The Brazilian Payment System
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1 The Brazilian Payment System February 2004 Software Design 1
2 Software Design's Highlights Founded in 1987 by former university students 1 st company in Brazil to adopt Oracle Database in 1990 Deployed one of the 1 st B2B solutions in Brazil, in 1995, for a insurance company, supporting US$ 420 millions a year in transactions 40% of Market Share in the banking middle market in Brazil Leader in sales of the Brazilian Payment System, supporting 18 banks including JPMorgan, Goldman Sachs, Bank of America, UBS, Lloyds TSB and others Two sales in Wall Street, NY (Goldman Sachs and Deutsche Bank), for operations deployed in Brazil (start up banks) 2
3 Purpose of this presentation To show the audience the complexity of a project entirely developed by the Brazilian Software Industry, to demonstrate how capable this industry is. 3
4 The Problem Reduce the systemic risk in the Brazilian financial system Reduce the need of public money to save insolvent banks Reduce the Brazilian risk Reduce the Brazilian interest rate, that's very high 4
5 The Brazilian Payment System Brazil entered in the group of countries whose interbank funds transfers can be settled irrevocably and unconditionally (with finality), on a real-time basis This fact by itself provides settlement risk reduction for interbank operations and consequently systemic risk reduction, that is, reduction of the risk that the bankruptcy of one bank causes the bankruptcy of other banks, namely domino effect It's also important to reduce the credit risk assumed by the Central Bank on its operations, as the completion of funds transfer nowadays depends on the existence of sufficient balance at the settlement account of the participant that sends the correspondent nt order. Therefore, overdrafts are no longer allowed. 5
6 DVP mode 1 Real-time settlement is also being used in operations with federal government securities, which came to be possible with the connection between the SPB and the Special System for Settlement and Custody (SELIC) Therefore, since the deployment of SPB, SELIC has been a DVP model 1 settlement system. Few countries in the world are DVP model 1 (Bank for International Settlements) To reduce the systemic risk, main goal of the reform, legal changes were also made to recognize multilateral netting system and digital signaturing 6
7 Overview of the System 7
8 A Mature System The system is up and running, in production, since April 22nd, 2002 The system carried around of 1.8 million messages in December 2002 The population is already used to using real time fund transfer between banks, simply using their internet banking access Not a single Bank went insolvent after the deployment of SPB 8
9 Technical Issues in the System The Network is a pure TCP/IP network Message oriented, IBM's WebSphere MQ based XML Formated PKI for Digital Signature and Encryption UTF-16 coding Additional HTTP servers for large files 9
10 A High Available Network and System 10
11 The Architecture of our Solution HSM JCE IBM's API JSP / Servlets Messaging RMI Cash Flow Pilot RDBMS JDBC Firewall MQSeries SMTP RSFN Java Mail 11
12 Cash Flow Pilot Main Screen 12
13 A Very Complex, High Tech Project The system was developed and implemented in production in 14 months, with a very long testing period before going in production A total of 152 participants of the SPB had to: develop their software create all the infrastructure to run the payment system integrate it with all their legacy systems The system used only new technologies, like XML, Digital Signature, Message Oriented Middleware, Java and.net It proves that the Brazilian Software Industry can run very complex and mission critical projects very successfully, using the most up to date technology available 13
14 References Brazilian Central Bank portal for the ioma=i Economic Report: Bank for International Settlements Vulnerability Analysis of the Brazilian Payment System University of California, Davis Settling the score settle.htm 14
15 Thank You Carlos Augusto Leite Netto Vice President Development Thank you! 15
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