Page 13 - Digital Financial Services security assurance framework

Figure 1 - ITU-T Recommendation X.805 Security Dimensions

3 DFS PROVIDER BUSINESS MODELS

Seven main stakeholders within the DFS ecosystem 3�1 Bank led business model
are considered: the DFS user, a merchant, govern- In this model, financial services offered by the bank
ment or non-government institution etc., Mobile are extended to mobile users, the signup process
Network Operator (MNO), the bank, a third party and may be at the bank or through an agent network. In
a Mobile Virtual Network Operator (MVNO). We also this model, the bank performs the key financial roles,
consider the five main functions across the DFS value i.e. is the deposit holder, e-money issuer and payment
chain for these stakeholders: deposit holder, e-mon- service provider. The communications network to
ey issuer, payment service provider, agent network deliver these financial services to the user is provided
manager, and mobile communications provider. by the MNO, through their different channels, which
Depending on the role/s played by each of the could be Unstructured Supplementary Service Data
stakeholders, we consider the four most common (USSD), Short Messaging Service (SMS), Interactive
DFS provider business models: Voice Response (IVR), or through the SIM Applica-
tion Toolkit (STK). Examples are Ucash offered by
a) Bank led the United Commercial bank in Bangladesh
b) MNO led Figure 2 below, shows an illustration of the bank-
c) MVNO led model.
d) Hybrid

Figure 2 - Bank led business Model

User Mobile Network Bank
Operator
DFS Customer, Communications E-Money Issuer
Merchant, Network & services Deposit Holder
Business, NGO Provider Agent Network Manager
Payment Service
Provider

Digital Financial Services Security Assurance Framework 11