A Payment Mediation Platform for heterogeneous FinTech schemes

FinTech is emerging as a new paradigm of providing financial services more efficiently by incorporating effective IT technologies. Payment is a presentative FinTech service, and there are a number of payment schemes in operation. However, there exists a high degree of heterogeneity among payment schemes in terms of payment process, transaction settlement method, and deployment of software agents. Accordingly, a payment cannot be established between any two different payment schemes. In this paper, we present a payment mediation process for mediating payment activities between two different schemes, and its software implementation. The platform allows payment transactions among currently available payment schemes such as Samsung Pay and Apple Pay. We also present a proof-of-concept implementation of the platform as an assessment work.