Encyclopedia: Banks and Payment Systems - part 3

[Mutt]

Content:

• Merchant Category Code
• Checkout
• AliPay
• Overdraft
• Sales funnel
• USB token
• QR code
• PayPal
• Electronic money
• Yandex money
• Webmoney
• Internet banking
• Online checkout
• Fraud monitoring
• Fiscal data operator
• Electronic document management (EDF)
• Mobile banking
• Foreign exchange control
• Online store
• Interest capitalization

MERCHANT CATEGORY CODE
Merchant Category Code (MCC) is a special digital designation that allows you to classify the type of activity of a merchant when paying for its services/goods by bank cards.
The code is assigned by the TPN by the acquiring bank at the time of setting up the POS terminal. If the company has several areas of activity, then only the main one is indicated in the code.
The format and assignment of MCCs is defined in the ISO 18245 standard.
Based on this code, payment systems can accrue cashback or carry out other promotions (purchase transactions in certain categories of merchant are tracked automatically).

Code examples

Merchant Category Code	Category
5814	Fast food
5122	Pharmacies and drug distributors
3011	Separate airline - Aeroflot
5651	Stores selling clothes for the whole family
5331	Department Stores

More codes

MCC codes.

CHECKOUT

Checkout process.
Checkout is a process or a special form/service, as a result of which the checkout of a payment/purchase/order is faster. For example, Google Checkout is an electronic service that speeds up online payments by storing customer data entered from a previous order in a user profile. Visa Checkout is a similar service provided by the Visa payment system to its cardholders. A checkout can be a general process of filling in fields indicating the delivery address, payer and other details in the online store.

ALIPAY
Alipay is a mobile-oriented payment system owned by the Chinese holding company Alibaba Group. It was originally used to carry out settlements on such large internal online platforms as AliExpress and Taobao. But by 2015, Alipay entered the international market and was separated into a separate financial structure.

History
Prior to the launch of the Taobao platform as its own means of payment for C2C, the company tested several payment models at once:

• for B2B,
• for A2B,
• as a virtual currency (similar to the virtual Q coins from the large Chinese investment company Tencent).

The most viable was the model of additional protection for transactions in the C2C segment (as a guarantor of the transaction - by analogy with PayPal).
2003 - launch, Cui Weiping became the first user of the system. Since then, almost 70% of Taobao purchases have been made with Alipay protection.
2004 - Zhejiang Alipay Network Technology Co., Ltd. was established as a separate company. (renamed to Alipay (China) Network Technology Co., Ltd. since 2008), Alipay user accounts have been migrated from Taobao to the new service. This moment is considered the beginning of the existence of the payment system.
Since 2005, Alipay has become a guarantor of transactions on other sites of the Alibaba group.
Since 2006, the system has been making several attempts to issue special bank cards associated with an electronic account. This increased the share of successful payments to 90%.
2007 - the service opens a network of representative offices in China.
2008 - launch of mobile payments.

A significant peak of development fell on the period 2010-2017. During this time, the service received the support of large investors, became the owner of a license for the right to conduct payment transactions, and also significantly increased its positions, the volume of transactions and functionality.
At the end of 2010, the system served over 550 million users.
And by the end of 2011, it accounted for almost 50% of all transactions in the field of electronic payments in China.
In 2013, Alipay was transferred to Ant Financial (a subsidiary of the Alibaba Group).
Since 2015, the active expansion of the service began to other countries around the world (Asia, North America, Europe).
In 2019, the number of users exceeded 1 billion.

Alipay in Russia
The payment system has been present on the Russian market since 2017. By the end of 2018, the number of users, according to rough estimates, was about 100 thousand people. These are mainly tourists from China, who are accustomed to paying with Alipay.
Modulbank became the first partner of the system in Russia, later acquiring services with Alipay support were offered:

• Tinkoff Bank;
• Russian Standard;
• VTB;
• Promsvyazbank;
• Moby.Money.

Despite the tightening of the policy in the field of electronic payments in March 2019 (foreign services were obliged to create representative offices in the Russian Federation), the service still operates in Russia.
At the end of 2019, Alipay and Mail.ru Group announced their intention to create a joint payment system.

Distinctive features of the Alipay system

• Payment is accepted not using NFC technology (as in Apple Pay, Samsung Pay, Google Pay and even Mir Pay), but using a smartphone camera and a special application for scanning a QR code. This approach allows operations to be carried out on almost any mobile device.
• In addition to linking bank cards, Alipay can be used as a means of electronic payments (there is the possibility of replenishing a virtual account).
• Since 2017, face scanning has been proposed as a means of identifying the payer.

OVERDRAFT
The word "overdraft" comes from the English "over the plan".
Overdraft (technical) - a situation arising due to a lack of funds in the current account of a client (most often legal entities) during settlements. It is characterized by the absence of a pre-approved limit at the initiative of the bank or client. In this case, the client will receive an automatic loan.
Overdraft (credit) is a special type of loan product that involves withdrawing cash or paying for goods/services from a pre-approved limit. Overdraft involves the conclusion of a separate agreement, which specifies the conditions for the provision of a loan, its repayment and renewal. Clients here can be both legal entities and individuals.

Overdraft types

1. Classic (standard).
2. In advance (small fixed amounts are provided to stimulate customer interest in the bank's services).
3. For collection (a product designed specifically for legal entities, in which the limit of borrowed funds directly depends on the collected proceeds).

Overdraft calculation
In most cases, the amount of the credit limit is calculated based on the receipt of funds to the client's account for the last 2-3 months.
The algorithm used for this depends on the bank and its loyalty to customers.
The bank can revise the limit every few months automatically or at the initiative of the client (on a separate request).

SALES FUNNEL
A sales funnel is a set of stages of customers' journey from contact (manifestation of desire to purchase, referring to a product, etc.) to a contract (transaction, purchase, ordering a service, etc.).
The "funnel" figuratively corresponds to a similar cone-shaped device for pouring liquids due to the fact that at the initial stage of interaction (manifestation of interest) there are a large number of customers at the entrance, but when passing through the main stages of the transaction, most of them are eliminated.

Stages of interaction
The most commonly used divisions in companies are:

1. The entire target audience (potential customers with whom the company plans to work).
2. Customers with whom the first contact occurred (acquaintance with an offer from an advertisement, at a point of sale, etc. - "cold contact").
3. Involved customers (who have shown interest in the product/service).
4. Clients at the acquisition stage (who have started the transaction).
5. Completed buyers (those who completed the transaction).

The structure and principles of division may vary depending on the scope of the company and the approach to working with clients.

USB TOKEN
A USB token (USB dongle or hardware token) is a storage device for key information that allows you to simplify and secure the user identification and authentication procedure.
The token (from the English token - "identification mark, token") acts as a kind of key from the lock, but only applicable to personal computers or user accounts. For this reason, hardware tokens are most often implemented in the form of tokens (miniature portable devices).
The interface for interfacing with the hardware of the information system is not necessarily made in the form of a USB connector. It could be an RFID tag or a Bluetooth device.

Application in RBS systems
The token can act as the only or additional security factor that excludes unauthorized access to important information, account management.
Hardware keys for accessing the Internet banking system are most often offered to corporate clients (legal entities), since the amounts they operate on the account are much higher, and several people can have access to the system functions at once.

The most common are the following dongle formats:

• SMART cards;
• USB tokens;
• combination of both options in one housing.

Less common:

• Trust-screen devices (PIN or password input is protected by a separate device);
• Bluetooth tokens (suitable for mobile platforms);
• devices with a built-in one-time password generator (including classic USB keys, SMART or bank cards).

The authorization scheme looks like this:

1. The client launches a browser and connects to the RBS system.
2. The system asks for a username and password.
3. The user enters a PIN to access the token (if available on the device).
4. Connects the key to a USB connector or reader (in the case of SMART cards).
5. The device reads the encryption key, and a special plugin (or other token manufacturer software) calculates its hash for verification.
6. The transmitted data is encrypted based on the cryptographic key recorded in the token and decrypted with the response key on the side of the bank's servers.

Access to the RB system is impossible without a hardware key.
The use of SMS passwords is based on the same principle, but the key certificate is stored on the servers of partners (certification center) and is unlocked only after entering a one-time password from an SMS message.
A more secure scheme of interaction is possible only with the use of hardware anti-fraud terminals.

QR CODE
QR code is the most popular alternative to obsolete barcodes, it is a special graphic label (matrix/two-dimensional barcode) in which information is recorded. The information is read by special technical means (recognized, decoded) and, if necessary, processed.
The QR code (short for Quick Response Code) was originally developed for the auto industry in Japan, but quickly spread to other areas. With the help of two-dimensional codes, you can transfer much more information than, for example, using the same barcodes.

Application
QR codes can be used for various purposes, for example:

• identification of goods (in trade);
• storing Internet links (URLs leading to a product description page, etc.);
• recording a phone number (for quick automatic dialing "without errors" from smartphones);
• cargo tracking (in logistics);
• identification of documents (including checks, according to the new requirements for cash register);
• transmission of simple text or digital information;
• encoding other types of information (images or sounds no more than 4 KB in size).

QR codes and payment
Some payment services offer the option of paying for orders using QR codes. The scheme of work in this case looks like this:

1. the online store (IM) generates the URL of the order payment form;
2. the service or the IM itself converts the URL into a QR code (writes down the link address in a graphical form);
3. displays it to the buyer;
4. the buyer recognizes the two-dimensional code from the smartphone and goes to the page with the payment form;
5. further actions take place in the standard way (payment, receipt formation, etc.).

Some banks offer payment of bills and fines using QR codes. The scenario is largely similar to the one above, only the original mobile banking application is used for recognition, and a unique receipt number is written in the QR code.

Technology and standards
Despite the fact that the QR code is registered as a trademark belonging to the company-creator (DENSO Corporation), the technology itself is not subject to any royalties and is described in one of the ISO standards.

The information in the code can be written in one of four formats:

• digital coding;
• alphanumeric;
• byte (binary);
• kanji (character encoding).

The maximum amount of information that can be recorded in a graphic label depends on the selected coding method.

Each image with a graphic code contains the following blocks (fields):

• search pattern;
• leveling pattern;
• sync bands;
• mask code and correction level;
• version code;
• data with correction codes.

QR code structure.

Alternative design
Commercial/warehouse equipment or applications on smartphones/tablets that recognize QR codes can work not only with black and white tags, which generates a wide variety of colors and style solutions for the design of graphic tags.

Examples can be seen in the images below.

Non-classic QR code.

PAYPAL
PayPal is a major international electronic payment system. Initially, PayPal Inc. was engaged in servicing payments of electronic auctions, including such well-known as eBay. The latter was bought out in 2002. And in 2012 it was again separated into a separate company.
Currently PayPal is a payment platform operating in more than 200 countries around the world. The client base exceeds 200 million people.
Through a number of lucrative acquisitions and contracts with promising startups, PayPal has evolved into a high-tech platform with broad capabilities, for example:

• In a number of countries, it offers online loans (in the United States, PayPal has the status of a licensed credit institution).
• Allows you to accept payments from bank cards in retail outlets (the solution is implemented on the basis of a special mPOS terminal PayPal Here, it is offered only in the USA).
• Provides an additional guarantee when making transactions (acts as a kind of guarantor between the seller and the buyer, in whatever country they are located).
• In Russia, using PayPal, you can organize the acceptance of payments on the site (Internet acquiring, a special corporate account is required, which imposes a number of restrictions on the withdrawal of funds).
• The company is currently developing a new technology for mobile payments (based on the startup Thyngs).

Key features of PayPal in Russia

• Payment for online purchases (the system still works with the eBay online auction, it is used on the sites of partners around the world, so it is great for online stores that work with customers from other countries).
• Transfer of funds to the electronic wallets of other participants.
• Withdrawing money to bank accounts (for private users and legal entities).
• Fundraising and donations.
• Working with bulk payments (for corporate clients).
• Replenishment of the account through terminals (for example, in the communication shops "Svyaznoy" or "Euroset") and from bank card accounts.

ELECTRONIC MONEY
Electronic money (electronic currency) - in the general case, these are monetary obligations of the issuer to the holders, comparable at face value with the real money deposited into the electronic system.
Electronic money (EM) can be understood, among other things, as the system itself for storing, transferring or exchanging electronic means of payment.

Electronic money (EM) is actually money provided by one person to another (payment system operator) to fulfill obligations to third parties. In this case, all settlements between system participants are made only in EM (except for input and output operations). At the same time, electronic money does not include:

• funds received for operations with securities,
• for clearing activities,
• funds transferred to non-state pension funds,
• investment or mutual funds.

Types of electronic money
Provides for the following division of electronic means of payment:

• non-personalized;
• personified;
• corporate.

Certain restrictions are imposed on each of these types, for example, payments cannot be made from a corporate e-wallet in favor of legal entities, only in favor of individuals.

The following are distinguished by the issuer:

• national EM (equivalent to the state currency, transactions with them are regulated by national legislation);
• private EM (fiduciary/fiat/unsecured, issue and exchange procedures are governed by the rules of non-government payment systems).

By media type:

• based on smart cards;
• based on networks.

The most common electronic money in Russia

• QIWI;
• Yandex.Money;
• WebMoney;
• RBK Money;
• various cryptocurrencies (for example, Bitcoin or Ethereum);
• PayPal.

YANDEX MONEY
Yandex.Money is a Russian electronic payment service owned by the company of the same name (NPO Yandex.Money LLC). For legal entities, the same company offers the Yandex.Kassa payment acceptance service .
According to the requirements, Yandex.Money belongs to payment systems and has all the necessary licenses to conduct business.

Users and wallets
When registering, the wallet is linked to a Yandex account. The user is assigned a unique fifteen-digit number.
Yandex.Money acts as a means of payment on the wallet (the face value corresponds to Russian rubles). At the same time, you can link a third-party bank card to the wallet and pay from it.
System participants can have one of three statuses:

• anonymous (transfers are not available, there are restrictions on payments - no more than 15,000 rubles at a time);
• personal (transfers are available, the payment limit has been increased - up to 60,000 at a time);
• identified (full service functionality).

Any user can order the issue of a physical Yandex.Money card (personal or instant) linked to a personal account in the system, or virtual.

Wallet management

• On the service website.
• Via mobile app (iOS, Android, Windows 10 Mobile).
• The application supports contactless payment from a virtual or linked physical card. Yandex.Money card can be added to Apple Pay, Samsung Pay, Google Pay services.

WEBMONEY
WebMoney is an international electronic payment system, where the exchange takes place using special title units tied to the main types of state currencies, gold and other electronic currencies.
A notable feature of the WebMoney Transfer system is that it is not registered in the Russian Federation as a payment system. The basis is the use of title units in the calculations, which cannot be attributed to electronic means of payment (title units are an analogue of securities, assignment of rights of claim).
Legal entities-guarantors are assigned to each type of unit of account, for example, for:

• WMR (equivalent to Russian rubles) - BMR LLC;
• WMZ (equivalent to US dollars) - Amstar Holdings Limited;
• WME (Euro equivalent) - WebMoney Europe LTD.

Users and wallets
Upon registration, each user receives a unique 12-digit identifier (WMID) and an associated passport.
Any number of purses of various types can be linked to each WMID (for payments in certain title units). The wallet number contains an indication of the equivalent, for example:

• numbers of all ruble wallets begin with the letter "R";
• with the letter "Z" - dollar;
• "E" - in euros.

The certificate allows you to assess the level of trust in the owner before the transaction (in the Verification Center) and can be one of 12 types, for example:

• a pseudonym (without entering passport data - an analogue of a non-personalized wallet);
• formal (passport data without verification);
• initial (personal data is confirmed by another member of the system - a personalizer);
• personal (the data is checked by the registrar, it involves payment for the verification service);
• registrar (issued only by the WM Certification Center).

Wallet management

• through the website (Keeper Standard) - without a certificate;
• through a website with a personal digital certificate (Keeper WebPro);
• through a classic application for Windows (Keeper WinPro);
• via a mobile application (for iOS, Android, Windows 10 Mobile, BlackBerry).

INTERNET BANKING
Internet banking (online banking) is the most common method of remote banking services, which involves managing the account and bank services through a browser interface or through a special program ("Bank-Client"), transmitting data via the Internet.
The bank can independently determine the technical requirements for the operation of its Internet banking, but most often the most common browsers are taken as a basis:

• Internet Explorer (Edge),
• Firefox,
• Google Chrome,
• Safari.

In the corporate sector (for servicing legal entities), thick clients (specific software supplied by the bank) can also be used.

Data security
To protect information when transmitting it over open channels, various encryption methods and additional protection factors are most often used, such as:

• hardware encryption keys (USB tokens);
• one-time SMS passwords;
• hardware generators of one-time passwords (independent of the work of telecom operators, can be supplied as a separate device or built-in, for example, in bank cards);
• complex passwords.

Protection methods can be combined. Each of them has its own advantages and disadvantages, for example:

• SMS passwords are easy to use but can be intercepted by hackers.
• Hardware generators are reliable and independent of cellular networks, but at the same time they have a high cost, therefore they are most often offered to corporate clients.
• USB tokens are easy to use and reliable, but can easily be lost or mechanically damaged. Replacement may take a long time, and account management operations will be unavailable. The cost of tokens is lower than password generators, but still high for most private users.

Service cost
For private users, Internet banking and mobile account management applications are often offered free of charge.
Corporate clients (legal entities and individual entrepreneurs) can pay not only for the service (per year or month), but also for the connection service (one-time). The cost depends on the selected configuration and hardware component (number and types of tokens, password generators).
In some cases, it may be necessary to purchase additional licenses for software designed to work with encryption keys.

ONLINE CHECKOUT
An online cash register is a new type of cash register equipment operating in accordance, that is, it is able to exchange data with the OFD via the Internet, send checks to the buyer in electronic form (to an email address or to a number phone in SMS messages).
The specified functionality is taken over by a special fiscal accumulator (FA). Thanks to this technical approach, it is possible to modify old cash registers to comply with the new standard.
Fiscal drives or cash registers of a new type must necessarily support the exchange of data with the CRF in the specified format. In order for merchants or entrepreneurs to clarify the availability of such an opportunity in advance, on the website of the Federal Tax Service you can find registers of CRE and FA operating in accordance with the requirements.
You can also clarify the possibility of modernizing the old CCP on the tax website.

The KKT generation, developed specifically, is a complex technical device based on operating systems and capable of:

• keep inventory (independently or integrate with third-party software);
• provide data for analysis (reports and analytics);
• install additional applications/modules that extend the functionality;
• automatically update the installed software;
• connect a large list of third-party equipment (barcode scanners, cash drawers, scales, POS terminals, etc.);
• work with discounts and bonus programs.

At the same time, manufacturers often provide additional services, for example, a personal account for viewing reports, downloading goods, connecting additional functions, etc., including API integration.

The procedure for introducing online cash registers

1. Selection and purchase of new equipment or modernization of old ones.
2. Conclusion of an agreement with FDO.
3. Providing an Internet connection (depending on the capabilities of the equipment and available networks).
4. Registration of CCP or FN in the tax office (in person or remotely with a qualified digital signature).

FRAUD MONITORING

Fraud monitoring is a process of continuous monitoring, detection, registration, and timely prevention of events related to fraudulent payment schemes in e-commerce (most often with bank cards).
In a broad sense, fraud is a type of fraud in the IT field, for example, the misuse of the resources of communication networks.
In the banking sector, fraud monitoring is technically a set of special rules and filters that allow you to evaluate the transaction being made.
Monitoring systems can use a variety of algorithms to collect data from which the response is later shaped.

Monitoring systems work on the side:

• the issuing bank;
• payment system;
• aggregator of payments.

The most popular types of financial fraud
The most common methods of deception include the following:

• Carding - carrying out operations using stolen bank card details.
• Skimming - a subspecies of carding using hardware solutions that simplify the theft of card data.
• Phishing (from English fishing) is a type of fraud based on social engineering, where the user independently enters card details, logins, passwords on special fake websites/forms, etc.
• Wishing - enticing data by phone.
• Pharming is a type of phishing with hidden redirects to false sites.

Countermeasures for fraud
The main countermeasures are:

• Maintaining "black" and "white" lists.
• The introduction of restrictions on the amount of transactions.
• Limiting the number of purchases (per day, month, week, from one card, from one client, in one outlet, etc.).
• Prohibition of payments based on geography.
• Reduction of the card validity period/its re-issue.

FISCAL DATA OPERATOR
Fiscal data operator (FDO) is a company (legal entity) that provides services for storing, processing, receiving fiscal data and transferring them to the Federal Tax Service (FTS).
The concept of FDO was introduced in 2016 by the law “On the use of cash registers”.
The latter provides for the transition of legal entities and entrepreneurs using KKT to a new reporting system:

1. data on all merchant transactions (fiscal data) are transmitted from the online cash register via the Internet directly by the FDO;
2. FDO accumulates them and transfers them to the Federal Tax Service.

That is, in fact, an FDO is a kind of highly specialized data center with a number of specific requirements. Availability required:

• information protection licenses (issued by FSTEC);
• licenses for data protection activities (issued by the FSB);
• licenses for the production of cryptographic information systems (issued by the FSB);
• the technical means themselves (for working with data and protecting information);
• premises for the installation of equipment that meets the technical requirements;
• permits for the processing of fiscal data (issued by the Federal Tax Service).

A merchant using a cash register with a new generation fiscal drive must conclude an agreement with the OFD.

List of licensed FDOs
Up-to-date information can be found on the official website of the Tax Service of the Russian Federation.
As of August 2020, there are 19 companies in the register, including:

• Yandex.FDO
• Taxcom
• "Electronic Express"
• "Tier"
• SKB Kontur
• NVision Group
• "Contour NTT"
• "Thunder"
• "Company" Tensor "
• "Dreamkas"
• "PETER-SERVICE Special Technologies"
• "Evotor OFD"
• Vympel-Communications
• "ESC"
• "KORUS Consulting CIS"
• "MultiCarta"
• "KALUGA ASTRAL"
• "InitPro"
• "GROUP ELEMENT"

ELECTRONIC DOCUMENT MANAGEMENT (EDM)
Electronic document management (EDM) is an electronic system or the process itself for working with documents in electronic form, which includes a cycle for creating/receiving documents, storing them, changing and executing them.

The EDM system must comply with the following principles:

• Each document is unique, it can be identified in the only correct way.
• Duplicates should be excluded (the most popular implementation is storing documents or their identifiers in a single database).
• When assigning tasks to responsible persons/executors, the latter can also be identified in the system.
• The system should implement a search by various criteria.
• There should be a subsystem for tracking all stages of work with documents (creation, signing, appointment of responsible persons, due date, etc.).

An integral part of any EDI system is an electronic digital signature (EDM). It serves as a substitute for a handwritten signature, as is the case with paper documents. Only the owner of the key can put it.

EDM allows:

• Control the integrity of the document (the final signature is generated based on the content of the document and the encryption key, which excludes the possibility of unauthorized changes to the document).
• Perform the process of authenticating the owner of the document.
• Confirm the fact of authorship (signing is impossible by another person, including an attacker).

MOBILE BANKING
Mobile banking is one of the types of remote banking services, which involves the management of bank services from mobile devices.
Varieties of mobile banking
Due to the active growth of the market for portable digital devices, the latter can be controlled by a large number of different operating systems, have different functionality, which imposes a number of features on the technical implementation of the management tool.

The most widespread are:

• Applications for smartphones/tablets (most often for the most popular operating systems iOS, Android, less often - Windows 10 Mobile, Sailfish, etc.).
• Applications for phones (Java applets, unsupported OS such as Palm, Firefox OS, Ubuntu Touch, etc.).
• SMS banking (services can be controlled from any phone, by sending commands in SMS messages).
• Control via USSD commands.

Differences from Internet banking
Modern browsers, built into smartphones or installed separately, open up all the possibilities inherent in browsers on classic personal computers.
So, for example, it is possible to work with Internet banking through a mobile browser.
However, mobile banking requires the mandatory installation of a special application (supplied directly by the bank or its official partner), compatible with the platform.

The advanced features of the mobile application include:

• Finding the exact location and searching for ATMs nearby.
• Login to the application using biometric data (fingerprints, retina, face identification, etc.).
• Recognition of account details/payment documents from photographs.
• Reading QR codes from payments.
• Built-in antivirus.
• Instant notifications about the movement of funds and other operations (push notifications).
• Contactless payments (if there is an NFC module).

FOREIGN EXCHANGE CONTROL
Currency control is a set of measures used by the state to regulate the national currency market.
As the main measures, some Law about “On Currency Regulation and Currency Control” provides for:

• control over the movement of currency across the border of the country;
• regulation of settlements (including purchase and sale) with the participation of foreign currency;
• control of import and export operations;
• licensing of activities related to foreign exchange transactions.

Currency control agents
Despite the fact that the Bank and the Government are responsible for compliance with the provisions of this law, in fact, the control functions are performed by commercial and state banks within the framework of settlement and cash services.
The powers to perform the functions of foreign exchange control may be entrusted to a bank only if it has an appropriate license.
Agents report to the Bank and control only those operations in which they themselves participate (the bank accepts or conducts payments involving foreign currency).

Control stages

• The list of steps may differ from the one below, depending on the types of operations.
• Documents receiving.
• Opening a special account.
• Directly control.
• Contract accounting.
• Entering data into control registers.
• Transaction execution/reservation.
• Return of the reserve.
• Closing the deal.
• Formation of reporting documents.

ONLINE STORE
An online store (online shop) is a website or mobile application that allows customers to study the current assortment of a trade organization, place an order, and choose a method of payment and delivery.
It is online stores (IM) that are the main component of such a sphere of the world economy as e-commerce.

Types of online stores
The following schemes can be used as a business model:

• Online sale only. Viewing products and ordering is possible only through the website/application.
• An online store is just one of the sales channels for an existing offline business. Here the owner of the website and the outlet/network is the same person.
• Outsourcing services for existing offline stores (networks). In this case, the site owner acts as an intermediary and has his own percentage of sales.
• Dropshipping. One of the options for intermediary services, when the online store does not store goods in its own warehouses, but ensures that goods are sent directly from manufacturers or wholesalers.

By type of deals

• Retail sale.
• Wholesale (small, medium, large).
• B2B (transactions are concluded only between legal entities, for example, with resellers, "business-to-business").
• B2C ("business client", transactions with end users only).

By product presentation

• Online showcase only (the product can be seen, but ordering is carried out without the participation of the site, for example, by phone or mail by codes/lots, etc.).
• A full-fledged store (there is an opportunity not only to view, but also to purchase, arrange delivery).
• Auction (sale is carried out not at a fixed cost, but after the auction).

By assortment
The online store can sell:

• only one product,
• a group of products from one highly specialized category,
• wide assortment (many different dissimilar goods).

The types of products are almost completely comparable to products that can be purchased at various retail locations. An online store can sell services, as well as intellectual property or digital goods (computer games, e-books, etc.).

Selling features
In most cases, the sale is carried out remotely, which means:

• legislation defines special requirements for payment, return and liability of the seller (the law "On the protection of consumer rights" and "Rules for the sale of goods by samples", as well as other legislative acts);
• a number of goods are prohibited from selling in this way (these are: weapons, alcohol, jewelry, medicines, dietary supplements, food products, tobacco products).

Evaluation of work efficiency
The main assessed indicators of the MI work include:

1. Attendance (the number of unique site visitors by day/week/month).
2. The number of page views (allows you to determine the most popular products/services).
3. Time of stay (average indicator characterizing audience engagement).
4. Entry points (pages that most often users get to your site).
5. Channels of attraction and their effectiveness (the method of evaluating the effectiveness depends on the type of channel - advertising on TV, on banners, through contextual advertising networks, etc.).
6. Conversion (the ratio of targeted users to the total number of all visitors).
7. Return rate (how many users come back for purchases as a percentage of the total number of customers).
8. Bounce rate (similar, but by the number of pending purchases).
9. Average check.
10. Income (total based on the results of a certain period, as well as in the context of one buyer, etc.).

Online store promotion
Like any other site, IM needs targeted clients. The more efficiently it works to fulfill the requirements of search engines, the better its position in the SERP.
Among the main directions of promotion are the following:

• Working out goals and niches.
• Planning the directory structure.
• Compilation of a semantic core (a list of search queries for which promotion will be carried out).
• Content creation (video, texts, images, website content).
• Working out the correct linking.
• Working with link mass.
• Assessment of behavioral factors and work to improve them (usability, promotion in social networks, etc.).
• Purchase of advertising in contextual advertising networks.
• Using other channels of attraction (mailing, advertising in print media, on TV, radio).
• Periodic analysis of results for timely course adjustments and budget planning.

INTEREST CAPITALIZATION
Interest capitalization (compound interest) is one of the options for calculating interest on deposits (deposits), which involves the accrual of amounts not only from the deposit itself, but also from the interest that was accrued for the previous accounting period (“interest on interest”) ...
Compound interest can also be used to calculate loan payments.
The most widespread scheme with capitalization of interest was received when calculating interest on long-term deposits.
Formula for calculation
The formula used to calculate compound interest is universal and looks like this:
S * (1 + P/100) k,
Where:

• S - the initial amount of the deposit;
• P - interest on the deposit (for each designated period, for example, for a year, month, day);
• k is the number of complete past periods.

If the interest is set by the bank on the deposit for the year, but dividends are accrued monthly, then the formula will take the form:
S * (1 + P/(12 * 100)) m,
where m is the number of months.

Calculation example

• For ease of perception, the resulting sums are best represented as a mathematical series. For a deposit of 100,000 $. at 8% per annum we get the following amounts:
• At the end of the first year - 100,000 * (1 + 8/100) = 100,000 * 1.08 = 108,000 $. (8000 $ is the amount accrued as interest, it is added to the original deposit).
• At the end of the second - (100,000 + 8,000) * 1.08 = 116,640 $. (16 640 $ - the amount of interest).
• At the end of the third - (100,000 + 16,640) * 1.08 = 125,971.2 $. Etc.
• At the end of the tenth year - 100,000 * (1 + 8/100 ) 10 = 215892.50 $.

For comparison, simple interest, which involves the accrual of income only directly from the amount of the deposit, would be calculated as follows:

• At the end of the first year - 100,000 * (1 + 8/100) = 108,000 $. (8,000 $ - the amount accrued as interest).
• At the end of the second year - 100,000 * 1.08 = 108,000 $. (another 8000 income).
• At the end of the third - 100,000 * 1.08 = 108,000 $. (another 8,000 income, the total amount to be issued is 100,000 + 8,000 * 3 = 124,000 $).
• And so on for 8,000 a year.
• At the end of the tenth year - 100,000 + 8,000 * 10 = 180,000 $.

Comparing simple interest with complex interest, it becomes clear that, with a small number of periods, the difference in the amounts calculated by interest does not differ much. But with the growth of the deposit time, the difference in charges becomes more significant, since the growth in the case of compound interest is exponential.