GREEN MONEY PAYMENT SYSTEM ANALYSIS OF POSSIBLE SOLUTIONS London, 13 Feb. 2012 email@example.com
Goals: • To determine whether it is possible to create a demurrage complementary currency electronic payment system using core banking software to be implemented in case of emergency scenario (providing additional liquidity to the economy in case of credit crunch); • To analyse main solutions on the market, define their functionality, provide details of their architecture and describe the technology; • To compare proprietary core banking solutions, open source solutions and ready to use solution based on complementary currency. Scope: UK nationwide, local solution for a medium-size town, reproduced for 100+ locations.
Core Banking: • a back-end system that processes daily banking transactions, and posts updates to accounts and other financial records; • enables phased, strategic approach intended to allow financial institutions to reduce costs, improve operations, etc. • facilitates integration with a financial institution’s existing technologies; • overall service-oriented-architecture (SOA) helps financial institutions to reduce the risks that can result from manual data entry and out-of-date information, increases management information and review, avoids the potential disruption to business caused by replacing entire systems; • helps innovate, exceed customer expectations, increase efficiency, reduce operational costs, and improve customer retention.
Components of possible total cost • Understanding the total cost of the complementary currency electronic payment system implementation requires detailed analysis of an exhaustive list of functionality as well as the precise scale of users’ transactions and determined security requirements, which is beyond the scope of this paper. However important elements which should be considered include: • annual maintenance fees or core solution development costs • initial cost of implementation • initial cost of customization • initial license cost of a core banking solution package • cost of server and network equipment, collocation in data centres Approximate total implementation budget: £ 2.5 – 4 m
Conclusions • In terms of cost and time it is more reasonable to purchase and customize a solution instead of developing it ‘from the scratch’; • In terms of scalability, security and customer support it is more sufficient not to use solutions based on the Open Source code; • To calculate the total cost of the solution an exhaustive list of functionality as well as the precise scale of users’ transactions and determined security requirements are needed.
Recommended further steps • Developing a precise Requirements Specification that will include: • Exhaustive list of required functions; • Security requirements; • Approximate scale of implementation (quantity of users and transactions). 2. To announce a request for tender using the above-mentioned Requirements Specification.
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