Green Money Payment Systems

8/12/2019 Green Money Payment Systems

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Introduction

Today next generation financial institutions have realised not unlike with the evolution of the manufacturing industry that considerably improved quality, productivity and cost reduction can be achieved through reusing standardised proven components across multiple product lines and that the end

products

can

be

much

more

closely

aligned

to

the

needs

of

their

customers.

The

advancement

in

technology, especially Internet and information technology has led to new ways of doing business. These technologies have cut down time, working simultaneously on different issues and increasing efficiency. The platforms where communication technology and information technology are merged to suit core needs of banking are known as core banking solutions.

Core banking system is defined as a back end system that processes daily transactions, and posts updates to accounts and other financial records. The aim of core banking solutions is to enable phased, strategic approach intended to reduce costs, improve operations, etc. Implementing a modular, component based enterprise solution can facilitate integration with already existing technologies. An overall service oriented

architecture

(SOA)

helps

to

reduce

the

risk

that

can

result

from

manual

data

entry

and

outof

date

information, increases management information and review, and avoids the potential disruption to business caused by replacing entire systems.

Core banking solution is an application that enables customers to conduct common transactions and a large subset through net banking, ATM, or phone banking, instead of visiting banks.

Computer software is developed to perform the following main core operations of banking: opening new accounts, making and servicing loans, processing cash deposits and withdrawals, managing customer accounts, credit processing capabilities, customer relationship management activities, recording of transactions, passbook maintenance, customer records, maintaining records for all transactions, etc. Strategic spending on these systems is based on a combination of service oriented architecture and supporting technologies that create extensible, agile architectures.

Core banking functions differ depending on the specific needs. Core banking systems are often specialized for a particular type of banking. Products that are designed to deal with multiple types of core banking functions are sometimes referred to as universal banking systems.

Effective core banking systems requires a robust technical architecture capable of meeting rigorous scalability and availability demands while seamlessly integrating multiple channels and ancillary programs to create an end to end process framework.

The aim of this paper is to analyse main solutions on the market, define their functionality, provide details of their architecture and describe the technology. The purpose of this analysis is to determine whether it is possible to create a demurrage complementary currency electronic payment system using core banking software to be implemented in case of emergency scenario (providing additional liquidity to the economy in case of credit crunch) assuming the system to be implemented on a UK nationwide scale as local solution for a medium size town reproduced for 100+ locations. We aim at drawing comparison between proprietary core banking solutions, open source solutions and ready to use solution based on complementary currency.


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Solutions:

1. Temenos Core Banking (TCB) by Temenos

OVERVIEW

TEMENOS CoreBanking (TCB) is a contemporary functionally rich core banking platform, deployed on IBM mainframe technology and designed around IBMs Information Framework (IFW) industry banking model, to maximise re use, eliminate duplication and minimise redundancy. It is considered that TCB is used by the worlds largest mass market retail banks. It is designed to enable application components to be implemented independently, allowing banks to transition from their evolved, fragmented and highly complex legacy processing environments on a step bystep incremental basis. TEMENOS CoreBanking (TCB) is a core banking processing engine for large, complex retail banking businesses operated either by the bank or by an outsourcing operation. TCB is particularly well suited to banks that wish to adopt a phased core banking transformation in one or multiple lines of business.

TCB provides banks with:

Single Definition of the Banks Data (based around Industry Standard FSDM) Global, Group and Entity Customer Views Common Processes across lines of business, eliminating silos, redundancy and complexity True Product Builder Component Assembly Capability Lifecycle Management in Product and Relationships, such as accounts Ease of Integration, SOA and flexibility of aggregation Mainframe and Open Technology off a single source High Volume Processing Multi Currency, Multi Language, Multi Entity, Multi Time Zone Global Continuous Processing for all functionality Integrated Operational Data Store, based on the Same Data Definition Reusability of fine grain functions


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FUNCTIONALITY

Enterprise Control

These provide common applications used throughout several business events.

Customer Data Administration

provides data on all entities related to the financial institution including customers, prospects, employees and relationship managers

provides grouping of related customers includes properties for any entity (that several entities can share to avoid data duplication) includes a documents management sub system designates special handling instructions or restricted access accounts

Product Builder and Catalogue

enables users to create, modify and market products manages the lifecycle of customer products provides product build capability across all banking areas provides an audit trail of the product build process


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maintains a catalogue of all products, including how and where they can be sold and the documentation needed

Contract and Relationship Management

describes the relationship between any party/product and the financial institution (relating across all

banking areas) indicates the status of the arrangement. For example, offered, requested, approved, active, matured,

suspended or cancelled.

Bank Organisation

describes all the internal organisation structure of the financial institution, branches and employees maintains user access and authorisation levels maintains holidays and user profiles

ARCHITECTURE

TCB is designed as a Software Oriented Architecture (SOA) supporting the coexistence interface requirements that are a necessity in the complex application architectures, which have evolved within large Retail Banks. However, more importantly, the reusable discrete component design of TCB takes SOA


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significantly beyond ease of integration to delivering agility and flexibility whereby discrete functional components can be aggregated to create new products, services, and processes easily and quickly.

TCB is a global continuous processor for all functionality. With TCB, business is processed continuously as required by each time zone while background processing executes scheduled jobs with no service disruption. As a result, published services are continuously available for channels and time zones are processed as required without affecting other operations.

TECHNOLOGY

TCB was

architected

and

designed

from

its

inception

to

handle

the

extreme

high

volume

transaction

processing needs of Retail Banks. TCB is a contemporary scalable open multi platform solution, whether processing on mainframe or Unix operating environments.

TCB is based on the industry standard Financial Services Data Model from IBM, referred to as FSDM Financial Services Data Model. This is the foundation by which TCB enables one version of the truth. FSDM is a proven industry standard data model that forces one instance of data definition, owned at an Enterprise level. As a result, the bank benefits from one single version of the truth, no replication of data, real insight, and better decisions. The TCB data model is database independent and can be supported by any relational database.


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2. Temenos T24 by Temenos

OVERVIEW

TEMENOS T24 is built on open architecture, offers low cost of ownership and uses established standards

such as HTTP, XML and J2EE. The design of T24 offers multiple application server support offering horizontal scalability and supporting huge numbers of users with true non stop resilience. Probably the most innovative aspect of T24, however, is that it will totally eliminate the need to run End Of Day processing. T24 is available as a model bank implementation, with best practice processes built in, or a more tailored implementation for clients preferring differentiation.

FUNCTIONALITY

T24 provides a solid foundation for banks to manage customers, processes, risks and monitor on going activities, as well as specialized line of business functionality, which provides the full range of banking services such as:

Retail Banking

CRM Multi channel Cash transactions Payments Credit Deposits Loan simulation

Private Wealth Management

Portfolio Management Valuations Compliance Relationship Management Order Management Products & Instruments

Backoffice Support

Operational Services Support Services

Corporate Banking

Payments Cash management Commercial Lending and Syndicated Lending Trade finance Internet banking


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TECHNOLOGY

Open Standards

Written for performance and reliability, T24 is based on established industry standards as promoted by independent bodies and not on the particular interpretation of these standards by other vendors. T24 is

provided in C or Java. T24 runs on: Open hardware Open database Open J2EE application server Open UI through browser, HTML and XSLT Open connectivity through XML and Web Services Open C or Java language code Open Java development environment

T24 also

supports

the

full

Microsoft

stack:

Support for Microsoft technology on all tiers Native ASP.NET Web Services support Deploy on high capacity servers with Windows Server 2003 Data Center Edition and SQLServer 2005 Leverage the BizTalk Server EAI capabilities for XML, EDI and other message formats

Multiple Application Servers

T24 achieves these high volumes through an efficient and scalable architecture based on multiple TEMENOS T24 servers. This means that as volumes expand, further servers can easily be added improving

performance and also improving availability. No End of Day

T24 is true 24 by 7 banking system. It eliminates the need for traditional end of day processing, enabling users and customers full access to the system at all times.

Local Development

T24 permits the use of local programming to further extend the functionality and flexibility of the system. Local programs are written in Java and may be inserted in the T24 business logic at over 12,000 different

exit points or APIs. This capability greatly extends the local flexibility of the system without compromising clients ability to upgrade to later versions of T24 when required.

MINIMUM TECHNICAL SPECIFICATIONS

TEMENOS T24 R11 IBM System z/OS 1.10 IBM WebSphere v7 IBM WebSphere MQ v7 IBM DB2 v9 & IBM DB2 v10


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3. Finacle by Infosys

OVERVIEW

The solution has an integrated CRM module, enabling banks to offer a rich and differentiated value

proposition to customers. The layered Service Oriented Architecture (SOA), STP capabilities, Web enabled technology and 24X7 operations ensure multi channel, multi country and multi currency implementations. The functionality rich modules in the solution provide banks with a varied palette of features to continuously innovate on their product and service offerings. From the services innovation perspective, Finacle offers a comprehensive and unified customer repository with capabilities to educate and empower customers.

FUNCTIONAL ARCHITECTURE

Core Banking Solution


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Universal Banking Solution

FUNCTIONALITY

Enterprise Customer Information

Finacle provides a comprehensive solution to leverage customer information and create differentiated customer experience through the Enterprise Customer Information File (CIF). It empowers banks to manage the various lifecycle stages in their relationship with the customer. Comprehensive segmentation information, including demographics, psychographics, financials and product preferences, is captured and presented through a unified view. This view presents information on products and services availed within the core banking solution and across multiple back end systems. Inquiry, creation and maintenance of the CIF are enabled through flexible and user definable templates while supporting compliance KYC and AML mandates.

Consumer Banking

Parameterization of product features is enabled for reuse of components, resulting in faster rollout of new products. Each product can be associated with a wide range of properties to help banks create innovative products. In addition to the standard product offerings, consumer banking products that can be configured include multi currency accounts, structured deposits, top up deposits, master term deposits, top up loans, revolving loans, loans with flexible repayment schedules, offset products, mortgages and securitization.

Wealth Management

The wealth management module supports rule based definition. It also supports configuration of features, structure, commission, redemptions, relationship pricing, customer communication and a wide range of related properties and entities for structured products, distribution of insurance products and distribution


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of mutual funds. The module is tightly integrated with the core banking and CRM solutions, ensuring unique customer definition, unified customer portfolio view and seamless transaction processing.

Corporate Banking

This core banking solution presents a range of offerings for corporate banking from simple products such

as overdrafts and cash term loans to complex ones such as securitization and syndication. The commercial lending module is rich in functionalities such as multi currency disbursements and repayments, flexible and varied interest rate setup, commitment fee setup, crystallization, amortization and debt consolidation. The centralized limits and collateral function is multi currency and hierarchy enabled thus empowering banks to support collateral based lending and online exposure monitoring.

Trade Finance

The trade finance module is integrated seamlessly with the core banking solution to give an end to end perspective to the trade finance needs of a bank. Fully integrated with the payment system and exchange rate setup, the module supports multicurrency processing of trade products such as:

Documentary credit Forward contract Import and export financing Letter of guarantee

Functional Services

Finacle core banking solution offers a range of mainstream and bank definable functional services that help bundle products with services, enabling banks to achieve differentiation.

Standing orders integrated with the payment systems, enabled for multi currency and having auto execution capabilities

Liquidity management supporting notional pooling and target balancing structures Feature rich bill payment feature supporting multicurrency payments and collections Remittances offering comprehensive inter bank and intra bank funds transfer capabilities Payments enabled for Straight Through Processing (STP) Flexible and feature rich clearing service supporting both paper based and image based clearing Automated exception and approval management with referral for financial and non financial

exceptions

Reusable Business Components

This core banking solution supports the following business enabler functions that can be defined by the bank and reused across various cross functional solutions:

Interest feature with support for definition of differential and slab based interest rates Rulebased Signature Verification System (SVS) Exchange rate structure with multi tiered definition facility Tax structure definition and application of withholding tax for defined events

Event based charges with provision for online and batch collection of charges Support for preferential pricing and discounts, both adhoc and based on customer segments Inventory management


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Elaborate channel rules and channel based differential pricing of charges and interest Rebates, clawbacks, subsidies, planned prepayments and multi source repayment configuration

capabilities in retail loans Direct Selling Agent (DSA) feature with capabilities for sub DSA, turnover and commissions calculations Extensive framework for bank management with user definition capabilities, audit trail features,

reporting and exception management Accounting Backbone

Finacle core banking solution has an inbuilt integrated financial and accounting management system that caters to multi currency and hierarchical bank structures comprising multiple branches and profit centres. The integrated General Ledger supports real time online updating of transactions generated, providing the bank with the facility to accurately generate its financial position at any point of time. The transaction manager provides the facility to auto generate batch and online transactions while processing large transaction volumes, complete with validations and defined checks.

INFRASTRUCTURE

Finacle core banking solution empowers users with a range of utilities such as:

24 X 7 capabilities to operate round the clock through branches and channels even during batch job execution and day end operations

Integrated, secure and scalable reporting infrastructure to meet various reporting needs Ease of integration with industry standard based framework to integrate with existing and external

systems

Single Sign

on

(SSO)

for

uniform

and

common

authentication

Sophisticated security management at application, database and user levels with inbuilt checks and

role based access Support for multiple calendars such as Gregorian, Hijri and Buddha Batch Job Scheduler (BJS) to automate invocation, execution and monitoring of batch jobs at defined

schedules Finacle Scripting Studio to extend the solution beyond parameters, to include bank definable business

rules and logic for behaviour and outcome of business events BPEL/BPML based workflow for automation of sequential business processes with reduced manual

intervention

4. BankFusion Universal Banking by Misys

OVERVIEW

Misys BankFusion Universal Banking is a customer centric core banking system that contains a range of banking and financial services functionality for both front and back office deployment. The solution covers a range of retail banking instruments such as lending, deposits and payments in addition to supporting

business and enterprise banking requirements including treasury and trade services. Misys BankFusion Universal Banking includes an integrated General Ledger application that can be used for bank wide financial management or alternatively, can act as a product ledger and integrate with an existing enterprise


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GL solution. The BankFusion UB technology platform and tools enable banks to create and configure functionally rich product and services using an innovative process capability that allows the flexible management of user interactions based on decoupling products, services and associated workflows from back end core banking systems. The SOA designed based J2EE BankFusion platform supports 24x7 banking operations, removing traditional systems constraints around user down time during end of day

processing.

ARCHITECTURE

Multi Tier Architecture

The Misys BankFusion platform on which Misys BankFusion Universal Banking is built manages the underlying data separately from the business logic that, in turn, is separate from, but easily accessed by, the channel applications.

Data Layer

The data layer maintains and persists the core banking data relating to customers, accounts, products, transactions, and the overall banking environment. Misys BankFusion Universal Banking has a welldefined data model that can be easily extended. The data layer is defined at both a logical and physical level, so that changes to the underlying data model will have a minimal impact on the live application.

Channel Layer

The Misys BankFusion platform enables fast design and deployment of new products and services and the Channel Layer ensures that one can reach out and support ones customers when and where they want:

In the branch At the ATM Via Point of Sale Through call centers and IVR On the Internet

Product & Process Layer

The Product & Process layer is the home of the product portfolio. The Process layer provides a range of business processes to support the channels. The Product layer provides the common product and service

functions to support the core banking processes in the bank.


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TECHNOLOGY

AIX and IBM DB2 platform with choice of other operating system and database (including HPUX and Oracle);

Scalability, performance and resilience, due to the underlying enterprise capabilities offered by the J2EE environment;

Speed of implementation and integration due to the use of recognised international standards, such as XML, Web Services, JMS and JMX;

Built upon a powerful multi tier architecture which provides flexibility around service delivery and solution architecture;

Builtin process management; Faster development turn around reducing delivery times and increasing speed to market; Integrated development environment enabling lower cost localisation; Centralised operations supporting centralised management; Scalable and resilient enabling both organic growth and growth through acquisition. Backward compatibility with existing applications; Automated tooling is provided to migrate bank data; Customer data is greatly extended and enriched in BankFusion Universal Banking; User defined data can be mapped to extension tables; No enforced account number change; No size limitation on historic data.


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5. CFTBank by Center of Financial Technologies (CFT)

OVERVIEW

CFTBank (Oracle based development platform) is an object oriented banking system based on Oracle

DBMS. CFT Bank Information Complex was created and is developing on the basis of advanced experience of CFT and practices of the leading Russian banks. Currently, CFTBank (Oracle based development platform) has over 250 installations and is commercially operated in the Savings Bank of the Russian Federation. The information complex was certified by the Russian Savings Bank and is used to develop a centralized solution at the level of territorial administrations of the bank. The system combines elements of product and customer oriented approaches to automation of bank business. It provides a uniform technological bank platform, which means an integrated access to the functions of different back offices (including regional ones); a possibility of centralization of all back office functions; unified and integrated sales channels (branches, divisions, self service points, Internet, mobile phones, etc.); centralization of customer data. The system has an installed administration means and object oriented structure.

The system is the leader in the Russian banking market, including the following:

number of installations of bank systems based on Oracle DBMS number of simultaneously working system users volume of transactions performed within the system within an operation day the best price quality ratio in its class

The system provides a single technological platform of the bank:

an integrated access to the functions of different back offices (including regional ones) an opportunity of centralisation of all back office functions unified and integrated sales channels (companys branches, divisions, self service points, Internet,

mobile phones, etc.) centralisation of customer data and its comprehensive analysis

ARCHITECTURE

The advantages of the banking systems based on the Platform 2 MCA:

support of

all

modern

means

of

integration

the independence of the system core and the applied solutions control system update unlimited opportunities in the productivity build up reliability: ensures the operation of crucially important applications in the 24/7 format scalability and centralization. Scalability is possible on both levels: application servers and database

servers.

Due to the applied logics and database division the possibility to scale the system with the middle range or lower levels servers instead of the high end servers, was enabled. Middle range server is used as a database server, while the system is scaled by application servers, the total processing power of which will

cost the bank 10 times less than a high end server of the same power. Basic principles of architecture:


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multiplatformity independence of the OS, potential independence from the database independence from the application servers OS independence from the application servers manufacturers continuity of CFT platforms

For the bank that have already installed banking systems CFT Platfrom 1, the transference to the Platform 2MCA is a shift of the applied part of the systems onto the new technological core. Furthermore the bank has no need to re skill business users of the system, as the interface and functionality of the system are identical. Banks ITpersonnel has no necessity to study new programming languages as the CFT experts have created a compiler from PL/plus to Java.

High productivity

Platform 2 MCA ensures simultaneous service for 500 up to 100 000 users and support for up to 100 000 000 users accounts in a single database in the real time mode. The high performance and scalability

indexes of the technological platform have been proved under the CFTBank information bank complex testing (Platform 2 MCA), developed on the database server based on the HP Superdome platform with the Oracle 10g database. The dependence of the hardware software complex productivity upon the number of sessions has been analysed.

6. Corebank by Fidelity National Information Services (FIS)

OVERVIEW

FIS supports a range of financial institution market segments, including:

Credit unions Thrifts Bankers banks De novo and community banks Midtier and large financial institutions International financial institutions

In addition to deposit and loan account processing, FIS core banking solutions address financial institutions needs in the areas of accounting/general ledger; data access and integration; and lending, payment and trust solutions.

ARCHITECTURE

Corebank is a customer centric, real time, relational database solution that provides a 24/7 continuous processing solution for global banks and supports a wide range of customer, product build, deposit, lending and payment functionality for the retail banking environment. Based on IBMs Information Framework Financial Services Data Model (FSDM), Corebanks application architecture supports a component based

business

model

and

is

efficient

at

reusing

software

components,

thereby

reducing

complexity,

maintenance effort and development risk. Corebanks business functionality can be delivered in COBOL on the mainframe zSeries platform as well as in a J2EE environment on either UNIX pSeries or mainframe


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zSeries. Corebank is delivered as a set of integrated core banking components that are then tailored to fit the institutions individual business requirements. These components can be re configured as business requirements change, protecting the organizations strategic investment and maintaining a unified business approach.

Corebank components include:

Corebank Financial Institution Infrastructure Corebank Product Build Corebank Customer Management and Customer Overview Corebank Account Administration Corebank Payments Corebank Management Information

Corebank can:

Enable the organizations Customer Relationship Management (CRM) strategy by providing operational customer database and customer administration.

Provide cost savings and improved customer service through simplified account administration. Support portfolio growth with a fast track Product Build component that creates flexible financial

products, providing the capability to build products in line with the prevailing market conditions. Deliver speed to market in terms of product development with support for a wide range of account

types online in real time. Facilitate increased productivity and reduction of errors through components that automate

calculation of complex fees and interest rates. Provide full multibank and single bank operations, including multilanguage support, to support

mergers and acquisitions and other branding strategies. Support multicurrency operations. Provide increased business and operational efficiency with true 24/7 operations. Generate accounting and management information from operational data for compliance, risk

management and profitability analysis. Provide the opportunity to rationalize processing infrastructure with resulting cost reductions and

increased operational resilience. Provide data structures and user exits to extend Corebanks functionality to support bank specific

needs, thus reducing maintenance and upgrade costs.

7. Flexcube by Oracle Financial Services Software

OVERVIEW

With Oracle FLEXCUBE Core Banking, banks gain a cost advantage through straight through processing and exception handling. In addition, the solution supports regulatory requirements in key markets through a highly secure data management system, which can easily integrate with third party solutions at a bank. Working in concert with Oracle Industry Reference Model for Banking, a comprehensive repository of

industryspecific

processes,

Oracle

FLEXCUBE

Core

Banking's

application

architecture

supports

agile

and

business processes management using Business Process Execution Language (BPEL), service oriented


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architecture (SOA), and a Web services based model. It enables integration of all third party applications, including inhouse banking software, to facilitate simple and complex business processes.

ARCHITECTURE

Oracle FLEXCUBE

Core

Banking

delivers

broad

functional

solutions

for

banking

products

and

services

that

reflect industry best practices. These modules can be deployed individually or together, at the same time or in a phased approach. Regardless of ones deployment preferences, every module delivers world class functionality on the same technical framework. Oracle FLEXCUBE Core Banking is a robust platform and streamlined operations.

TECHNOLOGY

Oracle FLEXCUBE Core Banking can be deployed in either a centralized or decentralized model. Supporting both approaches allows organizations to optimize their IT infrastructure around enterprise business processesrather than moulding their processes to meet inflexible system constraints. In the decentralized model, each branch has its own server setup. This enables offline support and also localizes the impact of any single server failure to a specific branch. Such a deployment option is most suitable for banks with branches across geographies, especially in locations where the network is unreliable and the connection with the host could experience frequent interruptions. In a centralized approach, the branch server and the host server reside in the same data center. This provides centralized control over hardware and system


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availability, which reduces deployment and maintenance costs. In addition, because the branch server is located in the data center, it is subject to the data centers stringent security controls, which helps protect against fraudulent activity.

Host Component Setup

The host component consists of three primary layers, each one engineered to be feature rich. Application server. Dynamic logical partitioning (LPAR) is used on each application server machine for

server consolidation, which minimizes maintenance, power consumption, and chances of failure. In addition, servers are clustered to ensure that no one machine becomes a single point of failure.

Database. Advanced Interactive eXecutive high availability cluster multiprocessing moves Oracle 10g servers from primary to secondary central processing units (CPUs) to distribute the load and provide failover support. Oracle Real Application Clusters aids load balancing across LPAR CPUs and assists recovery from specific memory failure points.

Disk. Redundant array of independent disks (RAID) 1+0 ensures high availability in the event of disk and

disk driver failures.

Disaster Recovery

The host database is deployed in the production data center with a mirrored image at a disaster recovery site. The system is architected so that the disaster site contains a backup of all mission critical servers. This ensures that recovery can be completed quickly without any data loss using Oracle Data Guard or SAN replication.

8. Unisys Open Payments Platform by UNISYS

OVERVIEW

Unisys has developed an Open Payments Platform to meet the demands faced by banks in maintaining and growing their payments business. The Unisys Open Payments Platform is based on a Service Oriented Architecture (SOA) Bank Payment Hubfrom Unisys partner Clear2Paythat includes proven components for external interfaces, and for the validation, processing, and management of payments. The components can be quickly orchestrated with Business Process Engineering Language (BPEL) rules into next generation

payment solutions.

The

Bank

Payment

Hub

can

reuse

components

to

process

any

type

of

payment

by

normalizing the payment type to ISO 20022. A powerful Software Development Kit (SDK) that enables easy modification of existing components and creation of new ones complements the Bank Payment Hub. A Payments Landing Zone feature of the Open Payments Platform consolidates data from multiple payment types and multiple sources into a single enterprise view. In addition, Unisys and Oracle have jointly developed a Payment Business Intelligence Accelerator as an optional service for the Open Payments Platform. It enables financial institutions to manage their payments business more effectively by monitoring key performance indicators (KPI) in enterprise wide dashboards and reports. With the Open Payments Platform, banks can consolidate redundant payment functions to reduce infrastructure costs, manage payments operations across multiple product lines, and adapt to changing regulatory requirements

and market demands.


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ARCHITECTURE

By leveraging industry standard software and commodity hardware, the Unisys Open Payments Platform breaks the performance, reliability, and disaster recovery barriersachieved in the past with expensive, inflexible, and silo mainframe solutions. The Open Payments Platform supports choices for the underlying infrastructure. It is compatible with operating systems such as Linux that support standards compliant J2EE Application Servers, BPEL engines, and relational databases on todays most popular computer hardware platforms.

In benchmark tests conducted with partners Oracle and Clear2Pay, Unisys demonstrated that the Open Payments Platform, including the Clear2Pay Bank Payment Hub, can process more than 17 million electronic check images in the industry X9 Standard, along with associated data, in 40 minutes. These high performance results achieved inbound and outbound payment throughput rates of 8,100 and 6,800 transactions per second respectively. To achieve these results, the test was conducted with Unisys ES7000/one Enterprise Servers based on Intel processors running the Clear2Pay Bank Payment Hub, the Oracle 10g Enterprise Database, IBM WebSphere, Red Hat Linux, and the Unisys SafeGuard 30m business continuance solution. The benchmark test included demonstrating the secure, robust failover capability of the Open Payments Platform that ensures that it keeps working within a site if any component fails. Reliable disaster recovery to a remote site in less than 30 minutes was also verified.

TECHNOLOGY

The strategy for Enterprise Payment Solutions is based on Unisys 3D Blueprinting approach. This approach and its associated 3D Blueprints help jumpstart the client engagement and enable companies to see the interconnections among the core dimensions of their business.

A proven approach: 3D Blueprinting links strategy, process, applications, and infrastructure to deliver secure end to end services and reduce implementation time, cost, and risk.


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Fast start: Unisys Open Payments Platform with the Clear2Pay Bank Payment Hub provides proven components and integrated solutions to quickly meet todays critical payment challenges.

Insight and innovation: Unisys payments experts have been providing innovative payment solutions and services in every geography for over 50 years.

Global and complete: Unisys provides end to end payments solutions and services with global

resources and presenceall with a single point of accountability.

BENEFITS

The Unisys Open Payments Platform modernizes a banks payment solutions to drive revenue growth, improved business agility, lower costs, and reduced risk and liability. The resulting payment environment has several benefits:

SOA component solutions incrementally transform aging legacy payment systems Standards based software on commodity hardware lowers costs and adapts easily Scales incrementally to meet growing performance demands Provides mission critical reliability and disaster recovery Single solution platform for multiple payment types eliminates silo redundancy and improves security

and compliance Quickly meets new market requirements using the existing components and SDK

9. CoreSoftt by VSoft Corporation

OVERVIEW

CoreSoft is a comprehensive core processing system built on browser based technologies. Its platform independent and open system design based on Service Oriented Architecture (SOA) gives high level of flexibility, integration and value. CoreSoft offers freedom of choice in terms of deployment options, operating environments, and processing methods. The parameter driven design of the system enables one to quickly and efficiently adapt to dynamic market needs.

ARCHITECTURE

CoreSoft simplifies and automates business processes without having to make sweeping changes to the existing applications or data structures. As a technological ecosystem, SOA can organize and integrate disparate systems, platforms, and applications within ones enterprise into interoperable, standards based services that can be combined and reused quickly to meet business needs. Sets of reusable code contained in CoreSoft for important business services give flexibility to link different sets of services. CoreSoft works with multiple operating systems, including Linux. The system is architected to work with multiple database and application servers. Coresoft is designed using object oriented techniques to provide a single view of all the relationships between the customer and financial institution.

Platform

The screens for customer setup allow users to quickly search for existing details of a customer or to create a new customer record. Users are prompted to verify that the details stored in the system are compliant with


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the requirements of the U.S. Patriot Act. The system facilitates scan and storage of all identification documents provided by the customer, through a seamless interface with document imaging systems. It allows multiple customers to be set up on an account and provides for different responsibility assignments. The platform provides access to:

Automated Credit Reporting Module (CRM) Certificate of Deposit Savings Accounting Demand Deposit Accounting

IRAs Health Savings Accounts Debit Card Ordering Bond Accounting

Lending

CoreSoft contains a complete Loans Management system that can process all types of loans. Whether it is a fixed or variable interest rate loan; has simple or amortized interest calculation methods; or has regular or irregular payment schedules; in CoreSoft, single system allows management of all loans, no matter the type or terms. This gives financial institution unlimited flexibility in combining features such as interest calculation, repayment method, and collateral to make customized loans, thus enhancing customer satisfaction and maximizing profitability.

Financial Management

CoreSofts GL system combines sound financial principles with the power of information technology. The

system allows

to

set

up

multiple

ledgers,

perform

transaction

processing

and

generate

daily,

monthly

and

year end reports. Multi institution support is provided for consolidation of data at multiple levels, from branch to holding company. The system is designed to allow backdated entries to be posted to the ledger. This enables a real time snapshot of the corrected ledger for any day in the historical archive.

Reporting

All financial institutions are required to submit both regulatory and internal reporting on the financial condition and the results of its operations. CoreSofts reporting suite includes reports that are commonly used across the industry. CoreSoft offers an easy to use and easy to access reporting tool that aids in the creation of new reporting required either by a regulatory agency or the operations department. CoreSoft

offers a variety of reporting to meet financial institutions needs. The reports below represent a sampling of the breadth of CoreSofts reporting capabilities.

Automated Credit Reporting Federal Call Reporting Retirement Reporting OFAC Reporting Transaction Authorization

TECHNOLOGY

CoreSoft is built on the J2EE platform that simplifies enterprise applications by first basing them on standardized, modular components and then by providing a complete set of services to those components.


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By handling many details of application behaviour automatically, J2EE eliminates complex programming. The Enterprise Service Bus (ESB) within CoreSoft is a common communication infrastructure that acts as a platform neutral adapter between applications. As a result, applications can be integrated with each other in a loosely coupled manner through this mediator, eliminating the interdependence between each interface. Some of the applications that can be easily integrated with CoreSoft are: internet banking, mobile banking, cash management, merchant card services, bill payment, and telebanking. CoreSofts business benefits can be viewed from three broad perspectives: flexibility, integration and value.

Flexibility

Flexibility enables one to adapt quickly to external changes with the ability to scale ones operations accordingly. CoreSofts unified view of customer information, synchronizing fragmented sources from multiple systems, helps one make truly customer centric business decisions. Freedom to select the delivery model of choice, based on size, required features, and budget results in optimum resource allocation that satisfies the strategic mission of the institution. One can adapt either real time or batch posting, or a combination of these transaction processing methods in an operating environment of ones choice.

Integration

CoreSoft is built on the best principles of SOA resulting in re usable business services. This enables to quickly respond to business changes and wider integration capabilities with external systems on multiple platforms. Popular industry standard protocols such as J2EE, Hibernate, XACML, JTwain, and Apache Service Mix enable the system to run on any environment that supports these standards. Hardware independence provides the freedom of choice in hardware and software infrastructure that best fits existing or desired environment. With reliable and highly secure data management systems built into CoreSoft, risk and regulatory compliance is ensured.

Value

The true value of CoreSoft is the superior benefit cost ratio it offers with higher return on investment (ROI) for lower total cost of ownership (TCO). The modular structure of the system and SOAenabled, re usable business services combined with multiple delivery models and hardware independence gives comprehensive flexibility in terms of ownership costs.

10. ICBA by Infopro Sdn Bhd

OVERVIEW

eICBA Banking System is a comprehensive, integrated yet modular banking solution designed to meet the demands of today's financial institutions. Providing the full spectrum of Conventional and Islamic Banking operations at retail, commercial, small to medium size enterprises (SME) and corporate levels, incorporating a full complement of transactional services, the eICBA Banking System offers a comprehensive integrated banking & financial system. Its multi currency and multi lingual capabilities allows financial institutions to serve markets all over the world via an array of delivery channels. The eICBA Banking System supports institutions of every operational size and complexity, including corporate banks, retail banks, microfinance banks, and financial cooperatives of any kind. Architecturally sound, eICBA System is an easy to integrate, scalable, enterprise wide solution that handles large transaction volumes on a 24x7 basis. This solution has been successfully deployed in over 28 countries around the globe. The eICBA Banking System has an integrated CRM module that offers a 360 degree customer portfolio management


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enabling banks to offer rich and differentiated value proposition to a diverse range of customers. It provides user friendly functionality for the front office for interaction with clients and the initiation of new services.

From the services innovation perspective, eICBA Banking System offers a comprehensive and unified customer repository with capabilities to educate and empower customers. The functionality rich modules in the solution provide banks with varied features to continuously innovate on their product and service offerings. The eICBA Banking solution enhances the basic business of banking with the capability to configure and manage the full cycle of the banking process, from origination to servicing across multiple channels.

ARCHITECTURE

eICBA Banking System leverages the business functionality gained by INFOPRO over decades of experience and expertise as banking solution provider. In essence, eICBA Banking System provides the full spectrum of

Conventional and

Islamic

Banking

operations

at

all

levels

of

banking,

including

retail,

commercial,

small

to

medium size enterprises (SME) and corporate levels. The solution supports a variety of products which covers deposits, including savings accounts, checking accounts, overdraft accounts, term deposit accounts and a variety of lending products including personal loans, corporate loans, and mortgages, along with a full complement of transactional services incorporating remittances, foreign exchange, drafts, bankers cheques, cards and trade finance. These capabilities are accessible through multiple channels, from branch to call center to Internet and mobile banking. The solution integrates front, middle and back office processes in real time, providing bankers throughout the organization with complete timely and actionable information about customer relationships and providing a single view of the bank to the customer.

The eICBA

Banking

System

supports

the

following

areas

of

business:

Solutions (Conventional & Islamic) Core Functions Retail Banking Corporate Banking Private Wealth Management Trade Finance Treasury Operations Channels & Integrations

Retail Banking Equities and Bonds Cash Deposits and Accounts Asset Management Discretionary and

Advisory Portfolio Rebalancing Performance Reporting Portfolio Management and Accounting Execution only Transaction

Alternative Instruments Structured Products Third party commissions and trailer fees

Core Services Enterprise Customer Relationship

Management Deposits (includes SA, CA, Term Deposits, etc) Lending (includes Term Loans, Leasing, HP,

Mortgage etc) Remittance Payments Loans Origination System (LOS) Debt Collection System (DCS) Litigation Recovery Collateral Management Risk Management Business Performance Management Accounting & General Ledger Regulatory MIS Document and Image Management

Product Builder Workflow Management Other Core Support Services (e.g. Multi


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company, multi currency and multi language configurator)

Private Banking Securities Portfolio Management Portfolio Modelling and re balancing Portfolio reporting including performance Fiduciaries Intermediary (agent) compensation and

commissions

Corporate/Wholesale Commercial Lending Syndicated Lending

Letters of

Credit

Documentary collections Bills Guarantees & Standbys Leasing Cash Management

Channels Branch ATM / EFTPOS Call center Internet Banking Mobile Banking Other electronic channels

Integrations (External Systems) Credit Bureaus Card Issuers Insurance

Clearing Houses

Rating Agencies Payment Gateways Market Feeds Regulators BackEnd Systems

TECHNOLOGY

Multi tiered, Web enabled, designed to conform to Service Oriented Architecture (SOA) and Open Standards, and built on the Java Platform, Enterprise Edition (Java EE) technology, the eICBA Banking System is a financial services platform that encapsulate efficient business process infrastructure that is cost effective and open platform. The eICBA Banking System incorporates an innovative Enterprise Application Infrastructure component that makes it ready for future integration with external systems, business partners and customers. This advanced technology infrastructure, in addition to the 24x7 operations capabilities, multi channel, multi country and multi currency implementation options, and world class business functionality provides financial institutions a competitive advantage in a global marketplace.

Open Standards & Open Systems

The eICBA Banking System is developed based on standard enterprise framework called eICBA Enterprise Architecture, which is a derivative of a widely adopted industry standard The Open Group Architecture Framework (TOGAF). The TOGAF platform provides a consistent framework and strategic context for the evolution of the eICBA Banking System in response to the constantly changing needs of the business environment. eICBA Banking Systems commitment to open standards and systems means the solution remains independent and not locked in to any particular vendor technology. This feature, together with the support for an extensive range of technology platforms, gives banks the freedom to choose the best vendor or environment for their implementation based on factors such as cost, performance and support.

Essentially, eICBA Banking System supports the following open standards:

Open Systems Database Standards


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Java EE Application Platform HTML / XHTML Standards for User Interface XML and Web Services for Open Connectivity Open Java Development Environment

In its present version 9.6, eICBA Banking System supports an extensive range of technology platforms including Oracle Database 11gR2, Oracle Solaris 11, Oracle WebLogic Server 11g R1 and Oracle Linux 5.5.

Multi Tiered

eICBA Banking System adopts an ntier architecture where each business domain is divided into the several tiers making the system highly modular composed of flexible and reusable components. The system is divided the following tiers:

Presentation Application

Database

Apart from the advantages of modular software with welldefined interfaces, this multi tier architecture allows any of the tiers to be upgraded or replaced independently as requirements or technology change. A change of operating system in the presentation tier, for instance, would only affect the user interface code, leaving the other components in the other tiers unaffected and therefore completely reusable.

As eICBA components are built on a Java EE framework, there is added advantage of platform independence that makes eICBA a truly open system. For instance, in any given deployment the presentation UI could run on either Windows or Linux OS, business components could be contained in either IBM Websphere AS or JBoss AS and database objects could reside in Oracle or DB2.

Service Oriented Architecture (SOA)

The eICBA is a system where business components are developed with capability of consuming or publishing Web services within industry standards Service Oriented Architecture (SOA) framework. The SOA based framework enables application connectivity, automate business process, software reuse, reduce integration cost and reduce vendor lockin. In addition, it comes along with the compelling business modelling (BPEL modeller) and activity monitoring (BAM) tool aid in governing and keeping up the performance of the automated business processes participating in the SOA infrastructure.

The

eICBA

Banking

System

provides

increased

flexibility

by

leveraging

on

the

Enterprise

Architecture

Interface with multiple connectivity standards. The interface, a high level architecture that is layered on top of the application architecture and platform architectures, serves to improve integration and enhance service monitoring, and thereby reduce the risk of integration with external systems.

Unified Customer Repository

All the eICBA modules are fully integrated to a unified customer repository, known as the Customer Information File 360 (CIF 360) to provide a total (360 degree) view of assets and liabilities of each customer online real time. With the systems Web Services capabilities, the repository can be made available to external systems so as allow consolidation of customer related information at global level, enabling institutions to quickly and accurately aggregate customer information.


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Scalability, Availability & Performance

The eICBA Banking System has built to scale easily from the smallest to the largest of banks merely by adding more servers to the cluster ready architecture as volumes or number of branches expand. The eICBA Banking System has demonstrated good performance in benchmarking exercises performed on even modest mid range servers. Among other things, these benchmark exercises have demonstrated that system is capable of end of day processing duration of less than 2 hours for 20 million accounts and 10.4 million daily transactions a strong testament to eICBA Banking System's speed and scalability.

11. Insite Banking System by Automated Systems, Inc.

OVERVIEW

Automated Systems, Inc. is the developer of the Insite Banking System, a core banking software application package for community banks. The Insite Banking System application is designed to provide customers with a complete inhouse core data processing solution with flexibility to expand processing capabilities seamlessly through the inclusion of integrated ancillary products. The Insite Banking System application is designed to utilize the Microsoft Windows operating system environment to create a single operating system solution: no Unix, no AS/400, and no mainframe. Insite provides directly integrated check imaging, document imaging, online real time telephone banking, online real time online banking, iTeller, an image teller solution, and more. The Insite Banking provides financial institutions with a complete inhouse data processing system.

FEATURES


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The Insite Banking System offers a flexible platform that enables customers to integrate ancillary products such as Check Imaging or Online Banking easily. The Insite Banking System is ODBCcompliant, providing customers with unlimited ways of leveraging and maximizing the value of their data.

Microsoft Windows 2008 Server

No Unix, no AS/400, and no mainframe Single operating system solution User friendly point and click technology More productive environment for mobile and remote users Tight integration allowing up to the minute information to flow seamlessly

Utilize ThinClient Technology

Improved network manageability and system performance Greater centralized control and security

Streamlined implementation of applications and upgrades Increased productivity Improved customer service for an increased competitive advantage

Complete array of integrated and add on products available

Includes all major core banking aspects such as DDA, savings, loans, CDs, GL, and more Directly integrated check and document imaging Directly integrated online real time internet banking and online real time telephone banking Multiple report creation and data mining tools

Customer Inquiry from anywhere in the software Single Source Vendor

Provide software, hardware, networking, installation, training, and support Backed by certified networking professionals and support staff Lower total cost of ownership Remove hassles of multiple vendors Strong, independent financial solutions provider since 1981 No shifting or lack of trust between you and the multiple vendors' various responsibilities

BENEFITS

Below are the top 12 benefits of the Insite Banking System core software solution:

Lower total cost of ownership Increased performance ODBC compliant End service bureau dependency Removal of legacy systems Only one operating system to manage Utilizing thin client technology Seamless check imaging


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Integrated document imaging 100% Microsoft Windows Server environment Toll free direct support lines Windows core data processing software

12. Cyclos by STRO

OVERVIEW

Cyclos is a project of the Dutch non profit organization STRO. Cyclos offers a complete on line banking system with additional modules such as ecommerce and communication tools. Cyclos is currently available in ten languages and used worldwide by many organizations and communities. The Cyclos platform permits a de centralization of banking services that can stimulate local trade and development. With the latest

version it is possible to roll out mobile banking services using mobile channels such as SMS. Cyclos is published under the GPL (open source) license meaning that it can be downloaded for free and used at no cost.

The objective of the project is to develop open source complementary currency software that is easy to use and maintain, flexible, secure, and highly customizable. The Cyclos structure is entirely dynamic. This means that it is possible to 'build' a monetary system from scratch. Organizations that want a standard system can use the default database that comes with basic configurations and can be easily enhanced. Cyclos is used for mutual credit systems like LETS, Barter systems, administration of Micro credits, Time banks and backed currency systems such as a C3 (consumer and commerce circuit). Cyclos just started to be used as a back

end for mobile banking services in Africa, and various Universities are studying the possibility to use Cyclos as a campus payment system.

FEATURES

Online banking

Register on line (optional registration agreement) Home (dashboard) page with status overview, quick access icons, message board Online client profile (client information, images) Payments (normal, installments, scheduled, authorization levels) Payment request to mobile user (requires confirmation by SMS) Invoices Loans (view open closed loans, repay loan) Loan groups (micro finance) Account summary / history, print & export payments lists Personal alerts & notifications Online request forms (e.g. loan request) Personal documents, group documents (managed by administrators or agents)

Manage account

operators

(a

user

can

create

operators

and

give

them

permissions

to

do

specific

tasks)

Mobile banking (SMS / WAP)


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Online signup Payment to other users or administration Payment request (two way payment) Retrieve account information (optional browse through pages) Info texts (texts managed in Cyclos can be retrieved by sending an SMS with a specific words/alias)

Notifications & alerts (personal alerts and general alerts & notifications) Mailings (from administration and agents) Bank and Telecom provider independent Custom SMS operations (programming interface that allows adding new operations)

Cards / POS (Point Of Sale)

Debit / credit card support Different security options PIN, security card code, OTP (one time or session password) Online card management (activate/cancel/block card, reset/block PIN)

POS (Point Of Sale) cash in cash out payments Daily transaction overview & print on POS Receipt printer support for WebPOS Print transaction reports for specific POS operators Manage POS devices on line (activate, deactivate, block)

E commerce

Market place (offers & wants) Online (rich text) editor

Advertisement matching

alerts

Member directory Contact list Messaging module Brokering / agents module Business referrals and transaction qualifications

System administration & configuration

Dynamic system configuration (support for various economic models)

Define custom

fields

for

users,

advertisements,

loans,

payments,

member

records

Account & user management Import tools (users, advertisements) Content management (translations, pages, images, styles) System alerts & logging Reports & Statistics System tasks (e.g. set system offline, indexing) Easy maintenance (all data stored in database) Automatic upgrades (version check on initialization process) Strong security (bank level security implementation) API (application programming interface) for communication with third party software. Plugins available for integration with the Joomla CMS


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ARCHITECTURE

MVC Structure

Cyclos is build according to the Model ViewController concept. There are 3 layers:

The Model is located in the cyclos3 project. It is the layer that connects to the data. This project defines the entities, which are mapped to the database, and it defines the services that respond to calls from the control layer. Services are defined by a service interface (used by the web layer) and a local interface (used by other services). There is also a security layer for services, which implement the service interface and is responsible of checking the permissions for each method being invoked.

The View is located in the cyclos3_web project, those are the jsp's showing the pages.

The Controller is also located in the cyclos3_web project; those are the java (action) classes of this project especially the ones under nl.strohalm.cyclos.controls. The connection to the model layer is done via the service interfaces.

Workflow

The Cyclos workflow (through all layers) can be summarized as follows: JSP > Struts/Spring > Service > DAO

There are two ways to interact with a web application: by selecting a link, which in most cases will be a menu item (GET request) or by clicking the submit button of a form (POST request). On these requests the following happens:

Any request will be caught by Struts and passed to its related action (Control) class (it gets this information from the struts config files).

All control classes extend the BaseAction class that takes care of the authentication and handles common exceptions.

When a form is filled in and submitted Struts puts it into a form object (a class that extends the Struts ActionForm class).

The control class will put the form object into an object that is prepared for the model layer like a query parameter object or entity object. DataBinders are used to convert strings into proper data types like numbers, dates, entities, collection and the other way around (result data that need to be put back from objects to strings that will be shown in the jsp pages).

The control class will pass the data objects to the services layer that handles the business logic.


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To store or retrieve data from the database the services layer uses the DAO (data access object) layer. The DAO layer accesses the database via the Hibernate framework.

When all these actions are done Struts will forward the request with result data (in the request object) to Tiles and Tiles will compose the correct jsp result page.

Cyclos Model Layer Entity classes

All entity classes in Cyclos extend the main Entity and are located in subpackets of nl.strohalm.cyclos.entity. Each entity objeto has acces to the instance ID of the entity and some common methods like equals(), hashcode() etc.

Object relational mapping (ORM) using Hibernate

The Cyclos entities need to mapped the database tables. This is done in the hibernate mapping files. The

hibernate mapping files are located in the same packages as the entity classes that they map. For example in the directory as the ad entity cyclos3/src/nl/strohalm/cyclos/entities/ads you will find the ad entity Ad.java and the related mapping file Ad.hbm.xml

DAO (Data Access Object) layer

The DAO classes are the classes that are responsible for basic access (crud create/remove/update/delete) to the database. They are located in the package cyclos3/src/nl/strohalm/cyclos/dao For each entity there is a DAO interface that defines the methods and a class with the implementation. For example AdDAO.java and AdDAOImpl.java

Services layer

All business logic of Cyclos resides in the services. They have 2 interfaces: the "remote" service interface, used by the web layer and a "local" interface, which extends the remote and adds methods used only by other services (they can be seen as internal methods). Then there are 2 implementations: a security layer, which implements the remote interface and is solely responsible of enforcing the access of the logged user to the current method and the service implementation itself, which is responsible of performing the business logic. Services are located in cyclos3/src/nl/strohalm/cyclos/services and are grouped in logically named packages (e.g. access, accounts). Some of these packages contain a package called exceptions where the exceptions related to the group are located.

DTO (Data Transfer Objects) objects

DTO objects are used in cases where complex parameters needed to be passed from view to the model layer and sometimes within the model layer. The DTO objects are located in the same location as its related service.

Aspects (AOP)

The aspect classes are intercepting specific service methods and will add functionality and behavior based on aspect rules. Typical aspect uses are permissions checks, logging and notifications.

The aspect classes are located in cyclos3/src/nl/strohalm/cyclos/aop


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Util classes

Util classes are helper classes used by the services layer for all kind of common needed functions. Date convertions etc. The Util classes are located in cyclos3/src/nl/strohalm/utils

Scheduling

The scheduling classes are used to execute tasks that need to run periodically. Tasks can be registred in the config file cyclos3/src/nl/strohalm/spring/scheduling.xml The scheduling classes are located in cyclos3/src/nl/strohalm/scheduling

Setup

When the embedded database creation option is used Cyclos will create a default database with an account, group and permission structure and will populate the database with default settings. If you want anything within a new function be part of the default database (field, permissons) you will have to add them to the Setup.java file located in cyclos3/src/nl/strohalm/setup

Dependency injection using Spring

The communication between the model, data and control/view layers in Cyclos3 is not hardcoded. The Spring framework is used to tie the interface layers dynamically together. The binding of the layers is specified in the Spring configuration files.

13. IKoruna

OVERVIEW

The payment system IKoruna is the service of processing of financial operations, reception of payments and money transfers. The payment instrument of the system is an electronic crone denominated in the form of an electronic payment card. There are several kinds of the cards of the system "IKoruna", such as electronic, plastic contactless NFC card IKoruna card, a mobile phone and a sticker IKoruna mobile. According to their will clients can order plastic NFC card connected with the client's account in system from their private office.

IKoruna card substantially broaden the possibilities of its owner. By means of NFC cards the owners receive access to funds on their account in the system IKoruna being off line. By means of a payment sluice it is possible to acquire a new card, as well as to fill up existing or to pay a bill in the shop. The system is NFCready can be accessed from a mobile phone.

Payment means:

ecommerce payments emoney exchange money transfer regular payments micropayments (games, dates, networking and communities) off line payments (supermarkets and shops, vending, transport systems)


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Services for merchants (on line and off line):

payment service provision access to all payment instruments collection & clearing of payments

Eticket services: Issue on demand Remote delivery Checkin system

ARCHITECTURE

As this platform is written on java it can work on any system where java is supported. The basis of the system is Oracle Glassfish Application Server. GlassFish is an open source application server project started by Sun Microsystems for the Java EE platform and now sponsored by Oracle Corporation. GlassFish supports all Java EE API specifications, such as JDBC, RMI, email, JMS, web services, XML, etc., and defines how to coordinate them. IKoruna uses Enterprise JavaBeans, Connectors, servlets, JavaServer Faces, JavaServer Pages and several web service technologies.

GlassFish is based on source code released by Sun and Oracle Corporation's TopLink persistence system. It uses a derivative of Apache Tomcat as the servlet container for serving Web content, with an added component called Grizzly, which uses Java New I/O (NIO) for scalability and speed. IKoruna uses SOA architecture, the connection between components is done through SOAP protocol.

Transactions can be operated through API. Admin interfaces is used for creating user roles and controlling them. Admin interface may be accessed using smart cards, certificates or login and password. IKoruna works through hibernate which supports a variety of relational databases, however it is recommended to use PostgreSQL 9.0 or Oracle Database 11. The use of OS Solaris and Oracle Database ensures high productivity and speed, perfect conditions for unlimited scalability. It is possible to make payments with the help of SMS, USSD commands, NFC, iPhone and Android applications.


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Conclusions

In the course of this paper we analysed main core banking solutions, defined their functionality, provided the details of their architecture and described the technology.

Understanding the total cost of the complementary currency electronic payment system implementation requires a detailed analysis of an exhaustive list of functionality as well as the precise scale of users transactions and determined security requirements, which is beyond the scope of this paper. However important elements which should be considered include:

annual maintenance fees or core solution development costs

initial cost of implementation

initial cost of customization

initial license cost of a core banking solution package

cost of server and network equipment, collocation in data centres

It is reasonable enough to assume an approximate total complementary currency electronic payment system implementation budget at about 2.5 4 m.

What is evident is that for most legacy core system environments the cost of maintaining the system often consumes 70%80% of the available budget severely constraining the ability of IT to innovate. By contrast and assuming a highly productized implementation, the annual maintenance cost of a core system becomes highly predictable and is made up of the annual maintenance fee and ideally, an annual investment in the effort associated with upgrading to the latest release.

There is no doubt that a core system replacement project can be expensive. Inhouse project attempts, reported in the public domain, have often been denominated in US $ hundreds of millions.

Even though the average initial license cost for a core banking package is now reported by industry analysts as being in the range of $2M to $4M, the actual cost of a project includes many more dimensions.

However, there are such open source solutions as Cyclos project. It is mostly used as a Time bank, LETS and Local currency. Cyclos is published under the GPL (open source) license meaning that it can be downloaded for free and used at no cost; it can also be modified to the customers needs. However providing enough

security for local use, open source solutions are rarely enough secure for a large scale project performing a relatively large turnover.

Some vendors have the certainty and experience to show that it is realistic to build core banking software which is so flexible that it can meet requirements without source code modification, or where the core is protected and customization is achieved through extensions of the platform. The number of vendors holding this opinion is not substantial, however it can easily be seen that this claim is convincing.

What more and more traditional adherents of the build inhouse policy have come to understand is that the resulting code is often far more sophisticated than that which a single country implementation would achieve.

The only banks who have been able to successfully sustain a built inhouse policy are of course the truly international brands like Citibank or HSBC, where the sheer number of countries they operate in have often


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forced similar design constraints on their large teams of developers. But this just serves to confirm the point about the sophistication of truly productized core banking software.

Despite of providing advantages of full control over the system, easy modifying and compliance with the architecture, develop

Green Money Payment Systems

Documents

Transcript of Green Money Payment Systems