Subject: Re: Small/Secure Payment Business Models

From: [email-masked]
Date: Tue, 01 Jan 2002 14:18:53 -0700

actually, i've heard some number of organizations about not wanting to be a
FDIC insured institution, part of the banking federal reserve system,
and/or a holding company that "owns" such an instutition because of the
regulatory, audit, and fidiciary requirements placed on them

analysis of some types of systemic risks in discussion of risk management
and information security
(including the section towards the end on ARMS & Citicorp getting out of
the home mortgage business as well as  the FIRREA Act of 1989):
http://www.garlic.com/~lynn/aepay3.htm#riskm
http://www.garlic.com/~lynn//aepay3.htm#riskaads

also the gao report listed:
http://www.garlic.com/~lynn/aadsm5.htm#epaym "e-payments" email discussion
list is now "Internet-payments"

also "secure" payment discussion in sci.crypt "CFP: PKI research workshop"
thread:
http://www.garlic.com/~lynn/aadsm10.htm#cfppki14

<[email-masked]> on 12/31/2001 9:55pm wrote:

Politically: having enough juice to buy off Congress and get regulations
favoring/protecting your turf.  Regulations always favor the regulated

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From: [email-masked]
Date: Thu, 03 Jan 2002 09:00:04 -0700

somewhat related from basel (aka BIS ... bank for international
settlements):

Sound Practices for the Management and Supervision of Operational Risk
http://www.bis.org/publ/bcbs86.htm

Electronic finance: a new perspective and challenges
http://www.bis.org/publ/bispap07.htm

from above

A workshop on electronic finance was convened by the BIS on 2-3 July
2001. The internet and related technology has begun to have a profound
effect on how financial services are delivered. Discussion about e-
finance is widespread within the financial community, covering both
its potential to improve efficiency but also possible challenges it
poses to financial and monetary stability. Rapid innovation and the
paucity of reliable data are creating considerable uncertainty about
the nature and size of these challenges. The workshop brought together
a diverse group of experts (listed on pages iii-vi) from a range of
economies, backgrounds and sectors; including practitioners, academics
and central bankers. It focused on current and potential changes in
trading systems and exchanges, payment systems and financial
institutions.

This volume starts with an overview based on the presentations given
during the workshop, some of which are also included in the volume,
and the ensuing discussions. The individual papers cover, inter alia,
trading in wholesale financial markets, emerging competition in the
payment system and the progress of virtual banks. Implications for
financial supervision and monetary policy are also specifically
addressed in separate papers. As there are a plethora of technical
terms associated with the subject, a glossary is included at the end
of this volume.