Monetary and Banking Research Institute
Date:4/7/2019 2:34:47 PM   |   Code : 294328
The Policy Abstract of the 8th Annual Conference on Electronic Banking and Payment Systems is published by the Monetary and Banking Research Institute.

According to the Public Relations Department of Monetary and Banking Research Institute, the Policy Abstract of the 8th Annual Conference on Electronic Banking and Payment Systems is published by the Monetary and Banking Research Institute. It is examining cases in 6 areas of: "Recent Achievements, Challenges and Future of E-Banking in Iran", "Blockchain Revolution", "Open Banking", "Cyber ​​Security", "Banks Strategic Alliance" and "Movable Collaterals".

In the section of "Recent Achievements, Challenges and Future of Electronic Banking in Iran", issues such as the publication of the Third Edition of the Code of Conduct for Bankers, the promotion of bank supervision and the prevention of unhealthy activities, the establishment of a direct withdrawal system and authentication by SHAHKAR system as recent government and the Central Bank achievements has been dealt with. And challenges such as monetary-banking infrastructure, the cost of electronic banking services, the need to declare policymakers position over the new technologies and the challenges of e-banking are considered in the policy abstract.

In Blockchain Revolution, Blockchain features, Blockchain authentication and Blockchain usage in the banking industry have been explored. In this section, for the production of wealth, components of a network must be organized in a coordinated manner, which generally do not trust each other. In this framework and process, wealth is generated by the movement of goods and data. In general, for the sake of the influence of any technology in the data transfer debate, there are four fundamental conditions: easy data transfer, the process of consensus, the ability to monitor transactions, and no data change. Now, if these four axes are done by any mechanism and technology with each heading, it will create a revolution in the process of producing wealth.

Blockchain has all these features and is therefore a revolutionary technology. The Blockchain Revolution creates an atmosphere where trust can be created in a network without trusting each other, and if this happens, the role of banks and financial institutions will be affected by the restructuring of the market. While in the current structure, there are certain trusted institutions that carry out settlement functions, and each has its own specialist offices.

Open Banking is the third part of this abstract that says: Future banks will become a platform and Blockchain can be used to make this platform efficient. All the technologies are entering the banking industry, and some are far beyond the service delivery. After the digitization of banks, Fintechs are introduced, they create a revolution in the value chain using artificial intelligence, which causes the banks’ chain to collapse. Customers in the future will face a bank which is a platform that its partners (Fintechs) will provide banking services. Each Fintech will be focused on a specific field.

In the cybersecurity section, the focus has been on issues such as the FATA Police as a governance entity that is committed to managing the security of production space and the exchange of information. Also cyber threats that are always targeting banks and financial institutions are considered in the abstract as an important topic and the discussion of identifying suspicious transactions from two aspects of money laundering and fraud has been investigated.

The strategic alliance of banks is another part of this policy abstract that states that banks can enter into strategic alliances and cooperate with one another in uncompetitive areas. Meanwhile, the area of ​​electronic banking infrastructure is considered as an uncompetitive area where the unity of banks can be very useful and reduce costs. It should be noted that “Strategic Alliance” although is a necessity for banks, a completely voluntary approach can be pursued in different contexts and areas. Investment, service outsourcing, collaborative marketing, and research and development are among the areas for strategic alliances.

The final part of this abstract is a policy on “Movable Collaterals”. In this section, with the development of Blockchain technology, this technology has emerged as one of the alternative technologies for setting up a “Movable Collateral” system. While in other institutional systems there is a brokerage agency, and this institution has both valuation and an appropriate response to the dilemma, unfortunately, this system has not been defined in the banking system of Iran. Due to legal uncertainties, the process is usually time-consuming and the result is unclear and unknown, and it has not yet been decided. There are some options for implementation of the Movable Collateral system, some of which are based on Blockchain technology. It is necessary to study further to make the decision for the more effective implementation of this system.

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