- Session 3: Back End: Banks, Regulation, and Future Clearing
- Card Processing - Worldline
- Global Payments - World Bank
- Future Clearing - Ripple Labs
- Alternative Currencies - CoinApex
- National Infrastructure - US Federal Reserve
- General Discussion on Back-end Systems
- Daniel Appelquist
- Prakash Hariramani and Dave Raggett
- Daniel Appelquist, Prakash Hariramani, Erik Anderson, Jean-Claude Barbezange, Harish Natarajan, Bryan Sullivan, Dave Birch, Charles McCathie Nevile, Evan Schwartz, Dave Raggett, Max Raskin, Connie Theien, Manu Sporny, D. Jaromil Roio, Stan Stalnaker, Gray Taylor, Stéphane Boyera, Ricardo Varela, Bailey Reutzel, Jörg Heuer, Giridhar Mandyam, Wendy Seltzer, Jeremy King, and 80 others for a total of 103+ people
Prakash Hariramani 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: Session 3: Back End: Banks, Regulation, and Future Clearing
Stephane introduces the session moderator, Erik Anderson from Bloomberg
Erik introduces Jean Claude Barbezange from Worldline
Topic: Card Processing - Worldline
Slide 1: Legacy web payment mode
PAN = Personal Account Number
CVV = security code at back of card
Slide 3: Legacy Web Payment - Back end
Slide 4: Legacy web payment mode
Slide 5: New web payment mode (crypto currencies)
Slide 6: New web payment mode
Slide 7: New Web Payment mode: Back end
Slide 8: Conclusion
Topic: Global Payments - World Bank
Slide 4: Findings & policy implications ..
Slide 5: interoperability
Slide 7: Infrastructure and access interoperability//use of clearing & settlement
Slide 9: Legal and Regulatory Considerations
USE CASE: Payment process includes user informed consent requirements about "what they are getting into".
Laughter from audience.
Topic: Future Clearing - Ripple Labs
Next slide (no slide numbers unfortunately) : Ripple payments are . . .
Slide: Payments technologies are not interoperable ..
Slide: Web payments need decentralized clearing and settlement
Slide: Ripple connects payments technologies
Slide: Ripple connects payment networks (slide with Paypal, Bank of America logo)
Slide: Ripple has 4 broad categories of users
Slide: Send from any currency to any currency ..
Slide: Receive only the currency you want
USE CASE: Send money in any currency, have the network automatically do currency conversion, give currency at the other end in the receivers native currency.
Slide: Market makers facilitate exchange
Slide: Market makers compete on a distributed exchange
USE CASE: Market makers acting as a transfer agent (foreign exchange happens automatically)
Slide: Financial institutions act as entry/exit points on Ripple
Slide: Deal only with institutions you trust
Slide: Connected without needing any prior business arrangements
Picture of 2 Ripple gateways and market makers are between them doing currency conversion.
USE CASE: Transfer money through gateway providers of financial networks.
USE CASE: Knowing through which financial network your transaction will be delivered (you might care?).
Dave Raggett is scribing.
Topic: Alternative Currencies - CoinApex
Erik introducing Max from CoinAPex.
Topic: National Infrastructure - US Federal Reserve
Erik introduces Connie Theien from the US Federal Reserve
USE CASE: Electronically originated checks
USE CASE: Knowing what info will be required to supplement a transaction.
USE CASE: Knowing that data minimization principles are followed by systems in a payment chain
Topic: General Discussion on Back-end Systems
Someone from the audience says -"Is fixing the broken Card Not Present system in scope?"
Unknown person from audience - will crypto currencies become important for wallet to wallet transactions?
Chaals wanted to you wanted to say there is a market for VISA/Mastercard apart from interchange, and there are plenty of people living in wildly fluctuating currencies.
Laughter from the audience.
End of session 3.