Uses for payment initiation technology

19 Dec 2021

Harviatama Librianto Sophian 2301930974

 

  • Transferring money from one person to another (P2P): P2P transfers enable merchants to act as a middleman between various parties and transfer money between non-owned bank accounts. The merchant may choose to set up the source account and destination account directly, or he or she may acquire the necessary information from users. Direct payments between users on sharing economy and social media platforms are one example of this.
  • Instant payments: A function that allows for real-time payments by leveraging a payments API’s intelligence. Instead of using a single, default bank account, the payment can be between accounts at the same bank so it goes through in real-time.
    • Use case: Delivering loan pay-outs instantaneously from lenders and microlenders.
  • Auto payments: Money movements can be automated by programmatic scheduling or condition-based triggers, which communicate with APIs to generate payments once the criteria — such as amounts or transfer dates — are met.
    • Use case: Auto-funding bank accounts when they are below a specific threshold.

 

References

  1. Tschofenig, H., “SIP SAML Profile and Binding”, draft-ietf-sip-saml-00 (work in progress), June 2006.
  2. Bradner, S., “Key words for use in RFCs to Indicate Requirement Levels”, BCP 14, RFC 2119, March 1997.
  3. Madsen, P. and E. Maler, “SAML V2.0 Executive Overview”, OASIS SSTC Committee Draft sstc-saml-exec-overview-2.0-cd-01, April 2005.
  4. Rescorla, E., “HTTP Over TLS”, RFC 2818, May 2000.
  5. Dierks, T. and C. Allen, “The TLS Protocol Version 1.0”, RFC 2246, January 1999.
  6. Rosenberg, J., Schulzrinne, H., Camarillo, G., Johnston, A., Peterson, J., Sparks, R., Handley, M., and E. Schooler, “SIP: Session Initiation Protocol”, RFC 3261, June 2002.
  7. Fielding, R., Gettys, J., Mogul, J., Frystyk, H., Masinter, L., Leach, P., and T. Berners-Lee, “Hypertext Transfer Protocol — HTTP/1.1”, RFC 2616, June 1999.
  8. OASIS Security Services Technical Committee (SSTC), “application/samlassertion+xml MIME Media Type Registration”, IANA MIME Media Types Registry application/samlassertion+xml, December 2004.
  9. Jennings, C., “Certificate Management Service for The Session Initiation Protocol (SIP)”, draft-ietf-sip-certs-00 (work in progress), May 2006.
  10. Mishra, P., Philpott, R., and E. Maler, “Conformance requirements for the Security Assertion Markup Language (SAML) V2.0”, OASIS Standard saml-conformance-2.0-os, March 2005.
  11. Hodges, J., Philpott, R., and E. Maler, “Glossary for the Security Assertion Markup Language (SAML) V2.0”, OASIS Standard saml-glossary-2.0-os, March 2005.
  12. Hirsch, F., Philpott, R., and E. Maler, “Security and Privacy Considerations for the OASIS Security Markup Language (SAML) V2.0”, OASIS Standard saml-sec-consider-2.0-os, March 2005.
  13. Hughes, J. and E. Maler, “Security Assertion Markup Language (SAML) V2.0 Technical Overview”, OASIS SSTC Working Draft sstc- saml-tech-overview-2.0-draft-08, September 2005.
  14. Levinson, E., “Content-ID and Message-ID Uniform Resource Locators”, RFC 2392, August 1998.
  15. Josefsson, S., “The Base16, Base32, and Base64 Data Encodings”, RFC 3548, July 2003.
  16. International Organization for Standardization, “Codes for the representation of currencies and funds”, ISO Standard 4217, 2001.
  17. Burdett, D., “Internet Open Trading Protocol – IOTP Version 1.0”, RFC 2801, April 2000.
  18. Mills, D., “Network Time Protocol (Version 3) Specification, Implementation”, RFC 1305, March 1992.
  19. Donovan, S. and J. Rosenberg, “Session Timers in the Session Initiation Protocol (SIP)”, draft-ietf-sip-session-timer-15 (work in progress), August 2004.
  20. Rosenberg, J., “The Session Initiation Protocol (SIP) and Spam”, draft-ietf-sipping-spam-02 (work in progress), March 2006. [21] Klyne, G., Ed. and C. Newman, “Date and Time on the Internet: Timestamps”, RFC 3339, July 2002.
Dicky Hida Syahchari