'The Transposition of the Payment Services Directive ('PSD') into UK Domestic Law: Providing a Solution to Overcoming the New Regulatory Challenges that Financial Institutions Will Face'

2009 ◽  
Author(s):  
Michael Huertas
Keyword(s):  
Financial Institutions ◽  
Payment Services ◽  
Domestic Law ◽  
Regulatory Challenges

Adoption of Electronic Payment Services by Iranian Customers

2012 ◽  
pp. 268-285 ◽  
Author(s):  
Abbas Keramati ◽  
Bahar Hadjiha ◽  
Rose Taeb ◽  
Navid Mojir
Keyword(s):  
Service Quality ◽  
Conceptual Model ◽  
Diffusion Of Innovation ◽  
Financial Institutions ◽  
Perceived Risk ◽  
Electronic Payment ◽  
Adoption Research ◽  
Risk Culture ◽  
Payment Services ◽  
Practical Implications

The objective of this paper is to investigate customers’ adoption of Electronic payment services. This study contributes to existing e-payment and adoption research by presenting a detailed description of factors that enhance and inhibit electronic payment adoption. The proposed conceptual model has been developed based on TAM, diffusion of innovation and PCI models, and adding the factors of security, cost, perceived risk, culture, trust, service quality and network externalities. The model has been examined by using a questionnaire within the Iran context. Based on obtained results, practical implications and suggestions for Iran banks and financial institutions are discussed.

QR Digital Payment System Adoption by Retailers

2021 ◽  
Vol 34 (3) ◽  
pp. 41-63
Author(s):  
Yun Jiang ◽  
Hassan Ahmad ◽  
Asad Hassan Butt ◽  
Muhammad Nouman Shafique ◽  
Sher Muhammad
Keyword(s):  
Financial Institutions ◽  
Diffusion Theory ◽  
Research Work ◽  
Qr Code ◽  
Review Of The Literature ◽  
Innovation Diffusion Theory ◽  
Business Operations ◽  
Payment Services ◽  
The Government ◽  
Future Technologies

The acme of this paper was to examine the QR code payment services adoption by retailers in Pakistan. An all-inclusive review of the literature and data analysis has justified the purpose to use this inventive technology. The study established that innovation diffusion theory (IDT) dimensions and convenience impacted the usefulness of QR code payment services which are well-thought-out critical antecedents of accepting future technologies. The inferences of this research work provide valuable acumens for banks, financial institutions, and the government to develop a platform about digital payment for the retailers, wholesalers, and the end consumers. Further, the study approves that QR code payment services will aid to advance the business operations in Pakistan in the COVID-19 pandemic.

scholarly journals Synthetic Minority Oversampling and Smote Regularised Deep Autoencoders Neural Network Techniques for Fraud Prediction in Financial Payment Services

2019 ◽  
Vol 8 (12) ◽  
pp. 3908-3915
Keyword(s):  
Neural Network ◽  
Machine Learning ◽  
Financial Institutions ◽  
Fraud Detection ◽  
Machine Learning Algorithms ◽  
Decision Tree Classifier ◽  
Class Imbalance Problem ◽  
Good Recall ◽  
Tree Classifier ◽  
Payment Services

Frauds in Financial Payment Services are the most prevalent form of cybercrime. The increased growth in e-commerce and mobile payments in recent years is behind the rising incidence of fraud in financial payment services. According to "McKinsey, fraud losses throughout the world could be close to $44 billion by 2025." Every year, fraudulent card transactions causes billions of US Dollar of loss. To reduce these losses, designing effective fraud detection algorithms is essential, which depend on sophisticated machine learning methods to help investigators in fraud. For banks and financial institutions, therefore, fraud detection systems have gained excellent significance. Though the fake transactions are very low when compared to genuine transaction, care must be taken to predict it so that the financial institutions can maintain the customer integrity. As fraud is unlikely to occur compared to normal operations, we have the class imbalance problem. We applied Synthetic Minority Oversampling TEchnique (SMOTE) and the Ensemble of sampling methods(Balanced Random Forest Classifier, Balanced Bagging Classifier, Easy Ensemble Classifier, RUS Boost) to Ensemble machine learning algorithms Performance assessment using sensitivity, specificity, precision, ROC area. The purpose of this article is to analyze different predictive models to see how precise they are to detect whether a transaction is a standard payment or a fraud. Instead of misclassifying a real transaction as fraud, this model seeks to improve detection of fraud. We noted that the technique of Ensemble learning using Maximum voting detects the fraud better than other classifiers. Decision Tree Classifier, Logistic Regression, Balanced Bagging classifier is combined and the proposed algorithm is OptimizedEnsembleFD Algorithm. The sample size is increased and deep learning is applied .It is found that the proposed system Smote Regularised Deep Autoencoders (SRD Autoencoders) neural network performs better with good recall and accuracy for this large dataset.

scholarly journals THE DSN-MUI FATWA RELATED TO FINTECH APPLICATIONS IN ISLAMIC FINANCIAL INSTITUTIONS REVIEW

2020 ◽  
Vol 9 ◽  
Author(s):  
Nunung Nurlaela
Keyword(s):  
Qualitative Research ◽  
Financial Institutions ◽  
Legal Status ◽  
Social Situation ◽  
Research Subjects ◽  
Electronic Money ◽  
The Social ◽  
Islamic Financial Institutions ◽  
Payment Services ◽  
Islamic Economic

ABSTRACT – The tendency of society towards halal products is currently increasing, related to objects and muamalah. The development of the fintech applications needs to be tested or detailed again. Apart from examining this legal status, an interesting thing to develop is how to formulate a fintech application in accordance with the Islamic economic viewpoint. Therefore it is very necessary to always review the DSN-MUI fatwa regarding fintech applications in Islamic financial institutions. The results of this study will be an input for the DSN-MUI to formulate policies and fatwas. This research is a qualitative type. Through qualitative research, it is expected to be able to see phenomena more broadly and deeply in accordance with what is happening and developing in the social situation under study. The research subjects in this study are: (1) Sharia Card, (2) Sharia Charge Card, (3) Transfer and Collection, (4) Payment Services, and (5) Sharia Electronic Money. The results of this study indicate that: (1) the sharia card product is more appropriate to use the hawalah contract compared to the kafalah contract, and it is necessary to fix overdue fines, montly fees that are not related to debt, and remove merchant fees; (2) Sharia Charge Card products should use a hawalah contract rather than a kafalah contract and need to eliminate overdue fines; (3) the use of the wakalah contract on transfer and collection products is correct; (4) payment service products that use a wakalah and ijarah contract should only use one of them; and (5) electronic money can function like money, and there is no gharar case in this electronic money, and allows administration money and card making, and the transactions uses the hawalah principle. So, five improvements are proposed to the DSN-MUI fatwas related to fintech applications.

scholarly journals KONSEP FEE BASED SERVICES DALAM PERBANKAN SYARIAH

2018 ◽  
Vol 1 (2) ◽  
pp. 235
Author(s):  
Yutisa Tri Cahyani
Keyword(s):  
Qualitative Research ◽  
Financial Institutions ◽  
Islamic Banks ◽  
Service Facility ◽  
Letter Of Credit ◽  
Administrative Costs ◽  
Payment Services ◽  
Letters Of Credit ◽  
Descriptive Qualitative

Abstract:This article analyzes the concept of fee based services in Islamic banks. Islamic banks are financial institutions that provide various forms of transactions, one of which is to provide various types of transactions in the field of service or fee based service. This service service consists of various kinds of service products according to the type of contract. In terms of service, banks obtain revenue in the form of fee-based income service. Fee based income comes from costs intended to facilitate the implementation of transactions or financing. This service facility is provided to customers and non-bank customers. In this writing using a type of descriptive qualitative research. The limitations in this writing are focused on the concept of income of Islamic banks in the form of fee-based income service. Fee based income comes from administrative costs that come from transactions in transfer, collection, clearing, bank guarantees, letters of credit, and other payment services. These contracts in the concept of fee based income services include Al Wakalah, Al-Kafalah, Al-Hawalah, Ar-Rahn, and Qardh.  الملخص: البنوك الإسلامية هي مؤسسات مالية تقدم أنواعًا مختلفة من المنتجات ، أحدها في قطاع الخدمات, تتكون الخدمات التي تقدمها البنوك الإسلامية من أنواع مختلفة من منتجات الخدمات التي تتوافق مع نوع العقدها من حيث هذه الخدمة يحصل البنك علىالدخل القائم على الرسوم. يأتي الدخل على أساس الرسوم من التكاليف التي تهدف إلى تسهيل تنفيذ المعاملات أو التمويل، تقدم المصارف الإسلامية تسهيلات الخدمات للعملاء أو غير العملاء. يشمل مفهوم الخدمات (الدخل المستند إلى الرسوم) في الخدمات المصرفية الإسلامية الوكلة، والكفلة، والحولة، والرهن، والقرض. Abstrak:Artikel ini menganalisis tentang konsep fee based services dalam bank syariah. Bank syariah merupakan lembaga keuangan yang menyediakan berbagai macam bentuk transaksi, salah satunya ialah menyediakan berbagai macam transaksi dibidang pelayanan jasa atau fee based service. Pelayanan jasa ini terdiri dari berbagai macam produk layanan sesuai dengan jenis akadnya. Dalam hal pelayanan jasa, bank memperoleh pendapatan yang berupa fee based income service. Fee based income berasal dari biaya-biaya yang ditujukan untuk mempermudah pelaksanaan transaksi ataupun pembiayaan. Fasilitas pelayanan jasa ini diberikan kepada nasabah maupun bukan nasabah bank tersebut. Dalam penulisan ini menggunakan jenis penelitian kualitatif deskriptif. Batasan dalam penulisan ini difokuskan pada konsep pendapatan bank syariah dalam bentuk fee based income service. Fee based income berasal dari biaya-biaya administrasi yang berasal dari transaksi jasa transfer,  inkaso,  kliring, bank garansi, letter of credit, dan jasa pembayaran lainnya.Akad dalam konsep fee based income services ini diantaranya adalah Al-Wakalah, Al-Kafalah, Al-Hawalah, Ar-Rahn, dan Qardh.

scholarly journals The Development of Payment Services as an Example of Disintermediation in the Financial System

e-Finanse ◽  
2016 ◽  
Vol 12 (2) ◽  
pp. 60-73
Author(s):  
Agnieszka Alińska ◽  
Izabela Czepirska
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Supply And Demand ◽  
Financial System ◽  
Financial Sector ◽  
Financial Systems ◽  
Underlying Causes ◽  
Payment Services

Abstract The reasons for disintermediation in the financial systems can be found on both sides of supply and demand. This progressing phenomenon is a result of numerous changes in the post-crisis financial sector landscape. In this article, the authors analyse the underlying causes of the shift away from formal financial institutions in the area of financial services as well as present the Polish payment services market as an example of banks’ receding role in the traditional intermediation between market players.

Adoption of Electronic Payment Services by Iranian Customers

2010 ◽  
Vol 1 (4) ◽  
pp. 80-97 ◽  
Author(s):  
Abbas Keramati ◽  
Bahar Hadjiha ◽  
Rose Taeb ◽  
Navid Mojir
Keyword(s):  
Service Quality ◽  
Conceptual Model ◽  
Diffusion Of Innovation ◽  
Financial Institutions ◽  
Perceived Risk ◽  
Electronic Payment ◽  
Adoption Research ◽  
Risk Culture ◽  
Payment Services ◽  
Practical Implications

The objective of this paper is to investigate customers’ adoption of Electronic payment services. This study contributes to existing e-payment and adoption research by presenting a detailed description of factors that enhance and inhibit electronic payment adoption. The proposed conceptual model has been developed based on TAM, diffusion of innovation and PCI models, and adding the factors of security, cost, perceived risk, culture, trust, service quality and network externalities. The model has been examined by using a questionnaire within the Iran context. Based on obtained results, practical implications and suggestions for Iran banks and financial institutions are discussed.

scholarly journals The Regulation of Cryptocurrencies under Ethiopian Legal Norms

2021 ◽  
Vol 15 (1) ◽  
pp. 173-194
Author(s):  
Messay Asgedom Gobena
Keyword(s):  
Money Laundering ◽  
Financial Institutions ◽  
Payment System ◽  
Electronic Money ◽  
Legal Norms ◽  
Rapid Pace ◽  
Payment Services ◽  
The Government ◽  
Legal Frameworks ◽  
Depth Interviews

Cryptocurrencies are a subset of virtual currencies that have been devised for anonymous payments made entirely independent of governments and traditional financial institutions. The payment system of cryptocurrencies is expanding at a rapid pace and has reached Ethiopia. This article examines the extent to which cryptocurrencies are regulated under Ethiopia’s national payment system and anti-money laundering legal norms. The study has employed doctrinal research supported by in-depth interviews. During the last decade, Ethiopia has adopted several legal frameworks that govern different aspects of the payments landscape, most notably regarding payment services and electronic money. The country has anti-money laundering legal norms that are embodied in domestic laws and international and regional instruments that it has ratified. However, these legal norms have strategic deficiencies in regulating cryptocurrencies. Thus, the government of Ethiopia should consider enacting a comprehensive law that regulates the payment system of cryptocurrencies.

scholarly journals ELIGIBILITY OF THE FURTHER DELEGATION OF THE DICRETIONARY POWERS TO THE NATIONAL BANK OF UKRAINE

2021 ◽  
Vol 4 (39) ◽  
pp. 12-20
Author(s):  
T. Hudima ◽  
O. Chaban
Keyword(s):  
Central Bank ◽  
Financial Stability ◽  
Separation Of Powers ◽  
Legal Regulation ◽  
State Of The Economy ◽  
National Bank ◽  
Payment Services ◽  
The Uk ◽  
Domestic Law ◽  
Discretionary Powers

Abstract. The article presents the results of the analysis of the functions of National Bank of Ukraine and the Bank of England through the prism of the challenges imposed by the dynamic nature of the society and globalization processes. The article highlights the different approach used by two different countries (Ukraine and the U.K.) while implementing the same provisions of the Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 On payment services in the international market into the domestic law. By the research it is proved that in order to guarantee the financial stability and at the same time provide the function of a supervisor, the central bank of a particular country does not need to have unlimited discretionary powers. In lieu of that, balanced system consisting of a range of fully and or partially independent from each other financial institutions and authorities shall cooperate and co-function under understandable and transparent rules. The article partly underlines the dichotomy between the principles set by the European requirements in particular by the Directive (EU) 2015/2366 and the way in which the same is being implemented in Ukraine. The Bill «On payment services» № 4364 dated 12.11.2020 contains the provisions empowering the National Bank of Ukraine to act as a regulator and supervisor of financial payments market and simultaneously as a participant on the same market. Moreover, the broad discretionary powers of the central bank in Ukraine entails also some legislative functions. Such broad and even discriminatory powers which the National Bank of Ukraine might have are not in line with the European principles in particular and the rule of the separation of powers in general. The distinction between the functions of the monetary regulator and supervisor of the financial payment institutions which the different institutions have in the UK proves that it is possible to reach a balance and to equilibrate the influence of the Central Bank and the Ministry of Finance and their relevant subordinate bodies in order to protect the financial stability and the sound state of the economy of the country. Keywords: independence, payment services, discretion, implementation, financial stability, prudence, legal regulation, European principles. JEL Classіfіcatіon E580, G23, G28, K20 Formulas: 0; fig.: 0; tabl.: 0; bibl.: 22.

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