The Electronic Money System (EMS) is a platform for securely managing and processing digital money online. Here’s a simplified overview of what EMS does and how it works:
What EMS Does:
EMS is built to handle electronic transactions. It manages accounts for both individual users and institutions, helping to track payments, handle commissions, and ensure all transactions are safe and smooth. With EMS, users can transact in various currencies, and each currency can have its own rules, fees, and limits to match different needs.
Key Features:
1. Easy Account Management: EMS manages different types of accounts:
- Personal Accounts: For individual users, created as soon as the user makes their first deposit.
- Merchant/Agent Accounts: For businesses, like online stores or agents handling payments.
- Bank Accounts: For banks and their partners to manage expenses, commissions, and other fees.
2. Flexible Commissions: EMS allows banks to set up commission profiles that vary based on the type of transaction. So, for example, a deposit and a withdrawal can have different fees. If needed, each business can have its own commission rate.
3. Reserves for Transaction Security: EMS can “hold” funds when a transaction is started. This ensures that there’s enough money to complete the transaction, adding a layer of security.
4. Multiple Currency Support: You can set up EMS to handle various currencies, each with specific transaction rules, limits, and fees. This is ideal for businesses that operate globally or need flexibility with different currencies.
5. Role-Based Access: The system allows the bank to assign roles to users and partners. Each role has specific permissions, so users can only perform actions that match their assigned roles.
6. Back Office for Banks and Merchants: EMS includes a dedicated web application where banks and agents can manage their operations, from setting up new accounts to adjusting commission rates.
7. Audit and Logging: All actions within EMS are recorded, making it easy to track what happened and when.
How Registration Works:
Registration on EMS is like setting up a project within the system. Each registration links specific participants (like banks, merchants, or individuals) to their respective accounts. It’s also used to manage permissions for who can use the system and how they can interact with EMS features.
Account Details:
EMS supports different types of accounts to handle all aspects of electronic money:
- Income and Expense Accounts: Banks use these accounts to track their own transactions and manage fees.
- Agent Accounts: Agents or merchants have accounts for handling their balance and commissions.
- Personal Accounts for EPI: Individuals’ accounts are created when they add funds, with unique account numbers.
Behind the Scenes:
EMS is powered by a secure database, web services, and web applications to support both end-users and bank staff. All changes and activities are logged, giving EMS a strong audit trail and ensuring security and transparency.
In short, EMS is designed to make online transactions easier, secure, and flexible for everyone—from individual users to global banks and businesses. It’s a one-stop system that ensures funds flow smoothly and securely across the digital landscape.