Account and Transaction Protocol of the Open Banking Standard

Almehrej, Abdulaziz; Freitas, Leo; Modesti, Paolo

doi:10.1007/978-3-030-48077-6_16

Cited by 2 publications

(2 citation statements)

References 10 publications

(11 reference statements)

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“…UPI can be used in more than one way, which is an innovation to suit the Indian requirement especially to the hoi polloi. The studies which cover UPI are mainly for Open-API and its relevance of the banking or for the financial transaction [5,6,35,44,99]. The serious requirement of assessment of the situation study and lack of any study on such lines are the main motivation of this study.…”

Section: Introductionmentioning

confidence: 99%

Unified Payment Interface (UPI): A Digital Innovation and Its Impact on Financial Inclusion and Economic Development

Rastogi¹,

Panse²,

Sharma³

et al. 2021

ujaf

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UPI (Unified Payment Interface) platform has been used especially in India since 2016. This paper is aimed at exploring how UPI is impacting, financial literacy, financial inclusion and the economic development of the poor in India. Structured equation modelling is applied in the paper to explore the path analysis of the relevant construct to establish the relationship. A structured questionnaire of interval scale was administered to gather the data for the study. It is found that UPI is impacting the financial literacy. In addition to that, it is found that financial literacy is significantly impacting financial inclusion which in turn is significantly causing economic development. Moreover, the significant association of financial literacy to financial inclusion is partially mediated by financial stability and the significant association of financial inclusion to economic development is also partially mediated by trust. The main implication of the study is that UPI is helping people in more than one way. It is not only supporting the financial literacy but also contributing to financial inclusion and economic development of the poor, indirectly. Therefore, policy makers can use the findings of this study to frame policies for UPI more effectively in the future. This study is unique as no other study is observed on the linkage of UPI with financial literacy, financial inclusion and economic development of the poor.

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Section: Introductionmentioning

confidence: 99%

Unified Payment Interface (UPI): A Digital Innovation and Its Impact on Financial Inclusion and Economic Development

Rastogi¹,

Panse²,

Sharma³

et al. 2021

ujaf

View full text Add to dashboard Cite

show abstract

“…For each action, different messages are exchanged; we give examples of their structure next, where full details is beyond the scope of this paper and can be found in [1]. We abstract from data exchanges that do not affect the model's goals verification.…”

Section: Messages Definitionsmentioning

confidence: 99%

Security Analysis of the Open Banking Account and Transaction API Protocol

Almehrej¹,

Freitas²,

Modesti³

2020

Preprint

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To counteract the lack of competition and innovation in the financial services industry, the EU has issued the Second Payment Services Directive (PSD2) encouraging account servicing payment service providers to share data. The UK, similarly to other European countries, has promoted a standard API for data sharing: the Open Banking Standard. We present a formal security analysis of its APIs, focusing on the correctness of the Account and Transaction API protocol. The work relies on a previously proposed methodology, which provided a practical approach to protocol modelling and verification.

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Account and Transaction Protocol of the Open Banking Standard

Cited by 2 publications

References 10 publications

Unified Payment Interface (UPI): A Digital Innovation and Its Impact on Financial Inclusion and Economic Development

Unified Payment Interface (UPI): A Digital Innovation and Its Impact on Financial Inclusion and Economic Development

Security Analysis of the Open Banking Account and Transaction API Protocol

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