DOCSLIB.ORG

World Bank Document

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
World Bank Document xxxxx 8.5 Public Disclosure Authorized COMPETITION IN RETAIL PAYMENT SYSTEMS PAYMENT COMPETITION IN RETAIL Public Disclosure Authorized BALANCING COOPERATION AND BALANCING COOPERATION FINANCIAL INFRASTRUCTURE SERIES PAYMent SYsteMS POlicY anD researcH 47500 11 Payment Systems Development Group The World Bank 1818 H Street, NW Washington, DC 20433 BALANCING COOPERATION www.worldbank.org/paymentsystems AND COMPETITION IN Public Disclosure Authorized RETAIL PAYMENT SYSTEMS LESSONS FROM LATIN AMERICA CASE STUDIES November 2008 PAY FINAN M ENT SY C IAL Study Coordinated by Mario Guadamillas I N S F TE RA Public Disclosure Authorized MS S TRU POLI C TURE SERIE C Y AND R E S S EAR FINANCE AND PRIVATE SECTOR, LATIN AMERICAN AND THE CARIBBEAN VICE PRESIDENCY C H FINANCIAL AND Private SECTOR DEVELOPMENT VICE PRESIDENCY THE WORLD BANK FINANCIAL INFRASTRUCTURE SERIES PAYMent SYsteMS POlicY anD researcH FINANCE AND PRIVATE SECTOR, LATIN AMERICAN AND THE CARIBBEAN VICE PRESIDENCY FINANCIAL AND PRIVATE SECTOR DEVELOPMENT VICE PRESIDENCY BALANCING COOPERATION AND COMPETITION IN RETAIL PAYMENT SYSTEMS LESSONS FROM LATIN AMERICA CASE STUDIES Study Coordinated by Mario Guadamillas © 2008 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org E-mail: [email protected] All rights reserved. This volume is a product of the staff of the International Bank for Reconstruction and Development / The World Bank. The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgement on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development / The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2422; e-mail: pu- [email protected]. Book cover and interior design by Michele de la Meardiere. FOREWORD How do financial institutions process payments, check potential borrowers’ past experiences with credit or evaluate the suitability of a security interest to be used for a loan? For many consumers in the financial marketplace, the an- swers to these questions are taken for granted, just part of the “black box” of tools and technologies used by lenders as they transfer funds between institutions or decide on credit applications. In this “black box” are the different elements of a country’s financial infrastructure. The World Bank Group is focusing on financial infrastructure development in emerging markets, including payment systems and remittances, credit reporting and secured lending. Moreover, the Bank is intensifying its commitment to promote and disseminate the policy and research debate on these and other topics within the scope of financial infrastructure, including corporate governance, auditing and accounting standards, and financial literacy. For this purpose, the Financial Infrastructure and Policy Research Series has been created to host original contribu- tions in the form of policy notes, studies, and essays led by World Bank Group experts, as well as initiatives carried out in cooperation with or by other experts and relevant institutions in the various fields of financial infrastructure. The third document appearing in this Series is “Balancing Cooperation and Competition in Retail Payment Systems: Lessons from Latin America Case Studies” and has been prepared by a team of experts from the Bank’s Finance and Private Sector Development Unit and the Chief Economist Office under the Latin America and The Caribbean (LAC) Vice Presidency together with experts from Payment Systems Development Group of the Financial and Private Sec- tor Development Vice Precidency. The Bank has been a very active player in the area of payment systems in the LAC Region for more than a decade, on a continuous and structured basis since 1998 with the launch of the Western Hemisphere Payments and Securities Clearance and Settlement Forum (WHF). The WHF has undertaken 25 country assessments from May 1999 to November 2008 and the Bank has helped with the implementation of payment sys- tems reforms in most of the countries assessed. The overall objective being the development of more secure, efficient payments, remittances and securities clearance and settlement systems, capable of satisfying the needs of the local and regional markets. These reform efforts have been accompanied by the development of tools, methodologies and research studies that have contributed to knwoledge dissemination. “Balancing Cooperation and Competition in Retail Payment Systems: Lessons from Latin America Case Studies” presents the findings of four case studies in Latin America (Argentina, Brazil, Colombia and Mexico) that have explored the is- sue of cooperation and competition in different retail payments markets, such as the automated clearinghouse (ACH) and cards markets. The study includes an overview of the main issues and policy guidelines derived from the case studies but also from the accumulated expertise of the Bank around the world and available literature on the topic. Thus, the study defines a conceptual framework to better identify the issues involved and propose policy guidelines for the authorities and stakeholders to consider in advacing reforms in the area of retail payment systems and achieve the right balance for a cooperative infrastructure development among market competitors. Pamela Cox Michael Klein Vice President Vice President Latin America and the Caribbean Financial and Private Sector Development World Bank Group World Bank Group ACKNOWLEDGEMENTS The overall study has been coordinated by Mario Guadamillas, Senior Financial Economist in the World Bank’s Latin America and the Caribbean Region (LAC). The coordinators of the different studies have been: • Overview and policy paper: Mario Guadamillas. • Argentina case study: Sergio Gorjón, Financial Sector Specialist in the World Bank’s LAC Region on secondment from the Bank of Spain. • Colombia case study: Constantinos Stephanou, Senior Financial Economist in the World Bank’s Financial and Private Sector Development Vice Presidency. • Brazil case study: Massimo Cirasino, Head of the Payment Systems Development Group, World Bank. • Mexico case study: Tito Cordella, Lead Economist in the World Bank’s LAC Chief Economist Office. • Main Trends in Payment Instruments and Infrastructure Usage: Jane C. Hwang, Consultant in the World Bank’s LAC Region. The team appreciates comments from the reviewers of the study: Bob Keppler (Consultant, World Bank), Fernando Montes-Negret (Director Finance and Private Sector Europe and Central Asia, World Bank), Ignacio Mas (Consulta- tive Group to Assist the Poor, CGAP), Sean O’Connor (Bank of Canada and Chairman of the CPSS Working Group on Guidance for National Payments System Development) and Ceu Pereira (European Commission). The team also appreciates comments from Michael U. Klein (Finance and Private Sector Development Vice President, World Bank), Augusto de la Torre (Chief Economist LAC, World Bank), Lily L. Chu (Finance and Private Sector Manager Latin America and The Caribbean, World Bank), Peer Stein (Manager Financial Infrastructure and Institu- tions Building, IFC), Ole Andreassen (former Financial Specialist, World Bank) and José Antonio García García Luna (Senior Financial Sector Specialist, World Bank). Finally, the team also appreciates contributions and comments from the counterparts of the case studies: Julio César Pando (Banco Central de República Argentina-BCRA), Juan Carlos Navas (BCRA), José Antonio Marciano (Banco Central do Brasil, BCB), Mardilson Fernandes (BCB), Joaquín Bernal (Banco de la República de Colombia, BR), Caro- lina Merlano (BR), Ricardo Medina (Banco de México, BM), Sara Castellanos (BM), José Luis Negrín (BM) and Francisco Solís (BM). TABLE OF CONTENTS Abbreviations V Introduction VII Policy Brief XI I BALANCING Cooperation AND COMPETITION IN Retail Payment SYSTEMS: OVERVIEW AND POLICY ISSUES 1 II Cooperation VERSUS COMPETITION IN ARGENTINA’S AUtomated CLEARING HOUSE (ACH) MARKET 53 III Cooperation VERSUS COMPETITION: EFFICIENCY ISSUES IN BRAZIL’s RETAIL PAYMENT SYSTEMS 83 IV Cooperation VERSUS COMPETITION IN COLOMBIA’S AUtomated CLEARING HOUSE (ACH) MARKET 129 V THE ROLE OF INTERCHANGE FEES IN MEXICO’S Retail Payment SYSTEM: FROM THEORY TO PRACTICE 161 VI MAIN TRENDS IN Payment INSTRUMENTS AND INFRASTRUCTURE Usage IN SELECTED Latin AMERICAN COUNTRIES 209 Annex: ACH Market Structure and
Load more

Recommended publications
  • Mobile Banking
    Automated teller machine "Cash machine" Smaller indoor ATMs dispense money inside convenience stores and other busy areas, such as this off-premise Wincor Nixdorf mono-function ATM in Sweden. An automated teller machine (ATM) is a computerized telecommunications device that provides the customers of a financial institution with access to financial transactions in a public space without the need for a human clerk or bank teller. On most modern ATMs, the customer is identified by inserting a plastic ATM card with a magnetic stripe or a plastic smartcard with a chip, that contains a unique card number and some security information, such as an expiration date or CVVC (CVV). Security is provided by the customer entering a personal identification number (PIN). Using an ATM, customers can access their bank accounts in order to make cash withdrawals (or credit card cash advances) and check their account balances as well as purchasing mobile cell phone prepaid credit. ATMs are known by various other names including automated transaction machine,[1] automated banking machine, money machine, bank machine, cash machine, hole-in-the-wall, cashpoint, Bancomat (in various countries in Europe and Russia), Multibanco (after a registered trade mark, in Portugal), and Any Time Money (in India). Contents • 1 History • 2 Location • 3 Financial networks • 4 Global use • 5 Hardware • 6 Software • 7 Security o 7.1 Physical o 7.2 Transactional secrecy and integrity o 7.3 Customer identity integrity o 7.4 Device operation integrity o 7.5 Customer security o 7.6 Alternative uses • 8 Reliability • 9 Fraud 1 o 9.1 Card fraud • 10 Related devices • 11 See also • 12 References • 13 Books • 14 External links History An old Nixdorf ATM British actor Reg Varney using the world's first ATM in 1967, located at a branch of Barclays Bank, Enfield.
    [Show full text]
  • Electronic Cash in Hong Kong
    1 Focus THEME ity of users to lock their cards. Early in 1992, NatWest began a trial of Mondex in BY I. CHRISTOPHERWESTLAND. MANDY KWOK, ]OSEPHINESHU, TERENCEKWOK AND HENRYHO, HONG KONG an office complex in London with a 'can- UNIVERSITYOF SCIENCE&TECHNOLOGY. HONG KONG * teen card' known as Byte. The Byte trial is still continuing with more than 5,000 INTRODUCTION I teller cash for a card and uses it until that people using the card in two office res- Asian business has long had a fondness value is exhausted. Visa plans to offer a taurants and six shops. By December of for cash. While the West gravitated toward reloadable card later. 1993, the Mondex card was introduced on purchases on credit - through cards or a large scale. Sourcing for Mondex sys- installments - Asia maintained its passion HISTORY tem components involves more than 450 for the tangible. Four-fifths of all trans- Mondex was the brainchild of two NatWest manufacturers in over 40 countries. In actions in Hong Kong are handled with bankers - Tim Jones and Graham Higgins. October of 1994, franchise rights were sold cash. It is into this environment that They began technology development in to the Hong Kong and Shanghai Banking Mondex International, the London based 1990 with electronics manufacturers in the Corporation Limited to cover the Asian purveyor of electronic smart cards, and UK, USA and Japan. Subsequent market region including Hong Kong, China, In- Visa International, the credit card giant, research with 47 consumer focus groups dia, Indonesia, Macau, Philippines, are currently competing for banks, con- in the US, France, Germany, Japan, Hong Singapore and Thailand.
    [Show full text]
  • 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
    [Show full text]
  • Report on Environmental and Social Responsibility 07
    Report on Environmental and Social Responsibility 07 The bank for a changing world CONTENTS Statement from the Chairman and Chief Executive Officer 2 Compliance within BNP Paribas 81-86 Key figures 3-4 Dedicated teams 82-84 Group's activities in 2007 5-73 • Up-to-date standards 83 • Monitoring financial security mechanisms 83-84 Corporate & Investment Banking 6-21 Business continuity 85-86 Advisory and Capital Markets 11-16 • Organisation of continuity efforts 85 • Equities and Derivatives 11-12 • Operational management of business continuity plans 85-86 • Fixed Income 13-14 BNP Paribas and its stakeholders • Corporate Finance 15-16 87-158 Financing businesses 17-21 Organised dialogue with stakeholders 88-89 • Specialised Finance 17-19 Shareholder information 90-99 • Structured Finance 20-21 Human Resources development 100-126 French Retail Banking 22-33 • Group values underpinning HR management 100 • Human Resources policy framework 101-103 • Individual clients 25-27 • Key challenges of human resources management 104 • Entrepreneurs and freelance professionals 28-29 • Clearly identified operational challenges 105-126 • Corporate and institutional clients 30-32 • After-sales organisation 33 Relations with clients and suppliers 127-137 International Retail Services 34-47 • A closely-attuned relationship 127-132 • Socially Responsible Investment 132-136 • Personal Finance 37-38 • Supplier relations 137 • Equipment Solutions 39-40 Impact on the natural environment 138-150 • BancWest 41-42 • Areas 138-140 • Emerging Markets 43-47 • Levers
    [Show full text]
  • Guía Para El Uso De Canales Electrónicos. Canal Cajeros Automáticos
    GUIA PARA EL USO DE CANALES ELECTRONICOS CAJEROS AUTOMÁTICOS –ATM– INGENIERÍA DE PROCESOS INDICE INTRODUCCIÓN...........................................................................................................................................................3 1. CAJEROS AUTOMÁTICOS (ATM ) .............................................................................................................................5 1.1. Características y beneficios principales ............................................................................................................5 1.2. Operaciones Disponibles ...................................................................................................................................5 1.2.1. Extracción / Adelanto ..................................................................................................................................5 1.2.2. Link Pagos .....................................................................................................................................................5 1.2.3. Compras y Recargas .....................................................................................................................................5 1.2.4. Transferencias ..............................................................................................................................................5 1.2.5. Depósitos .....................................................................................................................................................5
    [Show full text]
  • Assessment and Review of Application of Responsibilities for Authorities
    Committee on Payments and Market Infrastructures Board of the International Organization of Securities Commissions Assessment and review of application of Responsibilities for authorities November 2015 This publication is available on the BIS website (www.bis.org) and the IOSCO website (www.iosco.org). © Bank for International Settlements and International Organization of Securities Commissions 2015. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 978-92-9197-376-7 (online) Contents 1. Executive summary ......................................................................................................................................................... 1 1.1 Methodology ........................................................................................................................................................... 2 1.2 Key findings of the assessment ........................................................................................................................ 2 2. Introduction ...................................................................................................................................................................... 4 2.1 Broader context of the Responsibilities assessment ............................................................................... 4 2.2 Scope and objective of the Responsibilities assessment ....................................................................... 5 3. Methodology ...................................................................................................................................................................
    [Show full text]
  • Política De Gerenciamento De Risco De Mercado Do Banco
    ITAÚ UNIBANCO HOLDING S.A. CNPJ 60.872.504/0001-23 Companhia Aberta COMUNICADO AO MERCADO Tecnologia Bancária S.A. (TECBAN) – Novo Acordo de Acionistas Itaú Unibanco Holding S.A. (“Itaú Unibanco”) informa aos seus acionistas e ao mercado em geral que: 1. Determinadas subsidiárias do Itaú Unibanco (Itaú Unibanco S.A., Unibanco Negócios Imobiliários S.A., Banco Itauleasing S.A., Banco Itaucard S.A. e Intrag – Part. Administração e Participações Ltda.), em conjunto com o Grupo Banco do Brasil (por meio do Banco do Brasil e BB Banco de Investimentos S.A.), o Grupo Santander (por meio do Santander S.A. – Serviços Técnicos, Administrativos e de Corretagem de Seguros), o Grupo Bradesco (por meio do Banco Bradesco S.A., Banco Alvorada S.A. e Alvorada Cartões, Crédito, Financiamento e Investimentos S.A.), o Grupo HSBC (por meio do HSBC Bank Brasil S.A. – Banco Múltiplo), o Grupo Caixa (por meio da Caixa Participações S.A.) e o Grupo Citibank (por meio do Citibank N.A. – Filial Brasileira e Banco Citibank S.A.) (todos, em conjunto, denominados “Partes”), com a interveniência e anuência de Tecnologia Bancária S.A. (“TecBan”), Itaú Unibanco, Banco Santander (Brasil) S.A. e Caixa Econômica Federal, assinaram, em 17 de julho de 2014, um novo Acordo de Acionistas da TecBan (“Acordo de Acionistas”), o qual, tão logo entre em vigor, revogará e substituirá o acordo de acionistas vigente. 2. Além das disposições usuais em acordos de acionistas, como regras sobre governança e transferência de ações, o Acordo de Acionistas prevê que, em aproximadamente 4 (quatro) anos contados de sua entrada em vigor, as Partes deverão ter substituído parte de sua rede externa de Terminais de Autoatendimento (“TAA”) pelos TAAs da Rede Banco24Horas, que são e continuarão sendo geridos pela TecBan.
    [Show full text]
  • 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
    [Show full text]
  • Study on the Implementation of Recommendation 97/489/EC
    Study on the implementation of Recommendation 97/489/EC concerning transactions carried out by electronic payment instruments and in particular the relationship between holder and issuer Call for Tender XV/99/01/C FINAL REPORT – Part b) Appendices 20th March 2001 Study on the implementation of Recommendation 97/489/EC 1 APPENDICES Appendices 1. Methodology.................................................................................3 Appendices 2. Tables..........................................................................................28 Appendices 3. List of issuers and EPIs analysed and surveyed........................147 Appendices 4. General summary of each Work Package.................................222 Appendices 5. Reports country per country (separate documents) Study on the implementation of Recommendation 97/489/EC 2 Appendices 1 Methodology Study on the implementation of Recommendation 97/489/EC 3 Content of Appendices 1 1. Structure of the report ..............................................................................5 2. Route Map................................................................................................6 3. Methodology.............................................................................................7 4. Tools used..............................................................................................14 Study on the implementation of Recommendation 97/489/EC 4 1. The Structure of the Report The aims of the study were to investigate how far the 1997 Recommendation has been
    [Show full text]
  • Relatório Anual De Meios Eletrônicos De Pagamento
    Relatório Anual de Meios Eletrônicos de Pagamento Perspectivas e Tendências 2020 Perspectivas e Tendências 2020 e Tendências Perspectivas - Quem decide, está aqui! www.cardmonitor.com.br Relatório Anual de Meios Eletrônicos de Pagamento de Pagamento Eletrônicos Anual de Meios Relatório Estamos vivenciando um momento único no setor de A PUBLICAÇÃO LÍDER meios eletrônicos de pagamento. As transformações são intensas e cada vez mais rápidas. Ninguém sabe prever DO MERCADO DE MEIOS com precisão os próximos 2 ou 3 anos, mas temos a ELETRÔNICOS DE PAGAMENTO certeza de que nada será como antes. Players ineficien- tes e lentos perderão mercado para os mais ágeis que propuserem soluções inovadoras a partir de seus entu- siasmados times de colaboradores. 2020 será um ano de transição, pois muitas medidas relevantes como open banking, pagamentos instantâneos, LGPD e cadastro po- mais de 10 anos de muito sitivo estarão em processo de implantação. trabalho e dedicação! Pois bem, este Relatório traz a opinião de respeitados executivos do setor sobre as perspectivas e tendências para os próximos anos. Faz parte de nosso Serviço de Monitoração do Mercado de MEP, que inclui também os Flashes semanais, Relatórios mensais, Market Share trimestrais, Plantões, Análises, etc. Vale a pena você investir seu precioso tempo na leitura integral. As opiniões são muito ricas. Se estiver com tempo limitado, leia primeiro nosso resumo executivo (pgs. 167 a 181). Os depoimentos foram coletados em nosso Fórum de Inteligên- Quem decide, está aqui! cia de Mercado, ocorrido em 28 e 29 de novembro de 2019. Complementamos Cardmonitor lider esse trabalho com depoimentos inéditos coletados por meio de um questionário estruturado em janeiro de 2020.
    [Show full text]
  • 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.
    [Show full text]
  • Service Provider Name Region AOC Date Assessor DESV
    A company’s name appears on this Compliant Service Provider List if (i) Mastercard has received a copy of an Attestation of Compliance (AOC) by a Qualified Security Assessor (QSA) reflecting validation of the company being PCI DSS compliant and (ii) Mastercard records reflect the company is registered as a Service Provider by one or more Mastercard Customers. The date of the AOC and the name of the QSA are also provided. Each AOC is valid for one year. Mastercard receives copies of AOCs from various sources. This Compliant Service Provider List is provided solely for the convenience of Mastercard Customers and any Customer that relies upon or otherwise uses this Compliant Service Provider list does so at the Customer’s sole risk. While Mastercard endeavors to keep the list current as of the date set forth in the footer, Mastercard disclaims any and all warranties of any kind, including any warranty of accuracy or completeness or fitness for any particular purpose. Mastercard disclaims any and all liability of any nature relating to or arising in connection with the use of or reliance on the Compliant Service Provider List or any part thereof. Each Mastercard Customer is obligated to comply with Mastercard Rules and other Standards pertaining to use of a Service Provider. As a reminder, an AOC by a QSA provides a “snapshot” of security controls in place at a point in time. Compliant Service Provider 1-60 Days Past AOC Due Date 61-90 Days Past AOC Due Date Service Provider Name Region AOC Date Assessor DESV “BPC Processing”, LLC Europe 03/31/2017 Informzaschita 1&1 Internet SE (1&1, 1&1 ipayment, Europe 05/08/2017 Security Research & Consulting GmbH ipayment.de) 1Shoppingcart.com (Web.com Group, lnc.) US 04/29/2017 SecurityMetrics 2138617 Ontario Inc.
    [Show full text]