It is most secure as its safety is legally under the responsibility of the Bank of Canada. The Bank of Canada also guarantees the settlement of payments in case where more than one participant fails during the LUVS operating day and that this fail represents more than the value of collateral pledged to the Bank of Canada, even though it is incredibly improbable. Finally, The LUVS is actually leaving electronic trails of their transactions. (Bank of Canada, (Canadian Payments association, 2013) CHIPS (Clearing House Interbrain Payment system) CHIPS is the largest U. S. Currency funds-transfer system in the world.
As an example, in 2012, CHIPS processed an average of $1. 5 trillion in foreign and domestic payments daily. CHIPS operates on a global business day and uses a sophisticated liquidity savings mechanism to provide fast and final payments. It is pretty much the equivalent of the L. V. T. S for the institutions that use the U. S. Dollar. Chips is operated by The Clearing House; the oldest banking association and Payments Company in the United States. It is also directly linked and subject to supervision and examination from the Federal Reserve. This transfer system also leaves electronic tracks of their transactions.
SWIFT (Society for worldwide interbrain financial telecommunications) SWIFT is a single and secure communication channel used by over 10’000 financial institutions that facilitates the exchange of financial messages and transfer of payments. It has been created in 1974 by seven international banking institutions to standardize the financial messaging. SWIFT works with different codes to identify banks, time zones and to respect different international rules and basically allows automated transfers to achieve higher straight-through processing rates.
SWIFT also offers non repudiation proofs, retrieval capabilities ND lost data recovery which means that it keeps electronic trails of all the transactions it is subject to. POP. Walla Walla is one of the major alternate remittance system and actually operates in parallel to traditional banking. It has been created in India even before the western Banking practices and is often referred to as “underground banking” even though this kind of system sometimes operate in complete legality. Walla works through connections and trust.
Often, these transactions are conducted between Halyards who are actually business partners and cover themselves through import/export businesses. For example if a customer in the U. S. Needs to send money over to someone in Pakistan, he will do business with an Walla trader who will then contact, often by phone or e-mail a connection in the receiving country to process the transaction and give the money to the recipient. The Walla trader will give no receipt and the record of the transaction will only be what he or she owes to her connection in Pakistan.
For example, if the Sender in the U. S. , wanted to send $5’000, the trader will pay $20’000 worth of goods and services to his connection in Pakistan as the value was only $15000. The extra $5’000 will then be paid to the recipient. This way, little or no electronic and paper trails of this transaction will be made. Crypto currency System Crypto currency has been introduced in 2009 as the Bitching. It is a digital medium of exchange and if often referred to as “digital money’ even though it cannot be yet considered as money since it is not generally accepted.
Let us use the Bitching to describe the system as it is the first and is the longest-standing form of crypto currency. The creator of the Bitching ensures the encryption of the sender and recipient and no one, to this day, has yet succeeded to break through the footwear and make the code unreliable, which would doom the Bitching. Even though the sender and receiver are identified by only a string of numbers, there is a public record of every coin’s movement. The software allows people to send money to each other with no intermediary, Central banks and governments play no role.
Every transaction is based on crypto proof instead of trust. The bitching can be bought or won through a lottery called mining, although only the most powerful supercomputers can even get a chance to win it. This digital “money” can be used to buy different things, going from a Taste car to tickets for a sports name or even stolen credit card numbers or drugs.
