Page 73 - ASR_Forewords

While releasing the first of the IDRBT Staff Paper
Series on the theme “Mobile Payments” in
September 2015, we had commi ed ourselves to
bring out such series periodically on the relevant
themes and our research teams started working on
the second volume on the theme “Payment
Systems”. The volume in your hands is a result of
theworkputinbythem.

Thereisnoneedtoputforthanyargumentstoprove
theimportanceofthechosenthemeforthisvolume fraud detec on, the paper discusses the applica on
and its relevance to banking industry and hence to of some of those sophis cated techniques for
theresearchini a vesofIDRBT.Paymentsareatthe detec ng frauds in card based payments, mobile
coreofbankingand financial ac vi es of a country based payments and also in some of the new
and technology is at the core of today’s payment areas like auc ons, peer-to-peer payments and
systems. Right from the introduc on of MICR way digitalcurrency.
back in mid-eigh es ll the recent implementa on
Authen ca on is the key for digital payments,
of Next Gen RTGS with ISO 20022 standards, the
especially the ones based on mobiles. However,
Reserve Bank of India has been the driving force
systems like PKI which support digital signatures are
behind the technology based payment systems in
difficulttoimplementbothintermsofresourcesand
India. The Central Bank is encouraging innova on
management. There is a need for simplified
in the payment systems while ensuring that the
authen ca on techniques for mobile payments.
trust in the system is not lost by immature or
Dr. N. P. Dhavale and Smt R. Jayalakshmi in their
indiscreteactsofafewplayers.
paper dwell on simplified authen ca on
As part of its role in promo ng innova on, the techniquesformobilepayments.
Reserve Bank of India has entrusted to IDRBT the
Finally, the paper by Dr. MVNK Prasad and Dr. S
conductofPaymentSystemsInnova onContest.Itis
Ananth is a reality check on the modes of payments
a coincidence that the IDRBT Staff Papers on
u lized by migrant workers in two districts of the
Payment Systems are brought out during the grand
neighbouring states of Andhra Pradesh(Kurnool)and
finaleoftheinnova oncontest.
Telangana(Mahbubnagar).Itbringsouttheextentof
There are four papers in the present volume of the usage of non-banking channels by the migrant
staff paper series on Payment Systems. The first workers for their payments. The paper also
paper by Shri G. Raghuraj describes the process of highlights the gaps in access, usability, security and
implementa on of Next Gen RTGS by Reserve Bank awareness among migrants for using technology
of India in 2013, focusing on adop on of ISO 20022 drivensolu onsprovidedbybanks.
messaging standards. India is the first country to
AsIDRBTisbringingoutthecurrentvolumeofitsstaff
adopt ISO 20022 standards for RTGS through
paper series on Payment Systems, a team at the
SFMS, the messaging system developed and
Ins tute is working on se ng up a Centre for
maintainedbyIDRBTforbothRTGSandNEFT.
Payment Systems to carry out research and
The second paper by Dr. Nagesh. B. Sristy is on fraud developmentinthisimportantarea.
detec on techniques in the area of retail payment
systems. A er presen ng the latest techniques in
Date: June 24, 2016
Place: Hyderabad