BANCO DE GUATEMALA
PAYMENT SYSTEM OF GUATEMALA: EVALUATION AND MODERNIZATION PROPOSAL
Guatemala, October 2004
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INTRODUCTION………………………………………................................ I.
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CONCEPTUAL AND PHILOSOPHICAL ASPECTS OF A PAYMENT SYSTEM…….……………………………………………………………..……... 2
1. 1.1 1.2 1.3 1.4 1.4.1 1.4.2 1.4.3 1.4.4 1.4.5 2. 2.1 2.2 3. 3.1 3.2 4. 5. 6. 7. Generalities………………………………………………………..…….. Definition………………………………………………………………..….. Importance…………………………………………………………………. Characteristics ………………………………………………………....... Components of a modern payment system………………………. Real Time Gross Settlement Systems -LBTR- ………….…… Banking Clearing Houses ………………………………..... Automated Clearing Houses -ACHs- ……….…….….. Cross-border
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Also the current operation of the Guatemalan payment system is described, emphasizing the operational and legal aspects, in national and foreign currency, as well as in the settlement of security titles; in inter-bank transfers and of the public sector. Later, regarding the international experience in matters of payment systems, there appears a description of cases such as Chile, Mexico, Costa Rica and Colombia, which are in the process of modernizing their payment systems, and for the effect, the structure, payment instruments and achievement of reform projects in said countries is mentioned. Finally, taking as a reference the vision of a modern payment system and the experience of other central banks regarding the implementation of real time gross settlement systems, the integral modernization strategy of the country’s payment system is described; therefore, the present document includes a modernization matrix of said system, which contains the activities to be carried out, which are contracted to the strengthening of the normative frame of the payment system, to the implementation and modernization of the payment system and to the institutional cooperation that said modernization requires.
The Payment System of Guatemala: Evaluation and modernization proposal
I. CONCEPTUAL AND PHILOSPHICAL ASPECTS OF A PAYMENT SYSTEM
c) 1.1
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Generalities
Definition The Bank of International Settlements
Shall be able to accept payment from all reputed bank transfer facilities for customer flexibility.
Prospective Payment Systems (PPS) determines the payment a medical facility will receive by evaluating preestablished criteria. The reimbursement amount will only be based on the preestablished criteria (glossary). PPS helps decrease health care spending because the health care facility knows that they will only receive a reimbursement amount that is based on PPS's preestablished criteria. Implementation of the PPS has proven to be a success towards reducing hospital costs, especially for Medicare patient. The health care facility will have limits on spending due to fewer inputs coming in.
As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.
Centers for Medicare and Medicaid Services (CMS) adopted the Medical Severity Diagnosis Related Groups (MS-DRGs) for use in the Inpatient Prospective Payment System (IPPS) in the fiscal year 2008, which ran from October 1, 2007 through September 30, 2008. CMS was influenced by the Medicare Payment Advisory Commission (MEDPAC) and the hospital community to use a severity adjusted DRG system.
An Accountable Care Organization or ACO is a group of doctors, hospitals, and healthcare providers, who voluntarily come together and provide coordinated high quality medical care to Medicare patients.
Even though Happay provides a platform for its clients to load money into dedicated accounts to disburse money from those accounts to its employees, Happay is not authorized to keep companies money with it. Thus Happay partnered with RBL bank to provide escrow accounts to its clients. This made it important for the finance department of Happay to reconcile the transaction data available with RBL bank with the data available at Happay systems. For a small organization like Happay manual reconciliation of transaction data proved cumbersome and time consuming as the number of clients kept increasing. This led to the need of an automated tool that would minimize the human effort needed in such tasks.
The Canadian Charter of Rights and Freedoms, implemented in 1982 outlines the rights and freedoms that Canadians have as citizens of this country. In this paper I will ask whether we need such a charter, whether we can trust the interpretation of the Charter by the Supreme Court and how the Charter balances power in a democratic way. I will then contemplate the foundational place morality holds in the lawmaking process. In all of this I argue that to make a good law one must hold to a moral standard and one must act in the understanding that belief, and not objectivity, plays the main role in rational thought.
Prospective payment system is a “method of reimbursement in which payment rates for healthcare services are established in advance for a specific time period.” These rates are based on the average usage of resources for those certain types of healthcare. The prospective payment system puts the liability on the healthcare organization because the cost of the healthcare procedure can be more expensive than the average cost. Therefore, healthcare organizations need to be methodical with the way the treat their patients, use as little resources for the best quality of care. There are many prospective payment systems; there is inpatient, acute-care, inpatient psychiatric facility, home health, outpatient, long-term care, rehabilitation, and nursing facilities.
Capitation Payment System is a financing method for managed care. Managed care gives affordable priced health care for the people buying it and the providers who agree to certain conditions.The people who buy this have a pre-established payment for health care services. If services cost less than capitation amount, profit results but if it was more than capitation amount then the provider loses money.
I found an article “CMS: Over Half in Value-Based Care Program to Earn Bonuses” on the Revcycle intelligence website. The government attempts to promote the transition from volume-based purchasing to value-based purchasing for health care and receives positive feedbacks in the past few years. It brings my interest because value-based payment is a new strategy based on value instead of volume.
Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means
In order to attract workers and to retain the best performers, employers need to have a compensation system that will achieve these objectives. Furthermore, employers need to comply, with the relevant law which relate to payment systems and hours of work. Payment systems and quantum of payment play a significant role not only for individual employers, but also at the level of society.
Humankind lives then dies because of two things, wants and needs. We live by fulfilling natural needs and surviving with what we have, but some want more and go beyond what is needed turning a desire into something that is absolutely necessary. These people become obsessed with a concept that’s pointless in the sum of their lives, they let wants control them which results in an untimely death. But this isn't a singular case, numerous men find themselves being lead into a deep and dark pit filled with evil intentions. Some are fortunate enough to find a way out but others aren't as lucky. Macbeth showcases this thought with Shakespeare's main character the Thane of Glamis.
Everyone loves to tell the story of their first love, and the beautiful lesson they learned through the adventure. You hear the phrase, “you’ll never forget your first” as you see a small smirk flourish across the faces of people who remember their story. Through all the experiences shared, I never would have believed the result of falling out of love. All of the novels and sweet smiles never hinted about the time I would end up crumbled down on my bedroom's floor, with two years of a person's presence surrounding a broken heart. Nobody will speak of watching your first love leave for college, knowing that they will want to move on. I went through the stages of heartbreak that left me with a cracked and bruised heart. The recovery and journey of finding acceptance and love for myself, created a book of my personal lessons.