UPI: A GLOBAL PAYMENT PLATFORM
SANCHIT
GAIKWAD1, VIVEK MANDAL2, GLEN PAUL3, VAIBHAVI
JAWALE4
119MBA0021, 219MBA0102, 319MBA0023,
419MBA0099, VIT BUSINESS SCHOOL, VIT UNIVERSITY, VELLORE, TN. 632014
ABSTRACT
The pace at which global interactions and transactions are taking
place, efficient cross border payment is the need of the hour. Cross border
payments are transactions made by individuals, companies or banking
institutions where the payee and the recipient are based in different
countries. To optimize commerce, develop and strength the ties between nations
and to carry out smooth international payments, cross border payments are very
crucial. Technology advancement in the area of Blockchain and Distributed
Ledger technology, have shown lot of promises to bring a transformational
approach to cross border payments. Both new age FinTech firms, like Ripple and
incumbent banks like Global Banking leader JP Morgan Chase, have adopted DLT
technologies to solve the current challenges in the Cross-border payment. The
results from the early adoption have been very encouraging. Ripple system is
one of pioneers in this cross-border payment network. In India, Unified
Payments Interface (UPI) is an instant real-time payment system developed by
National Payments Corporation of India (NPCI) facilitating inter-bank
transactions. This paper discusses about extending UPI as cross border
payment platform using blockchain and distributed ledger technology. We
conclude with a proposal where UPI can be used for cross border payment with
the central bank or any central bank appointed financial institution acting as
the intermediary for non-synthetic transactions between international
customers. DLT is used in this proposal as it capable of fast, cost efficient,
transparent and secure transaction.
While it is required to do a detailed technical study of the UPI
platform capabilities for extension to blockchain based platform. However,
considering the fact that, India and in specific NPCI have been pioneering the
effort of digital adoption in domestic payments. It is only a matter of time,
where India will show the way for the transformation in cross border payment.
This research is towards an alternate approach NPCI can adopt for
transformation on cross border payments.
1. INTRODUCTION
Cross-border payments
are growing rapidly as many companies’ having their goods and services all over
the world. In cross-border payments blockchain technology
enable secure transfers between large number of bank ledgers. It helps to
reduce the intermediaries, which acts as mediator to help the money transfer between
two banks. The term cross-border
payment refers to transactions including individuals, organizations, banks and
settlement establishments working in two distinct nations.
The nations included don't need to share a border.
For example, a payment from the US to China will be viewed as a cross-border
payment, despite the fact that they are not neighbouring nations. Cross-border
payments in Europe are dependent upon Regulation (EC) No 924/2009, which forces
banks to apply similar charges to cross-border exchanges as those applied to
local (or national) transactions where these payments are in Euros. At the
point when the two nations associated with the exchange need to utilize various
monetary standards (foreign currency exchange) to do remote cash trade to
finish the payment.
Worldwide organizations depending on a global
supply chain or with numerous foreign providers may face significant volumes of
payments regularly. To free the treasury group from the manual outstanding task
at hand that would be involved in preparing each one of those payments
physically, a few organizations incorporate payment handling software to
mechanize cross-border payments.
Ripple, a currency exchange and remittance network
stated that India was the biggest market in middle east countries in terms of cross
border payments. In 2018, $73 billion was sent to India in global remittance
across the all platforms. According to the United Nations’ International Fund
for Agricultural Development (IFAD) report the migrant workers sent $256 billion to their families in the Asian countries. And
according to World Bank projections, by end of this year remittances are
expected to grow by $642 billion.
For global e-commerce organizations, cross-border
payments are an essential part of their everyday activities. They should have
the option to transfer funds across various nation’s most securely and
proficiently conceivable. Frequently, cross-border payments are progressively
costly and can take more time to process than domestic payments because of the
number of intermediaries involved. Regularly, international payments take two
to five working days to clear, depending upon the number of intermediaries
between banks the funds need to go through.
Despite of geopolitical disturbance, strong
worldwide GDP and related trade development will keep on driving increments in
global payments (Fig 1). Today, there are 0.7 yearly cross-border payments per
capita on average worldwide (up from 0.5 in 2014) and total cross-border
payments esteem averaging 1.8 times to global GDP. These numerous shifts
especially between geographies and it ranging from 0.7 of nominal GDP in
America to 5.50 in Western Europe.
 |
| Figure 1. Growth of cross-border payments. Source: McKinsey Global Payments Map |
1.
CHALLENGES IN CROSS - BORDER PAYMENTS
Cross-border payments are like a black box because
there is no direct connectivity between both transacting parties. Due to this,
there are lacking factors like traceability and transparency. Furthermore,
expensive charges to process transactions from one system to others that
eventually end clients withstand limit numismatic suppliers’ market and
downsize their wardship capacities and there is no transparency and cost of
executing a cross border payment is very high, which is ultimately borne by the
end client. Additionally, no standardization across worldwide systems impacts
information transfer, which frequently causes dangers and risks of transactions
and other data of users.
It is constraining organizations and shoppers to
move from banks to FinTech suppliers utilizing blockchain arrangements, which
more properly satisfies their requests. Due to an outdated operating system and
manual processing on both sides of the transactions are mainly causing
inefficiencies for banks. The traditional SWIFT system is facing newcomers like
the Ripple system which is based on the blockchain distributed ledger
technology with its own crypto tokens.
With all the challenges currently existing in the cross-border
payments. New age Fintech firms, prominent being Ripple and incumbents’ banks
like JPMC are tackling the problem head-on. The subsequent section of the
document discusses salient features of the Ripple and JPMC Blockchain-based
cross border payment platform.
2.
RIPPLE SYSTEM:
Ripple addresses the key faced by the current date cross border
payment systems. Firstly, the platform operates as both messaging and
settlement platform. Secondly, the transparent exchange rates quote available
in the network, enables the remitter to choose the service provider. All these
are accomplished through the DLT based ledger platform. It is one of the
largest crypto currency networks in the world, started even before people heard
the name of Bitcoin. It one of the pioneers of cross-border payments systems
and is one of the fastest modes for the money transfer with lower or minimal
fees for the transaction. In ripple network any currency can be transacted
globally between individuals or companies. It has minimum transaction fees of
$0.00001 which is collected to prevent DDoS attacks. DDoS stands for Distributed
Denial-of-Service is a cyber-attack where the miscreant temporarily or
indefinitely makes the network unavailable to its users by disrupting the
services of a host connected to internet. DDoS attack is carried out by
flooding the target network with redundant requests in order to overload the
system and prevent genuine requests from being fulfilled. In DDoS attack, the
redundant requests are sent from different sources infected with malware so
that it becomes impossible to stop the attack by blocking a single source.
Ripple has many advantages over its peers like enabling
of quick lending and borrowing of money amounts, forgery proof, compatible,
fast and seamless transaction. The drawbacks of ripple network are that it is
not centralized, involves the usage of cryptocurrency which as to the day have
a lot of risks.
3.1 COMPONENTS OF RIPPLE
NETWORK
3.1.1 Messenger
3.1.2 ILP
3.1.3 FX Ticker
3.1.4 Validator
3.1.1 Messenger (RippleNet):
RippleNet is a single global network of banks. It
provides bidirectional messaging channel which helps in the transferring of the
required messages from both the receiver as well as the sender. It helps in the
communication of the different steps in the transaction upon their completion.
Every institution uses the same technology and adheres to a consistent set of
payment rules and standards. RippleNet helps the banks from the connectivity,
standardized technology and the data attachment issue from each set of payment.
This technology provides a solid infrastructure which can drive the costs down
and also increase the speed of the transactions with an improved transparency
of the fees, timing and the delivery.
3.1.2 ILP (Inter-Ledger Protocol):
Inter-Ledger Protocol is a sub ledger of each transacting bank’s
general ledger. This helps in being transparent during the transaction, as it
allows the other party to view the debit or credit details of the other party
and shall also help in deciding whether the transaction will succeed or fail.
3.1.3 FX Ticker:
The FX ticker facilitates the exchange rates that are provided
between the ledgers. Since this involves cross border transaction, there is a
serious need of monitoring the exchange rates. During a transaction it helps in
coordinating the transfers on the ledger for the settlement, it also ensures
the validity of the FX quote and transfer on the ILP ledger settlement amount
to the beneficiary bank’s ILP ledger.
3.1.4 Validator:
A validator indicates whether the transaction
will succeed or fail after performing a cryptographical check. It also helps in
removing the settlement risks by coordinating the movement of the funds across
the ledger and hence reduces the delay in the transactions.
 |
Figure
2. Ripple Transaction Flowchart. Source: https://digit.hbs.org/submission/ripple-the-disruptor-to-the-forty-years-old-
cross-border-payment-system.
|
Once there is transaction request from Bank A (refer the
Transactional Flowchart), the same request is being posted by the bank in the
Block Chain with the help of the messenger. The bank receives different quotes
with fee at different exchange rates from various destinations. Once the best
suitable quote is being accepted by the sender, the same shall be intimated to
the receiving bank. The FX Ticker will be informed about the exchange rate that
is being chosen. Now the money to be transacted will be converted to the XRP
funds which is further sent to the receiving bank via the XRP network directly.
The ILP provides the ledger to keep the risk lower and also make the process automatic.
Once the XRP fund is received by the bank the same will be converted to the
local currency and thereby transferred to the customer.
3.2 XRP (SYNTHETIC CURRENCY)
XRP coins are accounting units in an open source
distributed database called the XRP Ledger. An XRP Ledger stores information
regarding the transaction and the balances. With governance and fast
transaction confirmations, XRP is said to be one of the most efficient
settlement options for financial institutions and liquidity providers seeking
global reach, accessibility, and fast settlement finality for interbank flows.
XRP is the own currency of Ripple which is used to carry
on the transactions, each unit of an XRP is worth 0.108621 dollar and the
transactional fees is 0.001% for each of the XRP. Since the fee is very low it
helps in promoting customers in making their transactions. As this cryptocurrency
is being held by the banks, it becomes very easy to carry out the transactions.
And at any point of time these banks can exchange the XRP for the fiat currencies.
Transaction of XRP is regarded as real time as it involves selection of
exchange rates. As XRP is privately owned, the maximum amount of the cryptocurrency
that can be released is 100 Billion XRP, and as of now there are 40 Billion XR
in the market.
 |
| Figure 3. XRP-USD Conversion. Source: https://coinmarketcap.com/currencies/xrp/ |
3.3 JPMC
Among the same class of Fiat currencies, we see the
newest member JP Morgan coin. This is based on the blockchain technology that
enables the instantaneous transfer of payments between its clients.JP Morgan
coin equivalents to 1 USD and since the US currency is the global currency,
this makes it easier for all the different financial institutions to make a
transfer from one country to another making thus the bank operates globally. Operating
on the very exchange rate (i.e. the USD value) it does save a lot of settlement
time.
3.3.1 Functioning of JP
Morgan Coin:
Consider two customers Mr.X and Mr. Y where Mr.X wants
to transfer 5000 INR to Mr. Y in Detroit and both of them hold an account in JP
Morgan. The 5000 INR will be converted to the JP Morgan coin, i.e., around 65
JP Morgan coin (taking the exchange rate at 1 USD = Rs.76.42). This 65 JP
Morgan coin will be deducted from Mr. X’s account and with the help of the blockchain
it will be moved over to Mr. Y’s account in Detroit. Now upon transfer Mr. Y
can redeem the same for USD from JP Morgan.
JP Morgan believes in the potential of blockchain
technology and is supportive of the controlled and regulated usage of the
cryptocurrency. They also believe that this technology is going to reduce the
client’s counterparty and settlement risk, as it would decrease the capital
requirement and enable instant value transfer.
3.3.2 Features:
Ø JP Morgan Coin holds a 1:1 redeemable value in fiat currency held by
JP Morgan.
Ø Only those of the institutional customers in the JP Morgan who have
passed the KYC shall avail transaction through the coin.
Ø It involves block chain technology.
3.3.3 Benefits:
Ø Security and Innovation:
This company ensures a large budget over the cybersecurity and has a
Blockchain centre of Excellence that ensures a leading innovation in its
financial services.
Ø Strong Controls and
Compliance:
In
addition to the millions of dollars invested in the annual cybersecurity, JP
Morgan does include a strong KYC controls in place.
Ø Regulatory Oversight:
JP
Morgan is a national chartered U.S bank with a global presence and it does need
to comply with the banking laws and regulations by the United States as well as
the International Jurisdiction.
In the
year 2017 JPMorgan first launched its Interbank Information Network (IIN). The
sole purpose of it was to make the Cross-border Payment faster, it does that by
lowering the intermediaries and it is then when it used the Scalable
peer-to-peer network using blockchain technology. What the IIN does is that it
verifies the exchange information in the real-time, so that the payment is
verified and been approved. This network included banks like National Bank of
Canada, The Toronto-Dominion Bank, Bank of Bahamas Limited, BCT Bank
International, Credicorp Bank, First Horizon Bank, Global Bank Corporation,
etc. And a sum total of all the banks included in the network did Cross border
Payment across Asia, America, Europe and the Middle East.
The underpinning technology in both Ripple and JPMC Coin is the DLT
technology, which have enabled to provide efficiency in the cross-border
payment. Before we move to our proposal, the next section provides a brief
overview about DLT technology and its advantages.
3.4 DISTRIBUTED LEDGER
TECHNOLOGY (DLT)
Distributed Ledger Technology is the digital system of
recording transactions which records the details that need to be recorded in
multiple places at the same time. It is used to record both static as well as
the dynamic data. DLT makes the execution of every transaction faster than it
generally used to be as it brings the same data visible to the entire system,
and it also helps to reduce the transaction cost occurring at every
transaction.
Every node in DLT holds the same record; this makes it
very difficult to manipulate the data and brings more transparency into the
transactions. It also helps in the transaction to take place in the real time
with the exact data being visible. It is also believed that better control over
information can be held and at the same time only selective amount of data can
be shared with the required individuals taking part in the transaction.
This piece of technology can not only be used in the
case of a financial system but can also be used in national interest as it
would hold the individual’s information within the state as well as within the
country as a whole. This technology finds its usage in medical institutions
that would enable the doctors in and around to study the cases and also get
knowledge about how the particular patient with that disease was treated. The
same can be utilized in the supply chain of a manufacturing firm that would
give a clear picture of the movement of the material and also updates the
status of the same giving the clear information regarding the movement of the
material from the manufacture to the distributor to the customer.
1.
NATIONAL PAYMENT
CORPORATION OF INDIA (NPCI)
The National Payment Corporation of India is an umbrella
organisation for operating the retail payment and settlements in India. It is
operating with the vision of ‘Being the Best Payment Network Globally’ and its
mission is it wishes to touch every Indian with one or the other payment
service. It was initiated by the Reserve Bank of India and the Indian Bank’s
Association formed under the provision of the Payment and Settlement System
Act, 2007. The sole purpose of creation of this organisation was to make the
Online Payment and Settlement Infrastructure in India robust.
The main motto of NPCI was to bring the RuPay, UPI,
Aadhaar Enabled Payment system and the Pradhan Mantri Jan Dhan Yojana into the
light, making them fully utilized by the general public which would further
lead to the digitalization of the financial system as a whole.
The corporation is also responsible for the development
of various tools moving forward in the way digitalization, like:
·
National Electronic Toll Collection
Ex: FASTag (Radio Frequency Identification)
·
Unified Payment Interface
Ex: Bill payment of Electricity, Gas, Water, Telecom, DTH across
India.
·
National Financial Switch (NFS)
It is the largest network of shared Automated Teller Machines in
India facilitating the process of cash withdrawal and also card to card fund
transfer and cash deposits across India.
·
Immediate Payment Service (IMPS)
4.1 UNIFIED PAYMENT INTERFACE
(UPI)
This system by the Government of India deals in bringing
all the banks across the nation to come together so as to make it possible for
the people to transfer funds from accounts of different banks using a single
mobile application. It helps in fulfilling the peer to peer collect request
which can be scheduled and paid as per the requirement and the convenience of
the one initiating the transaction.
The UPI came into the picture with the single function
making the process of transaction happen seamlessly, and it actually solves the
problem of the payer and payee having their bank account in different banks and
coming forward to make a transaction, and UPI was bought to fight the very same
issue. The security concerns were taken into consideration and hence the UPI
bought in the Two Factor Authentication process:
1.
The first factor remains the
Payment Service Provider (PSP), this is generally taken from the card
information or the mobile phone or even the login details for the account.
Since only the VPA or the virtual address is being shared the other information
of the beneficiary remains safe.
2.
The second factor is either the
biometrics collected by the by the PSP or the numeric pin set by the user.
4.1.1 Salient features
of UPI:
·
It is one of the fastest modes
of money transfer which remains in service round the clock i.e., 24*7 and for
365 days.
·
It is based on the simple scan
and pay based payment methods.
·
It offers one of the best
solutions to being cash-less and hence eliminates the very need for running
into the ATM machines and also provides a solution to the Cash on Delivery
payment modes.
·
It increases the security as
there is no sharing of credentials that may increase the vulnerability of those
who are the part of the very transaction.
·
Since there no need of the
lengthy information like the Card no, Account no, IFSC Code, it makes UPI much
simpler.
In the month of June of 2018, a MoU was signed
by the Government of Singapore and India. Here the memorandum of understanding
(MoU) was to expand the fintech ties between both the nations. In this,
National Payments Corporation of India (NPCI) of India entered into partnership
with Singapore’s domestic payment system operator Network for Electronic
Transfers (NETS). And this led to NETS and NPCI explore the usage of NPCI’s
UPI-based payments app BHIM, which would make the payment of NETS merchant
easier.
 |
Figure 4. The
Architecture of UPI. Source: https://www.livemint.com/Industry/bTGwxmykXhSKX5Vf8050NI/How-
UPI-works.html
|
The
SBI Singapore is to work with the NPCI so as to make the Cross-border Payment
between the two countries simpler. This development made would add convenience
to the Blue-collar workers as they can send money to their families using this
app. This option is made available to every individual who has a savings
account in the SBI Singapore. While the efforts from UPI making a global cross
border payment is through, interfacing of the country’s settlement platform.
Our proposal is to discuss on how RBI through NPCI and UPI platform can
leverage the DLT Technology and be a forefront in leading the change.
1.
PROPOSAL
5.1 DLT BASED CROSS BORDER PAYMENT AMONG THE CENTRAL BANKS:
In the case of a Cross Border Payment there is huge advantage of
having a DLT system incorporated.
 |
Figure 5. Cross
border payments using DLT
|
So, let us try understanding what happens here:
·
The Central Bank acts as the
participating node in the network, and hence it shall provide the guarantee for
the success of a settlement of funds.
·
All the other banks shall act
as a secondary node and shall be in the network of the Central Bank.
·
Any funds flowing through shall
pass through the central banks of that country.
o
For e.g., If the money has to
flow from Mr.X having a bank account in State bank of India (SBI) which is
located in India to Mr. Y having a bank account in ING Bank in Spain.
o
So, SBI shall initiate the
process with an intimation to the RBI, which shall hence interact with the BOS,
and hence shall make the transaction to the ING Bank in which Mr. Y has an
account.
o
The node of SBI would have the
information about the details of Mr.X and similarly the node of ING would have
the information of Mr.Y.
·
The node that is with Reserve
Bank of India (RBI) which is the central bank of India shall hold all the
information with every nationalized bank and same for the Bank of Spain which
is the central bank of Spain.
o
Upon the transaction moving
forward the information shall also move in the same manner. So, Until BOS
approving the transaction, the information regarding Mr. X shall not be passed
to the ING Bank.
o
And hence the central banks
shall be held together by the DLT through a central node.
·
Since this is a cross border
payment the Exchange rate services shall also play a vital role,
o
The transactions upon approval
by the central bank shall fetch the exchange rate and the mark-up by the
Exchange rate services.
o
This shall give the final
conversion of what the beneficiary shall receive upon the completion of the settlement.
·
In the current model the need
for a crypto currency has been eliminated by the usage of USD as the Global
Currency.
o
So, in the transaction between
two central banks the funds shall first be converted into the equivalent dollar
value by the Exchange rate services.
o
And moving further the funds
shall be converted to the local currency.
·
The model incorporates the
concept of Netting.
o
A time period shall be set for
the settlements to happen between the central banks.
o
Hence a ledger will provide the
information regarding the net Payables and the receivables.
And since the usage of DLT and the Exchange rate services, the model
shall incorporate transparency in data and also the conversion that takes place
between the central banks making the process flawless.
5.2 CROSS BORDER PAYMENT VIA CENTRAL BANK APPOINTED BANKS OR
NATIONALIZED BANKS:
The key elements of
this process involve:
5.2.1 Messenger Network
5.2.2 Exchange rate
5.2.3 DLT
 |
| Figure 6. Cross border payments using DLT with
Nationalised banks |
5.2.1 Messenger Network:
·
It would lead to the initial
transaction request from other banks to the nationalize bank backed up by the
Central Bank.
·
Advancement and approval made
by the transactions shall intimated to both the parties.
·
The exchange rate being offered
after the certain mark-up shall be made available to the parties through this
network.
·
The same network shall also
show the status of the transaction and at what stage it is.
5.2.2 Exchange Rate:
·
Since a cross border payment is
being involved, we need to bring the exchange rate into consideration.
·
Any currency that is
transferred to countries other than USA shall undergo the dollar value
conversion which has been treated as the central currency.
·
The mark-up value and the other
taxes shall be set by the Exchange rate services and that shall provide a
finalised value of what the beneficiary shall receive.
5.2.3 DLT:
·
DLT plays an important role in
the utilization of the data hence being available with the central banks as
well as the nationalized banks of the countries.
·
As the transaction is being
made internationally, in any of these transactions there will be the
communication among these central banks with the data available in the ledger.
·
So as to maintain the security
of these data, the ledger would make sure that the concerned data shall only be
visible to the pervious and the subsequent level.
·
Referring to figure 6, If the
request for the Cross Border payment was made by ICICI and the request is to be
pending with SBI, then the data of the transaction originator shall be visible
only to SBI, and upon SBI’s approval for the further transaction the same
information shall be available to BOA, and the process goes on.
In this model we are putting forward the nationalised
bank on behalf of the Central bank so as to take forward the Cross-Border
Payment. This bank shall hence be backed up by the central bank, which shall guarantee
a settlement of funds. Exchange Rate Transparency is one of the main agenda and
it shall be very similar to the Ripple network model, it shall take the help of
the exchange rate services. Once a request for the transfer of currencies is
posted by the customer. It will be broadcasted in the network by the respective
Central bank to the domestic network of banks. The exchange rate charged by the
Bank, should be better than or equal to the exchange rate services. And hence
there shall be further decrement in the value of the funds that the beneficiary
is supposed to receive.
The cross-border payment method does not involve any cryptocurrency
as seen in the case of ripple network model, as here we are trying to
incorporate USD as the global currency. And any transaction happening to any of
the countries shall be first be converted into the USD and which shall then be
converted to the local currency of that particular country.
The transfer of the funds between the central bank
appointed nationalised bank shall be done periodically. And upon that time a
net payables and receivables shall be finalised, this list shall provide
information for the transactions that has to be taken place between the central
banks. And here we have taken the help of UPI 2.0, this shall enable the
nationalised banks to successfully make a settlement and hence make the
cross-border Payment through this model a success.
6.
CONCLUSION
The business and e-commerce world are becoming global at
a very fast pace and cross border payment being the new entrant is on the back
burner. The need of the hour is a fast, secure, transparent and reliable cross
border payment system which will dominate the global transactions. With UPI
playing an important role in the process of making India a digitized and
cashless economy, it can be modified for a cross border payment system without
the usage of any synthetic currency. This disruptive technology is a boon to
the present payment system because of its low cost, high volume, transparent, secure
and quick transaction network. The use block chain and distributed ledger
technology will make the cross-border payment system more efficient and can be
considered to be a stepping stone towards a hassle-free cashless economy.
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Ripple Vs Swift: Transforming
Cross Border Remmitance using cross border
technology, (Tianyi Qui, Ruidong Zhang, Yuan Gao)
4.
Solution Overview: https://ripple.com/
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