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Just-in-timedigitalmarketingandrealtimepaymentsCzesSzaryczManagingpartner,OrionRTSMay2019
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OnlinesalesintheUSAhavetripledoverthepastfiveyears2,andyet90%ofallretailpurchasesintheUSAarecompletedinphysicalstores1.Surprisingly,82%ofinternetsavvymillennialsprefertofinalisetheirpurchasesinphysicalshops,althoughtheyuseinternettoresearchproductsoftheirinterests.Forthesereasonslargeshoppingcentresarestillthrivingthroughouttheworld,transformingthemselvestoculturalhubsattractinggeneralpublicbyofferingavarietyoflifestyleevents,educationandentertainment.Traditionalbarrierstopositiveshoppingexperience,likeroadaccess,parkingandshoppingqueuesarebecomingathingofthepast.Shoppingmallownerstendtobesavvynegotiatorsandsecurefavourableagreementswithmostlocalgovernmentsandroadauthoritiestoensureanoptimalcarorpublictransportaccesstotheirproperties.Inaddition,smartphoneappscanalsousherdriversthroughlabyrinthsofshoppingmall’scarparkstoanappropriateparkingspot.Smartappsalsoserveasanavigationandinformationtoolsinformingcustomersofspecialofferingsastheystrollthroughshoppingfloors.Customerlocationsystem(CLS),moreaccuratethansmartphonelocationsensor,canrecordcustomerbehaviour,providinginvaluableinformationtomerchantswhomaywishtoprovidetargetedoffersandachievefavourableadvertising-to-salesratio.Thesamedevicecanalsobeusedasapointofsaletoolremovingtheneedforshopperstostayinlengthyqueuestopayfortheirpurchases.Theycanalsorequestfortheiritemstobedeliveredtotheirhomes,allowingthemtoattendculturaleventsstagedwithinshoppingcentre’sperimeters.TechnologyplaysakeyroleinenablingJITdigitaladvertisingandinstantpayments.OrionRTShasadoptedEuropeanCentralBank/EuropeanRetailPaymentsBoarddefinitionofrealtime/instantpayments:Instantpaymentsaredefinedaselectronicretailpaymentsolutionsavailable24/7/365andresultingintheimmediateinterbankclearingofthetransactionandcreditingofpayee’saccountwithinsecondsofpaymentinitiation,irrespectiveoftheunderlyingpaymentinstrumentused(credittransfer,directdebitorpaymentcard)andofunderlyingclearingandsettlementarrangementsthatmakethispossible.Thusthecharacteristicsofrealtimepaymentsare:Immediatedelivery:Paymentsinitiatedandconfirmedwithinseconds
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Comprehensivereach:Availableacrossagivenregulatoryjurisdiction.Irrevocability:Oncepaymenthasbeeninitiated,itcannotbestopped.Immediateconfirmation:Confirmationmadebeforeintra-daysettlements.Straightthroughprocessing:Nohumaninterventionisneededafterapaymentisinitiated.Secure:PaymentInitiationServiceProvider(PISP)candemonstratecompliancewithPSD2APIsorutiliseclearingservicesprovidedbymanygovernmentsaroundtheworld.
Figure1.RTPCorefeatures. OrionRTSisaPISPthatdevelopedamobileretailpaymentapplicationcalled‘mobill’thatusescustom-builtCLSthatisbasedonthousandsofbeaconsgroupedinconstellations,installedatstrategiclocationsinthecityofWroclaw,Poland,allowingconsumerstopurchaseawiderangeofserviceswherepointofsalesdevicesarenotavailableorarecumbersometouseoraccess.SincethelaunchofourpaymentsysteminSeptember2018,weacquiredthousandsof
RTPCOREFEATURES
24/7OPERATIONS
IMMEDIATEDELIVERY
IMMEDIATECONFIRMATION
IRREVOCABILITY
STRAIGHTTHROUGH
PROCESSING(STP)
COMPREHENSIVEREACH
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PaymentServiceUsers(PSU)whoutilisetheapplicationinthevarietyofpaymentscenarios:1.PurchaseofticketsforpublictransportwhenatravellerisalreadyinsideavehiclewithoutanyneedtoapproachaPOSdevice.2.Paymentforstreetparkingwithoutaneedtoleaveavehicle.3.Culturalevents,whereonecanrespondimmediatelytoapromotionbypressingasinglebuttontoaccepttheofferforani.e.atickettoanopera,musicalconcert,theatreandothers.4.Utilitybillpayments.5.Paymentstoanymerchantthroughatraditionalproximityoptiontoapointofsaleappliance,makingitaversatileandconvenientmobilepaymentdevice.Keycomponentsofoursolutionare:Clientinformationsystem(CIS)-collectscustomers’slocation,productpreferencedataandintegratesitwithbothdatacollectedfrompublicandprivatesources,utilisingArtificialintelligencetechniquestoenrichdatasetsandtobetterunderstandcustomerbehaviour.CustomerLocationSystem(CLS)-Wecollectlargevolumeofcustomermovementdata,generatedbyourbeaconconstellationsandassessshoppers’svicinitytoretailerslocationinrealtime.Wealertmerchantsaboutclient’sproximity,passingshopper’sCRMlikeinformationbasedonourCISsystem.Merchantshavethenanoptionofsendingatargetedpromotionalmessagealertingpotentialclientsaboutproductoffers.Clientmayrespondtosuchamessagebypressing‘buy’option,whichsendsamessagetoapointofsalebeaconthatgeneratesanelectronicproofofpurchase.Clientmaythencollectanitemfromashelforasalesassistant.
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Figure2.ConceptualRTP/JITmarketingecosystem. Oursimpleinusefront-endapplicationissupportedbyarobustback-end,bigdatainfrastructurebuiltonopenarchitecturalcomponents,developedbyApacheproject,allowingscalabilityanddatapersistency.Wealsocollectmerchantpromotionalmaterialandtrackthesuccessrateofconvertingdigitalofferingstosales.WeaugmentourcustomerdatawithdatacollectedfrompublicallyavailabledatasourcesandfromInternet.OurAIrobotsaretrainedindatasourcingprocessingandanalysis,assessingcustomerloyaltyandimprovingcustomerretention.Customeranalysisisavailabletomerchantsthroughadedicateduserinterface,allowingmerchantstoaccesstheirclientsinformation24/365.Wehavealsodevelopedprovisionsfortransferoffundsdirectlybetweenbankaccounts.WeplantoofferthisoptiontomobillapplicationusersonbothmerchantandshopperssideinQ42019.
CLIENT
REALTIMEPAYMENT
MERCHANT
JUSTINTIME
MARKETINGCIS
CLSGISSYSTEM
CBM
IOT
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Figure3.RTP/JITmarketingtargetarchitecture.ConclusionOrionRTSsolutionintegratesmobilepaymentwithjustintimepromotions,usingdigitalchannelsofferedbysmartphones.Oursolutionsoffersconveniencetobothmerchantsandshoppersmatchingclientsneedstobestoffersavailableinrealtime,inshoppingmallsetting,removingaclatterofmis-targetedadvertisementsandprovidinganeasy,remotepaymentoption,removinganeedoflengthyqueuing.Abouttheauthor:CzesSzaryczisanexperiencedseniorbankingtechnologyexecutivewith25yearsofexperiencegainedintheFinancialServicesandAerospaceindustriesinSingapore,Australia,JapanandSouthKorea.References:1.Envision2020,Thefutureofshoppingcenterindustry,ReportfromtheICSCBoardofTrustees. 2. U.S. retail e-commerce sales 2002-2017, https://www.statista.com/topics/2443/us-ecommerce/
DATAACCESS
DATADEPOSIT
INFORMATIONSERVICECALLS
CURATIONINTERACTION
SEARCHREQUESTS
DATASOURCES
FACTORYOFAIAGENTS MERCHANTINTERFACEREGULATORYREPORTING
IOT
BEACONDATA
NEWSOURCES
OTHERSYSTEMSOFINIGHT
THIRDPARTYFEEDS
MERCHANTCRM
BANKS’SAPI’S
DEBTORBANK
UNDERSTANDINFORMATION
SOURCES
INSTANTPAYMENT
CLEARING
SETTLEMENT
CLIENTBEHAVO
URALM
ODELS
CUSTOMERDATALAKEREPOSITORY(HADOOP)
RAWDATAINTERACTION
CATALOGINTERFACES
INFORMATIONINTERGRATION&GOVERNANCE
DATALAKE
ACCOUNTBALANCES
TRANSACTIONS
DATAINTERGRATION
CREDITRATING
CUSTOMERLOCATION
CUSTOMERSTATICDATA
COLLATERAL
DATAACCESS
DATAACCESS
STREAMING
STREAMING
CREDITORBANK
LIQUIDITY
JUSTINTIMEPROMOTIONS
PAYMENTINSTRUCTIONS
PAYMENTCONFIRMATION