Nowadays, many bank cards are smart cards (i.e. integrated-circuit cards) based on the EMV specifications for payment systems. This paper specifies how biometric on-card verification can be integrated into EMV debit and credit cards in a backwards-compatible way. The biometric verification does not change the EMV transaction flow outside the cardholder-verification step. The proposed payment sy...

Copyright (1994) This paper places a new interpretation on the traditional evolutionary account of money and banking institutions. This allows the development of a new conceptual framework for a monetary model called the Loans Standard. The Loans Standard has an institutional structure that minimizes the transaction costs of using exchange credit (i.e. money). Developments within the existing s...

In this paper, we will examine experimental data collected for a 3990-6 responding to an I/O workload comprised of random read/write pairs. Read/write pair workloads are typical of business critical online transaction processing (OLTP) workloads such as credit card or ATM applications. The experimental data will be used as a basis to examine past theoretical explanations as well as to comment o...

We prove a version of First Fundamental Theorem of Asset Pricing under transaction costs for discrete-time markets with dividend-paying securities. Specifically, we show that the no-arbitrage condition under the efficient friction assumption is equivalent to the existence of a risk-neutral measure. We derive dual representations for the superhedging ask and subhedging bid price processes of a c...

Asset Liability Management (ALM) in the next generation should maximize profits within this limitation. To avoid potential failures of the current ALM process, the following must be achieved: 1) realistic accounting by each transaction, 2) market rates and corporate credit rating scenario paths proceed with time, 3) evaluation along each scenario for at least several years at daily resolution. ...

Counterparty credit risk has become one of the highest-profile risks facing participants in the financial markets. Despite this, relatively little is known about how counterparty credit risk is actually priced. We examine this issue using an extensive proprietary data set of contemporaneous CDS transaction prices and quotes by 14 different CDS dealers selling credit protection on the same under...

In parallel to the increase in the number of credit card transactions, the financial losses due to fraud have also increased. Thus, the popularity of credit card fraud detection has been increased both for academicians and banks. Many supervised learning methods were introduced in credit card fraud literature some of which bears quite complex algorithms. As compared to complex algorithms which ...

When the representative bank’s backward-bending loan supply curve peaks at the profitmaximizing loan rate, credit rationing could exist as an equilibrium phenomenon and the equilibrium interest rate in the loan market is subject to upward rigidity. With the loan-market setting as micro-foundation for investment, this paper further develops a macro model of a small open economy under the regime ...

BACKGROUND The demand for cosmetic surgery and services has diminished with recent fluctuations in the economy. To stay ahead, surgeons must appreciate and attend to the fiscal challenges of private practice. A key component of practice economics is knowledge of the common methods of payment. OBJECTIVE To review methods of payment in a five-surgeon group practice in central Texas, USA. METH...

In December 2004 the three US credit reporting agencies Equifax, Experian, and TransUnion complied with the Fair and Accurate Credit Transaction Act (FACTA) and started providing free copies of their credit reports to any consumers who requested it. The FACTA initiative was overseen by the Federal Trade Commission (FTC) and was significant in many respects: it was one of the first and largest i...