We describe what we believe was the first use of formal methods to verify a bank payment system. This was an electronic purse for offline small-to-medium value payments, and has since developed into the VISA COPAC product. We verified it using a variant of the BAN logic.

Over the past decade the most popular design for high-value payment systems has changed, reflecting market needs and the concerns of central banks for systemic stability. Before 1990 most systems were designed on a deferred net settlement (DNS) basis but since then almost all major countries have moved to Real-Time Gross Settlement (RTGS) systems for high-value payments. They are now used widel...

ecash is a payment system designed and implemented for making purchases over open networks such as the Internet. In this paper we review some of the main cryptographic techniques used throughout the ecash system. We will focus on security aspects as well as some performance related issues. The central notion of an electronic coin is treated in detail, and the basic protocols manipulating coins ...

The elimination of urban-rural differences in the Medicare prospective payment system (PPS) standard rates implies a need to re-examine all the PPS payment adjustments. Refinements for case mix, outliers, and the wage index can make a significant contribution to avoiding payment disparities in a single-rate system. However, changes in the adjustments for teaching and disproportionate-share (DSH...

Healthcare reimbursements in the US have been traditionally based upon a fee-for-service (FFS) scheme, providing incentives for high volume of care, rather than efficient care. The new healthcare legislation tests new payment models that remove such incentives, such as the bundled payment (BP) system. We consider a population of patients (beneficiaries). The provider may reject patients based o...

In this paper a novel payment system for Peer-to-Peer (P2P) commerce transactions is presented. It implements electronic cash-based transactions, between buyers and merchants. In this system, financial institutions become partners in the e-commerce transaction, conducted by their customers over the Internet. The innovation of the proposed system is the reduction of the involvement of the financ...

1 In August 2003, while many Europeans were heading to the beaches to mitigate the effects of the worst heat wave on record, José Eduardo Sampaio, the CEO of Casa XXI, was faced with another kind of heat. Cartão 21, the innovative payment system of Casa XXI that he had personally conceived and subcontracted, had dramatically failed on August 6 th during the high-visibility inauguration of Alval...

The potential service providers, customers, as well as financial institutions are constructing geographically the largest global business net in the business history over the Internet. The payment mechanism needed for this new business medium is a very important issue. This paper presents a simple debit-based electronic payment protocol QIPP (Qudro-way Internet Payment Protocol) and its impleme...

In this paper we propose an anonymous mobile payment system based on a group blind signature scheme in order to prevent blackmailing. The message transfer from the customer to the merchant occurs only once during the payment protocol. Also, the amount of communication between customer and merchant is about 900 Bytes. Therefore, our mobile payment system can be used in the wireless networks with...