Page 88 - ITU-T Focus Group Digital Financial Services – Technology, innovation and competition

ITU-T Focus Group Digital Financial Services
Technology, Innovation and Competition

5.3 Account management

The DFS vendor platform should support the management of multiple accounts. Multi-account includes the
internal account e.g. e-Money, bonus, points, or external accounts. The external account means the balance is
not maintained in the vendor platform, but needs to reside in an external system, like online charging system
(OCS)/ intelligent network (IN)/billing system or bank system.

Note: Regarding multi-currency, some countries are using more than one currency because of high inflation
leading to their national currency being virtually unusable (for example, the hyperinflation in Zimbabwe)
or other reasons. The DFS vendor platform should support more than one currency in the same system as
different account holders might use different currencies, or the platform may be deployed to support more
than one country at the same time.

5.4 Risk management

The DFS vendor platform should ensure that transactions are valid. The vendor platform collects service
and transaction data to perform real-time or post-event analysis, tracing, and processing, implementing the
automation of service monitoring and risk alarms, and conducting risk monitoring efficiently. The vendor
platform provides the control and tracking of all risks relating to transactions. The rules management developed
will depend on each country’s regulations for each different service

5.5 Fraud management

Providing the control, tracking, and subsequent management of all fraud relating to transactions. The rules
management developed will depend on each country’s service regulations. This platform should be created
by an independent team or external third party, to ensure the integrity of the fraud validation.

5.6 Clearing and settlement

The DFS vendor platform should support clearing and settlement. Based on different types of transactions,
clearing can be classified by clearing in real-time (e.g. buy goods with immediate transfer of funds) and clearing
at a deferred or regular time (e.g. bill payment). Settlement can be generated upon request.

5.7 Best practice for system function
To ensure maximum flexibility within the platform, the external and internal capability should be exposed
via a service logic layer. The service logic layer will implement the service core logic as well as the necessary
connectors to external third party systems. Service core logic should include the storage resources (e.g. user
and tracking databases, system configuration database) and service functionality workflows (e.g. account
management, money transfers, purchases, bill management, etc.) for any user profile (e.g. customer, agent,
merchant, biller, etc.) and operations and maintenance (O&M) procedures (e.g. system administration,
monitoring, tracing, etc.).

Since the core service features are based on the functionality provided by a set of financial capabilities, the
platform must provide different modules implementing those capabilities, in order to:

• avoid a monolithic product;
• guarantee independence from a specific capability (to provide expansion and migration flexibility);

• allow other services to re-use those financial capabilities.
In addition, a business process modelling (BPM) tool will enable the company to implement end-to-end
modelling of business processes as required to support rapid prototyping. Features could include:
• An intuitive design tool to capture business objectives;

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