A Study of Third-party Online Payment: Risk Control and Supervision Analysis

In recent years, with the continuous development of E-commerce, the third-party online payment pattern is gaining increasingly popularity among users. Characterized by its convenience, high-credibility and safety, it has become the mainstream pattern of online payment. With its rapid development, the third-party online payment has drawn more and more attention among people from all circles. And the focus of the attention is on the risks of using this platform. In this paper, the author introduces the present development status of the third-party online payment. On the basis of that, the paper focuses on the risk analysis and supervision in the process of operation by employing scenario analysis and list technique. In order to prevent and control risks in the third-party online payment, we should study the third-party online payment market thoroughly and take all aspects into consideration. It will shape a healthy and stable development trend only when all parties related work cooperatively

Electronic security - risk mitigation in financial transactions : public policy issues

This paper builds on a previous series of papers (see Claessens, Glaessner, and Klingebiel, 2001, 2002) that identified electronic security as a key component to the delivery of electronic finance benefits. This paper and its technical annexes (available separately at http://www1.worldbank.org/finance/) identify and discuss seven key pillars necessary to fostering a secure electronic environment. Hence, it is intended for those formulating broad policies in the area of electronic security and those working with financial services providers (for example, executives and management). The detailed annexes of this paper are especially relevant for chief information and security officers responsible for establishing layered security. First, this paper provides definitions of electronic finance and electronic security and explains why these issues deserve attention. Next, it presents a picture of the burgeoning global electronic security industry. Then it develops a risk-management framework for understanding the risks and tradeoffs inherent in the electronic security infrastructure. It also provides examples of tradeoffs that may arise with respect to technological innovation, privacy, quality of service, and security in designing an electronic security policy framework. Finally, it outlines issues in seven interrelated areas that often need attention in building an adequate electronic security infrastructure. These are: 1) The legal framework and enforcement. 2) Electronic security of payment systems. 3) Supervision and prevention challenges. 4) The role of private insurance as an essential monitoring mechanism. 5) Certification, standards, and the role of the public and private sectors. 6) Improving the accuracy of information on electronic security incidents and creating better arrangements for sharing this information. 7) Improving overall education on these issues as a key to enhancing prevention.Knowledge Economy,Labor Policies,International Terrorism&Counterterrorism,Payment Systems&Infrastructure,Banks&Banking Reform,Education for the Knowledge Economy,Knowledge Economy,Banks&Banking Reform,International Terrorism&Counterterrorism,Governance Indicators

Payment Card Systems in Europe: Convergence or Disappearance?

This article provides a descriptive overview of the payment card industry in Europe and compares the various forms of organization of payment card systems in European countries. This synthesis helps to understand the paradoxes and the challenges entailed in the creation of the Single Euro Payments Area.SEPA, payment cards, payment systems, banks, payment instruments.

Financial Institutions and Foreclosure Intervention: Innovative Partnerships and and Strategies to Better Serve Borrowers in Default

In an effort to provide an overview of best practices around foreclosure intervention efforts, interviews were conducted with lenders and loan servicers that have been actively engaged in efforts to support foreclosure intervention services and partnerships with independent, third-party counseling agencies. Most agree that in order to better serve homeowners experiencing mortgage delinquency, increased effort should be made not only to reach those borrowers but also at the same time to provide them with access to quality information and counseling services as well as appropriate workout solutions delivered consistently and thoughtfully.This is an industry that has rapidly grown and experienced substantial innovation in the last several years. Servicers and nonprofit service providers committed to reducing foreclosure rates understand the importance of building relationships with each other in order to serve their customer -- the homeowner -- and most strategies undertaken are the result of efforts that require partnership

Airline E-commerce user experience experiment: An investigation of Thai LCCs passengers' purchasing behaviour among different online platforms

Purpose: This study examines the current state of the airline’s e-commerce platforms and seek to identify their benefits and disadvantages in the aspect of user experience. Design/methodology/approach: The study commenced by first reviewing the literatures on actual sale figure from the studied Thai LCC, user interface (UI) and user experience (UX). It then proceeded to gather the empirical evidences using questionnaires from 135 active air passengers who have online purchasing experience. The composite findings from literature review and surveys were then used to design and apply for the final phase which is a series of in-depth interviews of air passengers on their usability test sessions and experts from the related industries. Coding and clustering was utilised to analyse the qualitative data obtained. Findings: The study examines the differences in online ticket purchasing platforms including airline's website, mobile-site and mobile application. The results identified five areas of factors: physical, trust, willingness to learn, context of use and adjustment. With regard to these factors, there are no single platform that outperform others. Airlines need to ensure that UX/UI of all platforms meet the users’ requirements in all circumstances. Originality/value: The study reveals the customer thinking processes on online purchasing behaviour. It focuses on web-usability and user experience of different booking platforms. The findings allow the subjected LCC to improve customer experience and optimise its platforms. The paper could also benefit other entrepreneurs who are in the related industry or similar contexts. In addition, the study of user-experience in the context of airline industry, particularly in the emerging countries like Thailand is limited.Peer Reviewe

Shadow Banking and Systemic Risk in Europe and China

We compare the European and Chinese shadow banking systems. While the European shadow banking system is better developed than the Chinese shadow banking system, herd behavior and other factors in European markets create systemic risk, which contributed in part to the financial crisis. Dispersion of risk across the "under-developed" shadow banking system in China has led to some cases of localized, concentrated risk, but not to systemic risk. We discuss proposed European shadow banking regulation and its implications for systemic risk, and discuss what lessons China might glean from such policies. We also discuss what lessons China's diverse and systemically uncoordinated shadow banking sector might provide for Europe

Identity theft: a pernicious and costly fraud

On October 3, 2003, the Payment Cards Center of the Federal Reserve Bank of Philadelphia sponsored a workshop on identity theft to examine its growing impact on participants in our payments system. Avivah Litan, vice president and research director of financial services for Gartner Inc., led the workshop. The discussion began and this paper follows with a broad study of identity theft, at times compared with traditional payment fraud, and continues with an evaluation of its overall risk to consumers, merchants, and credit providers. The paper compares the incentives each such party has to address identity theft in concert with current market response to the crime. Finally, the paper concludes by posing several questions for further study. This paper supplements material from Litan’s presentation with additional research on the crime of identity theft.Fraud ; Identity theft

Research on Mode and Risk Prevention of Agricultural Supply Chain Finance based on E-commerce

The rapid development of e-commerce has a profound impact on agricultural supply chain finance (ASCF), which is of great significance to enhance the resilience of agricultural economic development, realize the poverty alleviation effect of agricultural enterprises, integrate agricultural supply chain resources and solve the financing difficulties of agricultural enterprises. We analyze the participants and functions of the ASCF mode based on e-commerce, and the contract framework of various participants when they operate in the ASCF platform in this paper. Based on the agricultural industry chain, we analyze the operation process of accounts receivable financing mode, inventory financing mode and prepayment financing mode based on E-commerce. Finally, in view of the natural risks, credit risks, logistics risks, technical risks and legal risks that may exist in ASCF based on e-commerce, the corresponding countermeasures are put forward from the aspects of dispersing natural risks, building digital credit risk assessment system, building agricultural logistics network system, improving technical risk monitoring system, and improving relevant laws and regulations policy recommendations