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A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation
U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities A Financial System That T OF EN TH M E A Financial System T T R R A E P A E S That Creates Economic Opportunities D U R E Y H T Nonbank Financials, Fintech, 1789 and Innovation Nonbank Financials, Fintech, and Innovation Nonbank Financials, Fintech, TREASURY JULY 2018 2018-04417 (Rev. 1) • Department of the Treasury • Departmental Offices • www.treasury.gov U.S. DEPARTMENT OF THE TREASURY A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation Report to President Donald J. Trump Executive Order 13772 on Core Principles for Regulating the United States Financial System Steven T. Mnuchin Secretary Craig S. Phillips Counselor to the Secretary T OF EN TH M E T T R R A E P A E S D U R E Y H T 1789 Staff Acknowledgments Secretary Mnuchin and Counselor Phillips would like to thank Treasury staff members for their contributions to this report. The staff’s work on the report was led by Jessica Renier and W. Moses Kim, and included contributions from Chloe Cabot, Dan Dorman, Alexan- dra Friedman, Eric Froman, Dan Greenland, Gerry Hughes, Alexander Jackson, Danielle Johnson-Kutch, Ben Lachmann, Natalia Li, Daniel McCarty, John McGrail, Amyn Moolji, Brian Morgenstern, Daren Small-Moyers, Mark Nelson, Peter Nickoloff, Bimal Patel, Brian Peretti, Scott Rembrandt, Ed Roback, Ranya Rotolo, Jared Sawyer, Steven Seitz, Brian Smith, Mark Uyeda, Anne Wallwork, and Christopher Weaver. ii A Financial System That Creates Economic -
Electronic Fund Transfers Your Rights
ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference. Electronic Fund Transfers Initiated By Third Parties. You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. -
Universidad Apec
UNIVERSIDAD APEC ESCUELA DE GRADUADOS Trabajo Final Para Optar Por El Titulo De: MAESTRÍA EN GERENCIA Y PRODUCTIVIDAD Tema: “Mejoras para la Optimización de la Funcionalidad en la Red de Cajeros Automáticos. Caso: Banco Popular Año 2011” Sustentante: Glenny W. Serrata García 2009-1883 Asesora: Ivelisse Comprés, MA, MsC, MBA. Santo Domingo, D.N. Agosto, 2011 “Mejoras para la Optimización de la Funcionalidad en la Red de Cajeros Automáticos. Caso: Banco Popular Año 2011” INDICE Págs. RESUMEN ..................................................................................................... ii DEDICATORIA ............................................................................................ iv INTRODUCCION ........................................................................................ 02 CAPITULO I: GENERALIDADES DE LA BANCA ELECTRÓNICA 1.1 Historia de los Cajeros Automáticos .......................................................... 06 1.1.2 Definición de Cajeros Automáticos ................................................... 08 1.1.3 Funcionalidad de los ATM ............................................................... 08 1.1.4 Diseño y Tipos de Cajeros Automáticos............................................ 10 1.1.5 Regulaciones de los ATMs ............................................................... 11 1.2 Nueva Tecnología en Cajeros Automáticos ................................................ 12 1.2.1 Cajero Automáticos de Autoservicio ................................................. 12 1.2.2 Primer Cajero Biométrico -
Financial Crisis Report Written and Edited by David M
PUBLISHED BY MIYOSHI LAW July 2018 INTERNATIONAL & EST ATE LAW PRACTICE Volume 1, Issue 81 Financial Crisis Report Written and Edited by David M. Miyoshi Advancing in a Time of Crisis Words of Wisdom: "You can succeed at anything, as long as you don’t Inside this issue: care who takes the credit” Ronald Reagan 1. Historic Singapore Meeting 2. Go West Young Man Historic Singapore Meeting and suggested that it may ease its sanctions on 3. Wedding IRS Loves North Korea prior to complete denuclearization 4. Cryptocurrency Geo-Political Weap- its Aftermath and that it will halt U.S.-South Korea military on exercises. 5. Is Harvard Racist? Except for the Great Depression, we are experiencing the most By affirming that "mutual confidence building economically unstable period in can promote the denuclearization of the Korean the history of the modern world. Peninsula," the statement indicated that the This period will be marked with United States is willing to accept the phased extreme fluctuations in the stock, approach to denuclearization that North Korea commodity and currency markets accompanied by severe and some- desires. In a phased approach, both sides would times violent social disruptions. offer incentives along the way to denucleariza- As is typical of such times, many tion, rather than the United States waiting until fortunes will be made and lost the process is complete before offering any during this period. After talking tradeoffs. For the time being, Trump empha- with many business owners, sized that sanctions would remain in effect, but executives, professionals and he said they could be removed when North government officials from around n June 12, President Trump and the world, the writer believes that Korea makes a certain degree of progress in its Kim Jong Un leader of North Korea denuclearization. -
2020 Annual Report Discover Card • $71 Billion in Loans a Leading • Leading Cash Rewards Program
2020 Annual Report Discover Card • $71 billion in loans A Leading • Leading cash rewards program Student Loans Digital Bank • $10 billion in student loans and Payments • Offered at more than 2,400 colleges Personal Loans • $7 billion in loans • Debt consolidation and major purchases Partner Home Loans • $2 billion in mortgages Discover is one of the largest digital banks in the United • Cash-out refinance and home loans States, offering a broad array of products, including credit cards, personal loans, student loans, deposit products Deposit Products and home loans. • $63 billion in direct-to-consumer deposits • Money market accounts, certificates The Discover brand is known for rewards, service and of deposit, savings accounts and checking value. Across all digital banking products, Discover seeks accounts to help customers meet their financial needs and achieve brighter financial futures. Discover Network Discover Global Network, the global payments brand of • $181 billion volume Discover Financial Services, strives to be the most flexible • 20+ network alliances and innovative payments partner in the United States and around the world. Our Network Partners business provides payment transaction processing and settlement services PULSE Debit Network on the Discover Network. PULSE is one of the nation’s • $212 billion volume leading ATM/debit networks, and Diners Club International is a global payments network with acceptance around Diners Club International the world. • $24 billion volume To my fellow shareholders, A year has passed since our world changed virtually overnight as we faced the greatest public health crisis in a century and the resulting economic contraction. We remain grateful to those on the front lines of this battle, including healthcare and emergency workers, and everyone who has taken personal risk to make sure the essential services of our society keep running. -
The Transaction Network in Japan's Interbank Money Markets
The Transaction Network in Japan’s Interbank Money Markets Kei Imakubo and Yutaka Soejima Interbank payment and settlement flows have changed substantially in the last decade. This paper applies social network analysis to settlement data from the Bank of Japan Financial Network System (BOJ-NET) to examine the structure of transactions in the interbank money market. We find that interbank payment flows have changed from a star-shaped network with money brokers mediating at the hub to a decentralized network with nu- merous other channels. We note that this decentralized network includes a core network composed of several financial subsectors, in which these core nodes serve as hubs for nodes in the peripheral sub-networks. This structure connects all nodes in the network within two to three steps of links. The network has a variegated structure, with some clusters of in- stitutions on the periphery, and some institutions having strong links with the core and others having weak links. The structure of the network is a critical determinant of systemic risk, because the mechanism in which liquidity shocks are propagated to the entire interbank market, or like- wise absorbed in the process of propagation, depends greatly on network topology. Shock simulation examines the propagation process using the settlement data. Keywords: Interbank market; Real-time gross settlement; Network; Small world; Core and periphery; Systemic risk JEL Classification: E58, G14, G21, L14 Kei Imakubo: Financial Systems and Bank Examination Department, Bank of Japan (E-mail: [email protected]) Yutaka Soejima: Payment and Settlement Systems Department, Bank of Japan (E-mail: [email protected]) Empirical work in this paper was prepared for the 2006 Financial System Report (Bank of Japan [2006]), when the Bank of Japan (BOJ) ended the quantitative easing policy. -
Privilege Agreement
MERCHANT AGREEMENT THIS MERCHANT AGREEMENT is executed at Mumbai on the Effective Date as mentioned herein TABLE 1: Sr. Particulars Details No. 1. Agreement Execution and Effective date 2. Merchant Name 3. Merchant Address 4. Merchant Business filing Status 5. Merchant Site (URL) & Product/ Service Description 6. Product / Service 7. PAYMENT INSTRUCTIONS: The Merchant hereby instructs the Service Provider to make payment of Customer Charge in respect of a Customer Order in the bank account details mentioned in the Cheque/ Bank Statement provided by the Merchant. The Merchant agrees to pay the TDR and other charges as per the selected Pricing Scheme, the details of the TDR are mentioned in Annexure A hereto. Payment Schedule: The Merchant will receive the Customer Charges on a Td + 1 business day/Weekly basis. The TDR and the payment schedule may be revised by the Service Provider in accordance with the regulatory policies or as agreed between the Service Provider and Merchant from time to time. Any change in TDR and payment schedule due to mandates of Reserve Bank of India or Facility providers or Service Provider’s business promotion schemes shall be informed by the Service Provider to the Merchant and such change shall deemed to be accepted by the Merchant, if no written communication of non-acceptance of change is received from Merchant within 7 days of such intimation of change. By Signing this Agreement I/we/ the Merchant state that: I/ We have read and understood the Terms and Conditions as mentioned in the following Agreement. We agree that the payment gateway services of Infibeam Avenues Limited shall be govern by this Agreement and the same shall be legally binding on Merchant. -
Retrieval & Chargeback Best Practices Visa Mastercard Discover
Retrieval & Chargeback Best Practices A Merchant User Guide to Help Manage Disputes Visa MasterCard Discover American Express October 2015 www.FirstData.com Dispute Management Guide This guide is provided as a courtesy and is to be used for general information purposes only. First Data shall not be responsible for any inaccurate or incomplete information. The matters contained herein are subject to change. Individual circumstances may vary and procedures may be amended or supplemented as appropriate. This is not intended to be a complete listing of all applicable guidelines and/or procedures. No information contained herein alters any existing contractual obligations between First Data and its clients. The purpose of this guide is to provide merchants and their back office staff with additional educational guidance as it relates to Visa and MasterCard dispute processing. This manual contains information that relates to specific industry processing environments and includes best practices for doing business and avoiding loss as it relates to fraud and/or chargebacks. This guide does not take away from the terms or conditions outlined in your merchant processing agreement or replace current operation regulations. All chargeback’s should be reviewed and presented as individual cases. Although the reason codes may be the same, supporting documentation required to remedy individual chargeback scenarios may vary. © 2015 First Data Corporation. All Rights Reserved. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. This document contains confidential and proprietary information of First Data Corporation. Review or distribution by individuals other than the intended recipients is strictly prohibited. -
Chargeback Procedures and Fraud Prevention - Secure Credit Card Processing | E-Onlinedata
Chargeback Procedures and Fraud Prevention - Secure Credit Card Processing | e-onlinedata 0 Home Merchant Services Reseller Programs Current Resellers Customer Service Our Company Home > Customer Service > Chargeback and Fraud Prevention Customer Service FAQs Chargeback Procedures & Fraud Prevention PCI Data Security Our Commitment to Secure Credit Card Processing PCI Frequently Asked Questions Criminals and hackers are all too aware of the latest security measures that Visa and MasterCard are creating to control fraud and identity theft. Merchants must Chargeback and Fraud Prevention be alert and take extra precautions wherever possible, because they are financially responsible for fraudulent transactions, including those approved by Best Practices the cardholder’s issuing bank. e-onlinedata is committed to helping merchants Glossary of Terms control and prevent credit card fraud. Support Request Forms Page index: General Inquiry Chargeback Process Merchant Inquiry Preventing Chargebacks 12 potential signs of Card Not Present Fraud Privacy Policy Visa-MasterCard Card Not Present Fraud Prevention Tools Visa and MasterCard will allow any cardholder to chargeback a purchase if the customer can demonstrate to ANY degree that they have not received the products or services promised by your company in the quantity, quality and time frame promised. In other words, if your company promises product or services delivery on Tuesday, but the product or service is not delivered until Wednesday (a day late), that cardholder can probably charge that sale back with little you can do about it. Likewise, if the quantity or quality of products or services delivered are not exactly as described on your site or in other marketing materials, the cardholder will be allowed to chargeback the purchase. -
The Topology of Interbank Payment Flows
Federal Reserve Bank of New York Staff Reports The Topology of Interbank Payment Flows Kimmo Soramäki Morten L. Bech Jeffrey Arnold Robert J. Glass Walter E. Beyeler Staff Report no. 243 March 2006 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. The Topology of Interbank Payment Flows Kimmo Soramäki, Morten L. Bech, Jeffrey Arnold, Robert J. Glass, and Walter E. Beyeler Federal Reserve Bank of New York Staff Reports, no. 243 March 2006 JEL classification: E59, E58, G1 Abstract We explore the network topology of the interbank payments transferred between commercial banks over the Fedwire® Funds Service. We find that the network is compact despite low connectivity. The network includes a tightly connected core of money-center banks to which all other banks connect. The degree distribution is scale-free over a substantial range. We find that the properties of the network changed considerably in the immediate aftermath of the attacks of September 11, 2001. Key words: network, topology, interbank, payment, Fedwire, September 11, 2001 Soramäki: Helsinki University of Technology. Bech: Federal Reserve Bank of New York. Arnold: Federal Reserve Bank of New York. Glass: Sandia National Laboratories. Beyeler: Sandia National Laboratories. Address correspondence to Morten L. Bech (e-mail: [email protected]). -
Attachment I
ATTACHMENT I PROPERTY INSURANCE Schedule of Values Exposure Information VALUED AS OF JULY 1, 2017 JEFFERSON COUNTY PUBLIC SCHOOLS LOUISVILLE, KENTUCKY i Thl le%rsoii County Board of Education, Louisville, KY I ?- Sdsx l Shap?rq the Future l 2017-2018 Statement of lnsurable Values Loc # r r g Building Name Address r Constr Class Description ? Building Contents l TotalByCampus 1 STONESTREETELEMENTARY 10007 STONESTREET ROAD %onry N6n-Combustible - j00 % J '? 1 r r r W 'Mu4,lSal 9,070q ffl T r l r r l l 1 J?RDAiE HIGH SCHOOL Q 40118 Fire Resistive - 100 % J Y l o ffi W W 1 i 2'JRDALEVC)CATIONAL Ji00l FAIRDALE RD %:rv xon-combustibie - 100 % Y o J W Q 1 J?RDAiE OFFICE BUILDING (BUS) liOl FAIRDALE RD J40ljfe - 100 % Y o '? 1 2 FAIRLDALEWEIGHTRMBUILDING W ?01 FAilRDALE RD lLlol18 dbUaible-100% Y o 7 20,851i 2 iLOC.SubtOtal l T ffi T 46.370,6021 '6,477,9SSi j l T l T r l l 1 F,ENGELHARD ELEMENTARY 1004 SOUTH FIRST STRa- 4nry Non-combustible - 100 % {J94 i 8,432,30IJ 2.2i5,034i 1 r r r l l Q W W Th l T r r r 1 I?SOuTHliH PARK PARK?? TA?P 1010 NEIGHBORHOOD PLACE J4%nrv Non-Combustible - 100 % J J i,szi,sssJ 1 r r r s:q Q Q r r r r r T r l s FAIRDALE EIEMENTARY 10104 MITCHELL HILL ROAD 40118 llflasonry Non-Combustible - 100 % Y o J W 1 s FAIRDALEELEMENTARYSCHOOL-AD[)ITION 981,842i 10104 MITCHELL HILL ROAD %nry Non-Combustible - 100 % Y N pIs l 2,158,994T 'm,sasi 1 s Loc.Subtotal r r r l s,soo,o'4 1,202,688 i '? r r l r r 1 f'?l?LEY HIGH 'iCHOOL Jm200'DIXIEHIGHWlAY 4*;ea p*re Resistive - too s Y 100 1 6 VAILY'HIGHSCHOOL,1.C.CANTRELLGYM J W J }10200 DIXIE HIGHWAY J40272Jj?nry Non-Combustible - 100 % Y o J 2Q m? 1 6 Loc. -
Assessing Payments Systems in Latin America
Assessing payments systems in Latin America An Economist Intelligence Unit white paper sponsored by Visa International Assessing payments systems in Latin America Preface Assessing payments systems in Latin America is an Economist Intelligence Unit white paper, sponsored by Visa International. ● The Economist Intelligence Unit bears sole responsibility for the content of this report. The Economist Intelligence Unit’s editorial team gathered the data, conducted the interviews and wrote the report. The author of the report is Ken Waldie. The findings and views expressed in this report do not necessarily reflect the views of the sponsor. ● Our research drew on a wide range of published sources, both government and private sector. In addition, we conducted in-depth interviews with government officials and senior executives at a number of financial services companies in Latin America. Our thanks are due to all the interviewees for their time and insights. May 2005 © The Economist Intelligence Unit 2005 1 Assessing payments systems in Latin America Contents Executive summary 4 Brazil 17 The financial sector 17 Electronic payments systems 7 Governing institutions 17 Electronic payment products 7 Banks 17 Conventional payment cards 8 Clearinghouse systems 18 Smart cards 8 Electronic payment products 18 Stored value cards 9 Credit cards 18 Internet-based Payments 9 Debit cards 18 Payment systems infrastructure 9 Smart cards and pre-paid cards 19 Clearinghouse systems 9 Direct credits and debits 19 Card networks 10 Strengths and opportunities 19