Check Digit

One of the challenges of payments, electronic or otherwise, is to ensure payment is made to the right party, as even Google and Facebook got hit for millions when they paid on dodgy invoices.

Binance and BitTemple are organizing a SAFU ('safe') pre-hackathon [Jan 12-13, 2019 @ SG] to address the issue of paying to the right party. The pre-hackathon, along with ones in US, KR and HK will culminate in a finale, which will be held as a prelude to the inaugural Binance Conference [Jan 21-22 @ SG | agenda | tix | was USD 99].

Examples of payment risk controls:

  • Receipts: At payment counters, particularly at grocery chains, there might be a sign which says: 'If you are not given a receipt, call/text this number.' This is the business owner trying to ensure payments go into the till only.
  • Purchase Orders: Payments are required to be matched with a Purchase Order (did we order this?), Goods Received Note (did we receive the goods?) and Invoice (has the supplier presented a request for payment?) before being processed. How secure this is depends on how rigorous the matching processes and systems are.
  • Check Digits: Bank account numbers typically have a check digit as the last digit. This check digit is essential because if one intends to remit payment to account 12345-6 (the last digit 6 is 12345 mod 9 i.e. the remainder after 12345 is divided by 9 ) but instead types 12355-6, it will be caught by the check digit, because 12355 mod 9 = 7. [mod is used here as an illustration of a check digit function and is not necessarily what is being used by banks.]

What the hackathon is looking for is likely more in the lines of Check Digits than Receipts or Purchase Orders. That is, how payee addressing can be made more robust and safe in itself.

Pick of Events (W3-Jan-2019)

Link Catch That Lorry @ KL tix
Link Understanding O2O @ KL
Link Double Tax Deduction @ KL tix
Link Residential Incubator @ KL 1
Link BigData & IoT @ KL tix
Link Industry 4.0 Ready @ KL
Link Quantum Big Data @ SG

Link Halal Tokyo 2020 @ KL 1
Link Halal Indonesia @ KL tix
Link Halal Certification @ KL
Link Islamic Finance @ PG

Link What Book Defines You? @ KL
Link Jazz Piano Festival @ KL tix
Link The Tropical House @ KL
Link Starting a Cafe @ KL