Digital Money

Branchless Banking (BB) services is the category we use to describe services where banks/Fis leverage non-banks and technology to provide account opening, cash services and alternate financial services.

Mobile Banking refers to the category of services that offer consumers or businesses the ability to utilise a mobile device to conduct a range of banking services.

The Online Banking category includes those services that offer the ability to use the web to conduct a range of banking transactions.

ATM/ACM services (ATM) is the category we use to refer to functionality offered by initiatives that allows consumers to withdraw or deposit cash at self-service centres.

The Cash-In and Cash-Out services (CICO) category is used by us to describe methods such as agent networks, ATM and Kiosks that facilitate cash transfer into or out of digital wallets, and provide customer interface services.

Point of Sale ServiceThe Point of Sale(POS) service includes payment services that allow for payment for goods and services in-person, at locations including stores, post offices and self-service points.

Business to Business Payments (B2B) is the category we use to describe payments and money transfer services offered to businesses.

Business to Person Payments (B2P) is the category we use to describe functionality money transfers for the purposes of payroll, wages and other company payments to individuals.

The Bill Payment (BP) service is the category that covers functionality for consumers to pay a bill directly to a biller, that may be a communications, utility or other provider.

This category refers to Business Solutions for the Small & Medium Enterprise (SME) segment.

Digital Content (DC) is the category under which we classify consumer payements related to purchase of digital content and services. This includes purchase of games, music downloads and other typically small value payments from consumers to companies.

The earnings, pension and wages (EARN) category discusses services involving reciept of money related to personal compensation.

The Government to Consumer (G2P) category includes transfers such as benefits or tax refunds from Government to individuals.

High Value Payments (HVP) typically have different requirements, as opposed to micro-payments. New payment services and innovations address different ranges of value transfer.

The Instant Payment (IP) category is used by us to analyse payment transactions with the fastest payout. These are real-time transfers that generally make the money available within minutes.

This category discusses local payment services. Includes low value payment for example using contactless cards.

Regular payments for low-value services are now being managed through technologies such as contactless payments, mobile NFC payments and other methods.

Mobile payment refers to the use of a mobile device as a channel to initiate payments. This includes both local and remote payments, as well as the use of the mobile device to accept payment (mPOS).

This category describes payment services that allow for purchases or personal payments over the internet.

This category refers to payment systems and platforms.

Trade or Merchant Payments relate to businesses as opposed to consumer transactions.

Anonymity (Anon) is used by us to track the functionality supported by new services that allow payment without revealing details of buyer or seller.

Airtime Transfer (AT) is the category under which we analyse services relating to airtime topup and transfer.

Insurance services is a category under which we analyse insurance services of all kinds, offered within the context of digital money initiatives.

MFI refers to those microfinance services offered by a provider and may include loans to consumers or small businesses.

Mobile health refers to those services offered within the context of digital money initiatives.

This category refers to Money Transfer Services. This includes domestic, regional and international money transfer across all channels.

This category discusses services involving provision of discounts and loyalty.

This category describes other services related to Digital Money.

P2P Lending refers to lending activities that leverage a community of investors and lenders. We include Crowdfunding under this head.

Saving services refers to the ability for new digital money innovative services to offer consumers a way to securely save their money.

Social Payments refers to the ability to offer consumers a way to make payments in the context of their social networking experience.

This category refers to the use of services to pay for transport, transit, parking, ticketing and other charges associated with travel.

Card services (Card) refer to payment card services that support digital money initiatives.

The Cardless ATM services (CardlessATM) describes innovations in ATM Cash Withdrawal such as cardless instant cash.

Credit Scoring services (CreditScore) is the category we use to analyse functionality relating to non-traditional credit scores that are built around the new digital money services.

The hub service (Hub) category is defined by Shift Thought™ to cover infrastructure and interfaces used to facilitate cash transfer into or out of digital wallets, exchange conversion, regulatory checks and the movement of money.

This category describes the provision of intermediary functions relating to payment services.

A trusted service manager (TSM) plays a role within an NFC ecosystem by acting as a neutral broker.

This category refers to B2B services that support integration and build of products and services by other brands.

The E-Wallet domain has been described by Shift Thought™ as a means of understanding the storage of monetary value across a range of technologies that include server and card-based services.

The Mobile Money service category described by Shift Thought™ refers to financial services that provide a stored value account where the customer relationship is not with a bank.

Mobile Wallet service category refers to the use of an account and stored value or e-money associated with a mobile subscriber.

The Prepaid Card category discusses services that involve prepaid cards. Depending on the regulatory environment, these may be issued by non-banks, or may be co-branded.

Virtual currency differs from electronic money as the currency has no physical counterpart with legal tender status. The schemes, of which Bitcoin is the most well known are generally based on a peer-to-peer network.

Asset Management

Corporate Banking

Investment Banking

Digital Banking (DB) is the head we use to describe a range of alternative channels offered by banks to supplement branch services.

Geographical classification at Country level

Geographical classification at Region or Sub-region level

The different channels through which services are made available

The different classes of trade of Agents providing the services

Personas of Digital Money Initiatives

Payment Instruments

Products and Services

Analysis of Banks and Financial Services Players

Regulators, Development or Trade Bodies

Group details

Mobile Network Operators

Payment Players

Post Office

Details about Vendors

Player Presence in different parts of the world

Group Ownership in local operators

Channels in use for financial services

Key Send-Receive corridors for remittances worldwide

Class of trade of players within Financial Services

Profile for Currencies of the world

Economic zones

In-country presence of Banks and Financial Services Players

Regulatory bodies for each part of the world

Presence of groups in different parts of the world

Presence of mobile operators in different parts of the world

Presence of payment service providers in different parts of the world

Regulator Presence in different parts of the world

Vendor Presence in different parts of the world

Geographical classification that unders the knowledge base

Relation between Operations: Products, Channels and COT

The Catalog of Products provides a list of the various products and services and the relationships between them.

This relates to the relationships between topics, and the hierarchy through which discussions have been structured.

Details aboout initiatives in each part of the world

Micro Finance involves the provision of financial services to micro-entrepreneurs and small businesses.

Remote Deposit refers to the ability to deposit a check into a bank account from a remote location, such as an office or home, without having to physically deliver the check to the bank. This is typically accomplished by scanning a digital image of a

Anti-money laundering (AML) is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. Anti-money laund

Customer due diligence measures ensure that businesses know who their clients are, and do not accept clients outside of their normal risk tolerance, or whose business they do not fully understand.

The Combating Financing of Terrorism (CFT) topic covers legislation and topics related to countering the financing of terrorism.

The Foreign Corrupt Practices Act (FCPA) was enacted to prevent the bribery of foreign government officials for commercial advantage.

Know Your Customer, or KYC, refers to the regulatory compliance mandate imposed on financial service providers to implement a Customer Identification Programme and perform due diligence checks before doing business with a person or entity.

Politically Exposed Person (PEP) is the term used to describe someone who has been entrusted with a prominent public function, or an individual who is closely related to such a person.

Cryptocurrency is the term used to refer to virtual currencies such as Bitcoin.

The Inbound topic discusses specific issues, rules and restrictions relating to inbound or Payout transactions.

The Intra Remittances topic discusses issues, rules and restrictions relating to domestic money transfer transactions.

The Outbound Remittances topic discusses specific rules and restrictions relating to outbound remittances or Send transactions.

This topic discusses the specific corridor related rules regarding currencies.

This topic covers issues relating to Competition rules and regulations that may apply to digital money services.

The Corporate Structure topic covers specific legal rules and restrictions relating the way in which businesses structure themselves in order to offer digital money services.

This describes the rules regarding exclusivity. Exclusivity is a contract term in which one party grants another party sole rights with regard to a particular business function.

The Licensing topic discusses issues, rules and restrictions relating to licensing requirements for digital money services.

This relates to patents filed in the USA, Europe or Internationally, in the domain of digital money services that include alternative payments, mobile payments, digital wallets and more.

The registration topic discusses issues relating to processes for consumers to subscribe to digital money services.

Consumer rights are the rights given to a "consumer" to protect him/her from being cheated by salesman/manufacturer. Consumer protection laws are designed to ensure fair trade competition and the free flow of truthful information in the marketplace.

This describes the issues that relate to direct consumer markets, as opposed to business markets.

This topic covers Data Protection and Data Privacy as regards consumer data that businesses process as a part of marketing or delivering consumer services.

This describes Loyalty related topics

Migration relates to the movement of people between countries for the purpose of living in a country other than that of their birth.

This topic discusses rules relating to pricing within the marketing of products and services.

This relates to personal privacy rules that are must be adhered to in the provision of services to consumers.

This relates to movement of money because of the need to send money back home. A remittance is a transfer of money typically by a foreign worker back to their home country.

This topic discusses the MSME (Micro, Small and Medium Enterprises) market which is one of the fastest growing segments for digital money services.

The Transparency topic discusses issues and rules relating to pricing transparency within the marketing of products and services.

This topic discusses bank-account based money transfer. This includes a variety of services that leverages a bank account on the send or receive side of a money transfer transaction.

Mobile Health uses ownership of the mobile to extend healthcare services.

This topic covers a wide range of innovative services where a mobile device is used as a channel to provide services to market segments that include previously banked users, but also those thay may be unbanked or underbanked.

An agent network is one of the most important requirements for the success of digital money, as it is the means for digitising cash.

This topic discusses issues, rules and regulations related to storage of value on cards for the purpose of conveniently paying for transport, digital content, money transfer and other services.

The CICO (Cash-in/ Cash-out) topic describes issues regarding the ways in which consumers are allowed to deposit and withdraw cash.

Fraud can be committed through many media, including mail, wire, phone, and the Internet (computer crime and Internet fraud). The international dimensions of the web and ease with which users can hide their location, the difficulty of checking identi

This relates to identity and user identification that is the foundational building block for the development of digital money services.

In the context of digital money, payout restrictions and requirements must be understood from the perspective of compliance.

Recordkeeping requirements relate to issues, rules and regulations relating to the maintenance of records relating to digital money transactions.

This relates to the Security considerations for Digital Money

This topic discusses the tax related requirements for the various lines of business.

Bill Payment services are now offered as part of the alternative financial services that are emerging in different parts of the world.

These are initiative to utilise new technology and non-banks in order to extend the reach and provide banking services to the unbanked and underbanked.

Often financial services offered distinguish between the intended use, as relates to consumers and businesses. This topic covers specific rules and restrictions relating to business transactions.

The Electronic money (e-money) topic discusses issues related to electronic value stored in an account and exchangeable against real money.

The Government Payment topic discusses innovations in the way the government pays out money including benefits, agricultural support and other assistance to the public.

Mobile Banking refers to the ability to use a mobile device to conduct a range of banking services.

Mobile money uses ownership of the mobile to extend financial access

Mobile payment refers to the use of a mobile device as a channel to initiate payments. This includes both local and remote payments, as well as the use of the mobile device to accept payment (mPOS).

Money transfer refers to the movement of money from one person or institution to another.

Near field communication (NFC) allows for simplified transactions, data exchange, and wireless connections between two devices in close proximity to each other, usually by no more than a few centimeters.

New/Alternative Payments refers to payment methods that are used as an alternative to cash or card. Most alternative payment methods address a domestic economy or have been specifically developed for electronic commerce and the payment systems are ge

The Online Payment topic discusses issues relating to the provision of payment services over the internet.

This topic discusses requirements related to moving the money out of the system within a certain period of time, in the context of delivery of money transfer services.

Payment systems refers to operational networks, governed by laws, rules and standards, that link bank accounts and provides the functionality for monetary exchange.

A Quick Response Code, commonly known as a QR Code is a type of matrix barcode or two-dimensional barcode.

This topic relates to Banks or financial services institutions involved in the ecosystem.

A mobile network operator (MNO) is a provider of wireless communications services that owns or controls the elements necessary to sell and deliver services to an end user.

This describes issues that relate to the role played by postal institutions in the provision of digital money services.

The Retail topic discusses issues and rules relating to the Retail Players involved in the digital money ecosystem.

This discusses topics relating to Schemes or Card Providers involved in the ecosystem.

This topic discusses issues that relate to vendors and service providers involved in the ecosystem.

Authorised Entities refers to the types of entities that are allowed by regulators to provide specific services, after obtaining the required licenses and approval.

The term "non-banks" is used to describe players involved in the provision of digital money who are not banks or financial institutions.

Discusses expected or likely changes to regulations. This is very important for a number of areas of our business including Product and Strategy as well as Operations.

This relates to legal restrictions and limitations on specific business.

This relates to the ability to control the NFC chip through an application running within the Host Operating System.

This relates to special considerations for use of Mobile as a channel of access for digital money services.

This relates to the use of a surrogate instead of a card number.

This relates to special considerations for use of the internet or web as a channel for extending digital money services.