1. Task 16 Scan-Based Trading and Electronic Payments
Michael I. Shamos, Ph.D., J.D.
Director, eBusiness Programs
Institute for Software Research
Carnegie Mellon University
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

2. Outline Scan-Based Trading (SBT) Electronic Payment methods
Wire transfer
Credit transfer, ACH, International ACH
PayPal
B2B payments
SWIFT (Society for Worldwide Interbank Financial Telecommunication)
Foreign exchange
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

3. Traditional Supply Chain
Warehouse
Store
Supplier DC
BkRm
CkOut
Consumer
Terms begin
scanner
Supplier's revenue point:
Warehouse checkin
Retailer's revenue point:
Point-of-sale scanner
SOURCE: TERESA BRASHEARS

4. Direct store Delivery (DSD)DC
BkRm
Merchandising
CkOut
Consumer
scanner
Supplier
Retail Store
Retailer's revenue point:
Checkout scanner
Supplier's revenue point:
Backroom checkin
Terms begin
at delivery
SOURCE: TERESA BRASHEARS

5. Causes of Grocery Out of Stock
Replenishment From
Warehouse
Store Personnel
Unaware of
OOS Condition -
Did Not Order Item
54% 3%
Backroom/Display
Inventory Not Restocked To Shelf 8%
Shelf Capacity
Inadequate
16%
19%
Promotion, Forecasting
and Ordering
SOURCE: COCA COLA RETAILCOUNCIL INDEPENDENT STUDY, 1996
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

6. Scan Based Trading (SBT)DC
BkRm
Merchandising
CkOut
scanner X
Supplier and retailer revenue:
TIME-LINKED TO POS
ALMOST SIMULTANEOUS
Consumer
Supplier
Retailer
Terms begin
SOURCE: TERESA BRASHEARS

7. Scan-Based Trading Supplier owns goods until they are sold
Supplier reports quantity delivered; no store checkin
When goods are scanned at point-of sale, supplier AND retailer are both paid
Risk of shrinkage (loss, theft) is shared
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

8. Scan-Based Trading Benefits
Grocery Manufacturers of America study (2000)
3-4% increase in sales
100% elimination of invoice deductions
Retailer savings of $5 - $10K per supplier per 100 stores (supplier saves $4K - $20K per 100 stores)
Shrink controlled at 0.3%
Back-door check-in time savings of minutes per load (supplier saves minutes)
Wal-Mark is the largest grocery chain in the U.S.
Wal-Mart keeps $50 billion of goods (total) in inventory
SOURCE: viaLINK
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

9. Wal-Mart Supply Chain Management
Satellite
Data
Retailer HQ
POMS
MDSS
Scan
Data
Supplier HQ
R.L.D.S.
Warehouse
Warehouse
shipper
Store
P.O.S.
Scanning
MDSS = MGMT DECISION SUPPORT SYSTEM
POMS = PRODUCTION & OPS MGMT SYSTEM
POS = POINT OF SALE
RLDS = RAPID LEAN DEPLOYMENT SYSTEM
SOURCE: HAK & PARTNERS
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

10. Paying for Scan-Based Trading
Large retailers may have more than 1 million SKUs (stock-keeping units) and 100,000 suppliers
Making daily payments to so many suppliers is a major payment problem
Each supplier my give different discounts based on its contract with Wal-Mart
Need data to compute the payments
Need a mechanism to make the payments in many currencies
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

11. The Fundamental B2B Payment Problem
Seller’s Bank
Buyer’s
Bank
Payment
Reconciliation of
payment/trade
Reconciliation of
payment/trade
Messaging &
Trade Information
SELLER
BUYER
SOURCE: DEBRA MITTERER
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

12. Goal of a Payment System
To allow the recipient to obtain money in his bank account (or an account from which he can easily transfer money)
Payment in real money is called settlement
Most payments are not settled individually
Example: bank cheques, ATM withdrawals – too small for separate transfers of funds; batched for efficiency
Batching to determine how much money must be paid is called clearance or clearing
Payment systems always provide for settlement
Many payment systems also involve clearing
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

13. Central Banks Legal tender (“real money”) is issued by central banks
Every currency is issued by a central bank
The U.S. central bank is the Federal Reserve Bank
PRC: People’s Bank of China (PBOC)
India: Bank of India
Singapore: Monetary Authority of Singapore (MAS)
Commercial banks hold very little cash (just enough for tellers and ATMs)
Commercial banks have accounts at the central bank
Most money is not in cash, but is a ledger entry (account) in a database at the central bank
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

14. How Commercial Banks Pay Each Other
They give instructions to the central bank to “move money” by updating their accounts in the central bank
If Citibank wants to move USD 1 million to PNCBank, it sends an order to the central bank:
ACCOUNTS AT
THE CENTRAL BANK
PNCBANK
BANK A
. . .
BANK Z
CITIBANK
ACCOUNTS AT
THE CENTRAL BANK
PNCBANK
BANK A
. . .
BANK Z
CITIBANK
2,106,071,775
1,135,299,321
1,134,299,321
USD
1,000,000
2,107,071,775
BEFORE TRANSFER
AFTER TRANSFER
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

15. Fedwire: How Banks Pay Each Other
Central banks maintain “real-time gross settlement systems (RTGS) to execute payment instructions
The Federal Reserve RTGS is called Fedwire
“Real-time” means less than 1 minute
“Gross settlement” means that each order is processed as it is received. No batching
These payments are called “wire transfers”
Expensive: up to USD 50 per payment Used mainly for large amounts (average: USD 3.5M)
Transfers cannot be made over the Internet (for security reasons)
Banks usually have dedicated communication lines to the central bank 52

16. Net Settlement Most payments are not made in real-time
The data is sent to a clearing house
Clearing house keeps track of the net amounts owed or owing from bank to bank
Each transaction causes these amounts to be adjusted
After a clearing period (e.g. 1 day), each bank is told the total amount it must pay or will receive
Banks then use RTGS (in the U.S., Fedwire) to settle their debts
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

17. Net Settlement
Many payments are small and do not have to be made in real-time. The cost of RTGS is not justified
Payments can be batch and settlement made for the whole batch later
Net settlement through an automated clearing house (ACH) is used for:
credit/debit cards
checks
ATM withdrawals, credit transfers
BUT: there is no upper limit on ACH payments
Cost is low: about USD 0.10 per payment, 500 times cheaper than RTGS
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

18. Payment Orders (Checks)
NUMBER
MAKER (DRAWER)
DATE
PAYEE
AMOUNT
CURRENCY
DRAWEE
BANK
DRAWEE BANK
NUMBER
ACCOUNT NUMBER
AUTHORIZED
SIGNATURE OF
MAKER’S AGENT
THIS CHECK IS AN ORDER TO MELLON BANK TO
PAY $100 TO PAYEE OR HIS TRANSFEREE FROM
THE CARNEGIE MELLON UNIVERSITY ACCOUNT
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

19. Clearing Payment Orders (Check)
CUSTOMER CMU
OF MELLON BANK
1. CMU SENDS CHECK TO SHAMOS
CUSTOMER SHAMOS
OF CITIBANK
“PAY SHAMOS $100”
9. MELLON SENDS
CHECK BACK TO CMU
2. SHAMOS DEPOSITS
CHECK AT CITI
MELLON BANK
CUSTOMER A
CUSTOMER CMU
. . .
CUSTOMER Y
CUSTOMER Z
8. CLEARING HOUSE
SENDS CHECK TO
MELLON
CITIBANK
CUSTOMER A
CUSTOMER B
. . .
SHAMOS
CUSTOMER Z
4. CITI SENDS CHECK
TO CLEARING HOUSE
-100
CLEARING HOUSE
MELLON
BANK A
. . .
BANK Z
CITIBANK
+100
6. CLEARING HOUSE SENDS MELLON DEBIT INFO
-100
7. MELLON DEDUCTS $ FROM CMU ACCOUNT
3. CITIBANK CREDITS
SHAMOS WITH $100
+100
5. CLEARING HOUSE ADDS $100 TO CITI,
SUBTRACTS $100 FROM MELLON
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

20. Settling Payment Orders (Checks)
1. AT END OF DAY, EACH
BANK HAS A NET POSITIVE
OR NEGATIVE CLEARING
HOUSE BALANCE
2. BANKS WITH NEGATIVE
BALANCES MUST PAY;
THOSE WITH POSITIVE
BALANCES RECEIVE
MONEY
REAL-TIME GROSS
SETTLEMENT SYSTEM
(FEDWIRE)
MELLON
BANK A
. . .
BANK Z
CITIBANK
CLEARING
HOUSE
+34,299,321
6. CLEARING HOUSE PAYS
MELLON $34,299,321
4. CITI PAYS THE CLEARING
HOUSE THROUGH RTGS
-107,071,775
MELLON BANK
CUSTOMER A
CUSTOMER CMU
. . .
CUSTOMER Y
CUSTOMER Z
+3167
-15085
+35529
CITIBANK
CUSTOMER A
CUSTOMER B
. . .
SHAMOS
CUSTOMER Z
+100
+2786
-31872
+107,071,775
CLEARING HOUSE
(FEDERAL RESERVE)
MELLON
BANK A
. . .
BANK Z
CITIBANK
+34,299,321
-107,071,775
3. CLEARING HOUSE INFORMS
CITI IT MUST PAY $107,071,775
5. CLEARING HOUSE ADVISES
MELLON IT WILL
RECEIVE $34,299,321
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

21. The “Automated Clearing House”
The paper check is just
a carrier of information.
Electronic transmission is
better.
We dematerialize the check
(remove the paper).
MAKER (DRAWER)
DATE
CHECK
NUMBER
PAYEE
U S D
DRAWER
ACCOUNT
NUMBER
DRAWEE
BANK
CHECK
AMOUNT
CURRENCY
PAYEE
DATE
Only the digital information is sent to the clearing house
AMOUNT
CURRENCY
DRAWEE
BANK
DRAWEE BANK
NUMBER
AUTHORIZED
SIGNATURE OF
MAKER’S AGENT
DRAWER
ACCOUNT
NUMBER
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

22. Foreign Exchange
Every bank must have an account at the central bank (or with another bank that has a central account)
The account is (usually) denominated in that country’s currency and is used to settle obligations in that currency
A foreign exchange transaction requires two settlements, one in each currency
Therefore, two countries’ central banks (or settlement systems) are involved
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

23. Foreign Exchange Currency = money of a central bank
Every bank account is denominated in ONE currency
All currencies have three-letter ISO currency codes:
USD (U.S. dollar) JPY (Japan yen)
GBP (Great Britain pound) CHF (Swiss franc)
HKD (Hong Kong dollar) EUR (Euro)
Usually, the first two letters indicate the country; third letter is the first letter of the currency name
Foreign exchange is a barter transaction
To buy GBP for USD, buyer has to find someone with GBP who wants USD
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

24. Foreign Exchange Example
RETAILER ASKS ITS BANK B TO BUY GBP FROM BANK S
BUT WHERE CAN BANK B PUT GBP?
BANK B’S
CORRESPONDENT C
BANK B MUST HAVE A GBP ACCOUNT IN A UK BANK
US RETAILER OWES UK FACTORY IN UK 1M GBP
RETAILER ONLY HAS USD; FACTORY DEMANDS GBP
RETAILER MUST BUY GBP
1M GBP
POUND
BUYER’S
BANK
WANTS TO BUY 1M GBP B
BANK C NOTIFIES
BANK B: “1M GBP
IS NOW IN YOUR ACCOUNT UK
FACTORY
BANK S MOVES
1M GBP TO
ACCOUNT B
IN BANK C
POUND
SELLER’S
BANK
WILLING TO
SELL 1M GBP
FOR 1.6M USD S
BANK B MOVES 1.6M USD TO
ACCOUNT S IN BANK T
1.6M
USD
BANK S’S
CORRESPONDENT T
BANK S MUST HAVE A USD ACCOUNT IN A US BANK T
BANK T NOTIFIES BANK S
“1.6M USD IS NOW IN YOUR ACCOUNT” US
RETAILER
HOW CAN BANK S RECEIVE USD? 52 24

25. Foreign Exchange Example
BANK T (US)
BANK S
USD ACCOUNT
US BANKS
(NOSTRO ACCOUNT)
BANK S (UK)
WILLING TO SELL
1 MILLION GBP
FOR USD
BANK B (US)
WANTS TO BUY
1 MILLION GBP
FOR USD
BANK C (UK)
BANK B
GBP ACCOUNT
(NOSTRO ACCOUNT)
UK BANKS
US FEDERAL
RESERVE BANK
BANK B USD ACCOUNT
BANK T USD ACCOUNT
THE BANK
OF ENGLAND
BANK S GBP ACCOUNT
BANK C GBP ACCOUNT
CENTRAL
BANKS
SETTLEMENT ONE:
BANK B PAYS 1.6
MILLION USD TO BANK T
SELLER S NOW HAS 1.6
MILLION USD IN BANK T
SETTLEMENT TWO:
BANK S TRANSFERS
1 MILLION GBP TO BANK C
BUYER B NOW HAS 1
MILLION GBP IN BANK C
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52 25

26. A U.S. company with USD paying a German supplier with EUR
International ACH
A U.S. company with USD paying a German supplier with EUR
CPA = Canadian Payments Association
Equens – a Dutch payment processor
IAT = International ACH Transaction
IPF = International Payments Framework
SOURCE: NACHA
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

27. Financial Messaging Money never actually moves, except in cash form
Most money is transferred by sending messages – payment orders – to and from banks
Banks also send messages to their customers to advise of payments
Financial messaging is ESSENTIAL to payment systems
BUT: a financial message is NOT a settlement
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

28. S.W.I.F.T. Society for Worldwide Interbank Financial Telecommunication
Non-profit, headquarters in Brussels
Financial messaging system ONLY
NOT A PAYMENT SYSTEM
No accounts, no clearing, no settlement
Settlement must occur separately
4.6 billion messages/yr; USD 7 trillion value per day
Average volume: 14M messages/day
Cost ~ $0.20 per message; transit time 20 seconds
Private IP network, NOT the Internet
Uses swiftML, interoperable with ebXML
SOURCE: SWIFT
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

29. SWIFT Network (Feb. 2012) 10,000 financial institutions 212 countries
Not
connected
Connected
10,000
financial
institutions
212 countries
Peak
27M messages/day
4.4 billion messages / year
% availability
7 trillion USD/day
SOURCE: SWIFT

30. A SWIFT Message 103 = REMITTANCE 108 = MESSAGE REF
:20 TRANSACTION REF #
:23B BANK OPERATION: CREDIT
:32A VALUE DATE, CURRENCY, AMOUNT
:50K ORDERING INSTITUTION
:57A ACCOUNT WITH INSTITUTION
:59 RECIPIENT
:70 REMITTANCE INFORMATION, REASON FOR PAYMENT
:71A DETAILS OF CHARGES SHA = SHARED TRANSFER CHARGES
MAC = MESSAGE AUTHENTICATION CODE
CHK = CHECKSUM

31. SWIFT E-payments Plus System
Buyer's bank
Seller's bank
Payment
SWIFTNet Link
SWIFTNet Link
Initiation Confirmation
Remittance advice
Initiation Response
SWIFTNet
Payment Initiation
Remittance advice
Payments application
Payments application
e-paymentPlus
TrustAct Server
TrustAct Link
TrustAct Link
Invoices
Buyer
Seller
Internet
SOURCE: SWIFT

32. SWIFT Message Types
SEE ALL MESSAGE TYPES 52

33. Bridging Domestic Payments Systems
IAT: The Basics of IAT
Bridging Domestic Payments Systems
Copyright 2008, MPX

34. European Retailer Payment to U.S. Supplier
Federal
Reserve
U.S.
Europe
Originator
Beneficiary
Originating
Bank
European Bank’s
Correspondent
SWIFT MT 100/103 $ 2 8
SOURCE: MID-AMERICA PAYMENT EXCHANGE

35. International Payments with SWIFT
Company X
Company A
Invoice US UK
Credit Advice
Wire transfer request
London Bank
Detroit Bank
SWIFT instruction MT103 (1st step)
Credit Company X
Debit Company A
SWIFT Payment order (2nd step)
Credit advice (4th step)
London bank’s correspondent in New York
Correspondent of Detroit Bank in New York
Payment via CHIPS or FEDWIRE (3rd step)
SOURCE: ROYAL BANK OF SCOTLAND

36. PayPal Wholly owned by eBay
> 250M accounts, 50% “active” (Alipay has 500M)
Accepted at 100,000 business sites
USD 200B processed per year
25% cross-border
193 countries (up from 56 six years ago)
26 currencies (up from 6 six years ago)
7% of U.S. online payment
Currently limited to USD 10,000 per payment
ASSUME THIS LIMIT WILL BE REMOVED
SOURCE: PAYPAL
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

37. PayPal Real-time gross “settlement” system
Credit card hub, mobile payments
Bookkeeping & accounting system
Low-value foreign exchange system
Massive expansion in mobile
2010 USD 1 billion
2011 USD 4 billion
2012 USD 14 billion (twice as much as estimated)
2013 USD 20 billion
2014 USD 30 billion (expected)
SOURCE: PAYPAL
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

38. PayPal Structure 52 eBay PayPal GE Bank User User’s Bank
PUBLIC COMPANY
eBay
BETWEEN TWO PAYPAL
USERS, TRANSACTIONS
ARE PURELY BOOK ENTRIES
ONLY MAINTAINS LEDGERS
NO MOVEMENT OF REAL
MONEY WITHIN PAYPAL
PayPal
GE Bank
IF REAL MONEY MUST
MOVE, PAYPAL SENDS
INSTRUCTIONS TO ITS
BANK
PAYPAL’s BANK
INTERACTS WITH
BANKING SYSTEM
THROUGH ACH
USER INTERACTS
WITH PAYPAL
THROUGH BROWSER
User
User’s Bank
USER MAINTAINS NORMAL
RELATIONS WITH HIS BANK
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

39. Automated Clearing House
PayPal Structure
User
INTERNET
PayPal Servers
PayPal Ledger
PATTY
SHAMOS
BANKING SYSTEM:
PayPal’s
Bank
Account
(GE Bank)
User’s Bank
Automated Clearing House 52

40. Putting Money Into PayPal
User
INTERNET
PayPal Servers
PayPal Ledger
PATTY
SHAMOS
“PLEASE ADD $2500
TO MY PAYPAL
ACCOUNT”
“PLEASE TAKE
$2500 FROM
SHAMOS’ BANK”
“ADD $2500
TO SHAMOS
IN LEDGER
CLEARING HOUSE
TELLS BANK
AMOUNT OWED
PayPal’s
Bank
Account
(GE Bank)
User’s Bank
Automated Clearing House
ACH DEBIT
CLEARING HOUSE
PAYS PAYPAL’S
BANK
BANK PAYS
CLEARING HOUSE 52

41. Putting Money Into PayPal
User
INTERNET
PayPal Servers
PayPal Ledger
PATTY
SHAMOS
“PLEASE ADD $2500
TO MY PAYPAL
ACCOUNT”
“PLEASE TAKE
$2500 FROM
SHAMOS’ BANK”
“ADD $2500
TO SHAMOS
IN LEDGER
CLEARING HOUSE
TELLS BANK
AMOUNT OWED
PayPal’s
Bank
Account
(GE Bank)
User’s Bank
Automated Clearing House
ACH DEBIT
CLEARING HOUSE
PAYS PAYPAL’S
BANK
BANK PAYS
CLEARING HOUSE 52

42. Automated Clearing House
Paying A PayPal User
User
INTERNET
PayPal Servers
PayPal Ledger
PATTY
SHAMOS
“PLEASE PAY
PATTY $500”
PayPal’s
Bank
Account
(GE Bank)
User’s Bank
Automated Clearing House 52

43. Automated Clearing House
Paying A PayPal User
User
INTERNET
PayPal Servers
PayPal Ledger
PATTY
SHAMOS
“PLEASE PAY
PATTY $500”
PayPal’s
Bank
Account
(GE Bank)
User’s Bank
Automated Clearing House 52

44. PayPal It’s a big disk drive! SHAMOS - $500 + $500 PATTY
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

45. International PayPal Maintain accounts in 25 currencies 52
AUD Australian Dollar
BRL Brazilian Real *
CAD Canadian Dollar
CNY Chinese Yuan
CZK Czech Koruna
DKK Danish Krone
EUR Euro
GBP Great Britain Pound
HKD Hong Kong Dollar
HUF Hungarian Forint
ILS Israeli New Shekel
JPY Japanese Yen
MYR Malaysian Ringgit *
MXN Mexican Peso
NOK Norwegian Kroner
NZD New Zealand Dollar
PHP Philippine Peso
PLN Polish Złoty
SEK Swedish Krona
SGD Singapore Dollar
CHF Swiss Franc
TWD Taiwan Dollar
THB Thai Bhat
TKY Turkish Lira *
USD U.S. Dollar
*In-country only
SOURCE: PAYPAL
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS 52

46. B2B Payments -- HSBC Hexagon
Another possibility (not using SWIFT directly) is to communicate orders to a bank with branches around the world, like HSBC
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

47. HSBC Hexagon
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

48. HSBC Hexagon Payment

49. Recommended Task 16 Payment Methods
Wire transfer (Fedwire or equivalent)
Credit transfer (ACH credit)
International ACH (for cross-border payments)
PayPal
Multinational commercial bank
You may use another method if you want to, BUT if you do not use one (or more) of the above you will need to justify your choice thoroughly
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS

50. Q A
&
SCAN-BASED TRADING AND EPAYMENT JUNE 9, COPYRIGHT © 2014 MICHAEL I. SHAMOS