Tuesday, January 31, 2017

Recyclix


RECYCLIX® GOES OVERSEAS

On January 16th – 19th, Recyclix participated and acted as one of the official sponsors at the EcoWASTE 2017 exhibition organized as part of Abu Dhabi sustainability week in UAE, resulted in continuous business activity and new partnership offers.

New Year started off with another breathtaking event for Recyclix, the EcoWASTE 2017 exhibition, held as a part of the Abu Dhabi sustainability week, and turned to be a great opportunity to introduce Recyclix to the Middle East. The result was beyond expectation; during these four days of exhibition Recyclix received perspective partnership offers and promising collaborations, both from private and governmental sector. Recyclix has already scheduled follow up meetings with investors and partners from EcoWASTE 2017 in its offices in Europe, and it is already clear today and can be proudly announced, that Recyclix is looking forward to expanding to the Middle East area. It is planned to start the construction of the new plant in Abu Dhabi by autumn of 2017, that way becoming even more recognized on a global scale.

Planning its expansion to the Middle East area Recyclix also looks forward to setting its facilities in the South America, starting from Brazil. This February Recyclix has already set up the agenda for a business trip to estimate the possibility of entering the market. It is going to be a busy week meeting the Mayors of several cities in Brazil and evaluating the advantages and disadvantages of the location, discussing future plans with the investors, observing land plots for the facilities and even meeting with students of Production Engineering faculty considering an internship in Recyclix, Poland.

Due to extremely busy but successful week at the Abu Dhabi EcoWASTE 2017 exhibition a temporary queue of bank payouts and disruption to the normal working schedule has occurred. Recyclix thanks its users for their patience while the tech team works through to eliminate all the cases that are currently experiencing delay, mostly non-SEPA and minimal amounts, therefore these payouts will be completed shortly.

Once again, Recyclix would like to thank everyone who scheduled their flights and visits, making it possible to meet at the EcoWASTE 2017 exhibition, and will be looking forward to meeting soon during the PRS Amsterdam exhibition on March 29th – 30th.

Be sure to stay tuned for more information and other important highlights, visit Recyclix website, Facebook page or Twitter.

You can Call me at +919419737209 and +919622397554
Hushyar Singh Manhas
Jammu &Kashmir INDIA


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Tuesday, January 17, 2017

RBI COMPLETES ARM TEST ON BITCOIN

Banking

RBI arm tests tech behind Bitcoin

By , TNN | Updated: 
MUMBAI: In a boost to use of blockchain technology in banking, the RBI’s research arm has completed the first ever end-to-end test of the technology behind Bitcoin in a project involving regulators, banks, financial institutions and clearing houses. The RBI’s arm, Institute for Development and Research in Banking Technology (IDRBT), conducted the project using the technology behind Bitcoin in a trade application with banks and the National Payments Corporation of India (NPCI) participating too. 

Blockchain is a public ledger that enables historical recording of all transactions that has occurred in a network in a way that it cannot be altered. Following the project, IDRBT last week released a white paper titled, ‘Applications of blockchain technology to banking and financial sector in India’. In a foreword to the white paper, RBIdeputy governor R Gandhi said that the banking industry world over was looking at the technology, which has the potential to disrupt financial business applications. The white paper concluded that the overall proof of concept provided a good demonstration of the use-cases and helped broaden the understanding of the technology and its potential to other real-life applications. 

The technology partner for the project was New York-based MonetaGo, which provided the actual platform for test cases including payments with its proprietary enhanced information payments system (EIPS) and trade finance. In an interview to TOI, Jesse Chenard, CEO, MonetaGo, said that the project was believed to be the first ever end-to-end test of blockchain using existing banking protocols, including regulators, banks, financial institutions and clearing houses. 

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In another pilot conducted last year, ICICI Bank demonstrated that trade finance deals can be concluded instantly as against days using the technology. Earlier this month, Yes Bankimplemented a multi-nodal blockchain transaction to fully digitise vendor financing for Bajaj Electricals. Last week, Axis Bank tied up with distributed financial technology company Ripple to offer cross-border payments solution through technology innovation. 

According to Chenard, it is still too early for the network effect to kick in for use of BCT. “Most bank experiments to date have been either with single institutions or with only a couple of parties to a transaction. And then again, those have been in closed sandbox environments that were deployed simply for testing purposes,” he said. 

Other than the public Bitcoin, blockchain and a few other similar projects, there still haven’t been any actual productionised platforms, he added. “That is why it is one of our focuses here at MonetaGo. Until you have a platform that multiple parties can use and connect to, you can’t get a real network effect. As with any new technology, entrants rely on different platforms and methodologies and it will take some time for standards to evolve. That’s one of the reasons we are active with the Hyperledger Project.” 

MonetaGo provides blockchain solutions to financial institutions and central banks. It also helps institutions identify and deploy software that integrates with existing banking systems, processes, and settlement mechanisms. “By using existing infrastructure and protocols instead of replacing them, we help our customers quickly get up-and-running without having to change their whole systems,” said Chenard. 

According to Chenard, the basis of this regulator approach to BCT is largely around Know Your Customer requirements and the reporting of suspicious activity. “However, one of the interesting things for regulators when it comes to this new technology is its ability to provide greater visibility and transparency in real time into the actual transaction records than was previously possible. This innovation has the potential to bring about additional financial stability and market efficiency, which is why many regulators are taking a cautionary but optimistic approach,” he said. 

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Banking

Third-party apps leaking info, claim banks

By  & , TNN | 
BENGALURU/MUMBAI: Large banks like ICICI Bank and SBI have raised concerns over non-banks getting access to their customer information through third-party applications developed for the Unified Payments Interface (UPI) platform. 

ICICI Bank has blocked customers from accessing their accounts using the PhonePe UPI application citing these concerns, and also said that the app discriminates against users of UPI apps of other banks. 

Flipkart-owned PhonePe is a third-party app but it is able to be part of UPI through a partnership with Yes Bank. Flipkart recently integrated UPI payments on its website, and is offering customers cashback on their e-wallet on PhonePe UPI payment. However, users have discovered that they cannot add their ICICI Bank account to the PhonePe UPI app. One of the requirements of being part of the UPI platform is that banks should facilitate interoperability — they should allow customers to be part of the UPI platform through any other bank’s app. PhonePe CEO Sameer Nigam raised the issue first on Twitter on Saturday. He told TOI over the phone that the bank has made no communication to them as to this was being done. “We have received no communication from them nor Yes Bank. We are clueless as to why this has been done” Nigam said. 

“Some banks, including us have raised security related concerns at appropriate forums about the access to UPI data to a non-banking application. Further, this entity is following restrictive practices allowing users to make payments with only its UPI handle, which is in contravention to the UPI guidelines of interoperability and choice that empowers a customer to choose any app to make payments through UPI,” ICICI Bank said in response to a TOI query. The bank confirmed that pending resolution of these concerns, it has temporarily declined to undertake UPI transactions from this entity. 

Meanwhile, SBI deputy managing director Manju Agarwal said that the bank is ensuring that customer data details are not available to third parties. “As per UPI, only bank applications can be used by customers. We will have to take up with the RBI and NPCI to get non-banks blocked,” said Agarwal. 

Earlier in June last year, SBI had blocked customers from using net banking to load money in one of the largest e-wallet player — Paytm, citing security concerns. SBI also has its own wallet named Buddy. 

Wallet companies like Mobikwik and Paytm have been lobbying for access to the UPI interface for wallets. However, PhonePe has been the first off the block thanks to the partnership with Yes Bank. 

According to industry experts, these developments are clear sign of banks not wanting emerging companies to emerge as a strong competitor in the space. “This is similar to what happened between e-commerce firms and offline retailers — turf war. Now lot of new age companies have gained strong user base in payments space and banks don’t like that so issue will have more friction from both these parties as people migrate further towards digital payments,” a senior executive in a payments firm said. Banks are however raising the issue of regulatory arbitrage. 

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Non Banks institutions should not be allowed access to UPI for security concern raised by big banks.
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