Clear Purchase is building a Payment Switch connecting Financial Institutions together, like a hub in a wheel, in order to facilitate transactions between their account holders. This is often called Interoperability.
Clear Purchase is part of the Authorization Layer of the Payment Rails.
Clear Purchase facilitates the transaction Authorizations, and utilizes the existing financial infrastructure (the Flow of Funds Layer) for the actual sending of funds.
Developing Countries are starting to connect their financial systems together. However, this is an incredibly dangerous endeavor, and they must proceed with caution.
Clear Purchase will secure connect:
- Mobile Money Providers
- Mobile Wallets
- Neo-Banks
- Conventional Banks
- Micro-Lenders (MFIs)
- Governments
- Other Financial Service Providers
Ironically, Conventional Banks are the most challenging to connect to due to the security requirements connecting to their legacy back-end systems.
Poor people must be able to do all their transactions electronically.
Key Transaction Types:
- Payroll
- Pay Bills
- Send Money to Family
- Savings & Retirement
- Tiny Purchases
- Loans & Loan Repayments
- International Remittances
By far the most complex of these is a Purchase, which are likely to be the smallest transactions and the most frequent.
When people make purchases remotely, there has to be a means for a person to raise a dispute:
Dispute Resolution is extremely complex to manage and enforce, and can be expensive for all concerned.
Credit Cards offer Purchase Guarantees with Dispute Resolution, though it is the banks that do all the work. This is one reason why there is a 20-35¢ minimum fee on card transactions.
Our Dispute Resolution system is integrated it into our core system, where we do the bulk of the work.
Clear Purchase is a Payment Switch:
- Security
- Reliability
- Availability
Far Exceeding the Card Rails:
- Tiny Transactions
- Fraud Prevention
- Integrated Dispute Resolution
- Easy to Connect
- Sending Funds, Payroll, Bill Payments.
- Purchases - basic functionality.
- Micro-Finance Connectivity & Loan Management.
- Bill Presentment and Automatic/Recurring Bill Payments.
- Multiple Parallel Data Centers for increased availability and reliability.
- Conventional Bank Connectivity.
- International Remittances with Currency Exchange.
- Purchase Guarantees & Integrated Dispute Resolution to complete purchase functionality.
A wide variety of organizations can connect to our Rails and utilize our Secure Interoperability services for their own offerings.
Our primary focus will always be on meeting the exacting Security and Availability requirements of Payment Rails.
However, our unique IP, which includes a Link Layer and a Transaction Layer intended to facilitate Micro Purchases, also allows for all types of other transactions.
This is a unique industry with unique challenges and requirements.
These include system availability, transaction integrity, transaction liability, data security, fraud prevention and dispute resolution.
There must also be integration with existing financial infrastructure in each country, for example Automated Clearing Houses (ACH), and all appropriate regulations must be followed.
The biggest risk by far is Payment Fraud, which is in excess of $25 Billion annually.
If the security of a Payment Switch is compromised, Payment Fraud can take down not only the Payment Switch, but also Every Company Connected to it.
Nick Brown is one of the top technical expert across the entire breadth of the Payment Infrastructure Industry.
Managed huge ATM networks and merchant POS networks, worked for the top software vendor of payment systems, and even wrote national/international data security standards for the Payment Industry.
Nick Brown has 2 Issued Patents relating to Secure Payment Networks.
These Patents provide vastly more security than the current Credit/Debit Card networks. This makes tiny purchases viable for all parties involved.
We can assist the Client with their current systems and procedures, finding and resolving issues and vulnerabilities.
We can assist the Client with identifying and meeting their longer term objectives.
We can also assist the Client with Global Business Development & Program Management.
- Internal Systems, Performance & Availability.
- External Services, Connectivity & Reliance.
- Internal/External Risk & Resilience.
- Internal Technical Ability, Procedures, Support & Understanding.
- Planning, Expectations & Timeframes.
- Opportunities, Alternatives & Strategies.
