prerequisite reception of funds from international sources (e.g. family).
USE CASE: Mixed sources of payment for a single transaction, using multiple payments with minimal transaction overhead.
USE CASE: Selection of payment method based upon desired payment speed and cost.
USE CASE: Option to get faster payment if you pay more.
USE CASE: Selection of payment service based upon ability to handle escrow for untrusted merchants.
USE CASE: Rights & responsibilities of a transaction being associated with the context of the transaction, and conveyed to parties in the transaction.
Someone named Sergio made this point: "US printed $27 billion in non-$100 bills, lowest since 1981."
Sergio added: "So the US is printing record amounts of $100 bills, which are used primarily for criminal purposes"
Sergio adds: "Ergo the US is in favour of anonymity for criminal transactions but not for legitimate transactions - seems a crazy policy to me."
USE CASE: Take the change for your $100 bill through a web payment.
Clapping to thank panelists and audience, session 1 adjourns.