Supply Chain Finance (SCF) / Financial Supply Chain Management (F-SCM)

Supply Chain Finance (SCF) / Financial Supply Chain Management (F-SCM)

 

 

From STANDARD DEFINITIONS FOR TECHNIQUES OF SUPPLY CHAIN FINANCE

fscm8

There are two Areas where FSCM/SCF names are used but in different contexts.

  • Inter firm FSCM
  • Intra firm FSCM

 

Inter firm F-SCM

  • Trade Finance
  • Supply Chain Finance (SCF)
  • Value Chain Finance
  • Supplier Finance
  • Inter firm Finance
  • Reverse Factoring
  • Collaborative  Cash to Cash Cycles Management

During 2008 global financial crisis, the trade financing dried up resulting in decline in trade of goods and services.

Since the crisis, Financial De-globalization and Decline of Correspondent Banking has also made availability of financial credit harder.

Cash flow and working capital management is helped by inter firm collaboration among Suppliers and Buyers.

Financial Institutions which provide trade credit also benefit from inter firm collaboration.

 From SUPPLY CHAIN FINANCE FUNDAMENTALS: What It Is, What It’s Not and How it Works

What Supply Chain Finance is Not

The world of trade finance is complex and varied. There are numerous ways to increase business capital on hand and, in many cases, the differences are slightly nuanced. Given this landscape, it’s not just important to understand what supply chain finance is; it’s also important to understand what it is not.

It is not a loan. Supply chain finance is an extension of the buyer’s accounts payable and is not considered financial debt. For the supplier, it represents a non-recourse, true sale of receivables. There is no lending on either side of the buyer/supplier equation, which means there is no impact to balance sheets.

It is not dynamic discounting or an early payment program. Early payment programs, such as dynamic discounting, are buyer-initiated programs where buyers offer suppliers earlier payments in return for discounts on their invoices. Unlike supply chain finance, buyers are seeking to lower their cost of goods, not to improve their cash flow. Dynamic discounting and early payment programs often turn out to be expensive for both suppliers (who are getting paid less than agreed upon) and buyers who tie up their own cash to fund the programs.

It is not factoring. Factoring enables a supplier to sell its invoices to a factoring agent (in most cases, a financial institution) in return for earlier, but partial, payment. Suppliers initiate the arrangement without the buyer’s involvement. Thus factoring is typically much more expensive than buyer-initiated supply chain finance. Also, suppliers trade “all or nothing” meaning they have no choice to participate from month-to-month to the degree that their cash flow needs dictate. Finally, most factoring programs are recourse loans, meaning if a supplier has received payment against an invoice that the buyer subsequently does not pay, the lender has recourse to claw back the funds.

 

From Mckinsey on Payments

fscm10

 

From Financial Supply Chain Management

financial-supply-chain-management-4-728

 

From Best Practices in Cash Flow Management and Reporting

46_-3571_20

 

From STANDARD DEFINITIONS FOR TECHNIQUES OF SUPPLY CHAIN FINANCE

fscm9

 

From Financing GPNs through inter-firm collaboration?
Insights from the automotive industry in Germany and Brazil

fscm 3

 

Intra Firm F-SCM

  • Working Capital Management
  • Cash Flow Management
  • Liquidity Management
  • Cash to Cash Conversion Cycle Management (C2C Cycle/CCC)
  • Financial Supply Chain Management (F-SCM) in Manufacturing companies
  • Financial Supply chain management in financial institutions
  • Supply Chain Finance
  • Accounts Payable Optimization
  • Accounts Receivable Optimization
  • Operations and Finance Interfaces
  • Current Asset Management (Current Ratio Analysis)

This is not a new subject.  Corporate Finance, Financial Controls, and working capital management have been active business issues.  Benefits of Supply chain management include increase in inventory turnover and decline in current assets.

There are many world class companies who manage their supply chains well and work with minimal working capital.  Lean Manufacturing, Agile Manufacturing, JIT manufacturing are related concepts.  Just-In-Time manufacturing developed in Toyota Corp. reduces inventory portion of C2C cycle.  Other examples include

  • Apple
  • Walmart
  • Dell

Currently, most of the Supply Chain analytics efforts unfortunately do not integrate analysis of financial benefits of operating decisions.

There are many studies recently which suggest that Cash to Cash Conversion Cycle is a better determinant of corporate liquidity.  C2C Cycle is a dynamic liquidity indicator and Current Assets is a static indicator of liquidity.  I would like to point out that none of the studies relate C2C cycle with Current Ratio.  Current Ratio is based on balance sheet positions of current assets and current liabilities.  C2C cycle is based on flows in supply chains.  Accumulation of flow results in Current assets (Stock).  To make it Stock-Flow Consistent, more work is required.

 

From Supply Chain Finance: some conceptual insights.

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From Financial Supply Chain Management

financial-supply-chain-management-5-728

 

From The Interface of Operations and Finance in Global Supply Chains

fscm4

 

From SUPPLY CHAIN-ORIENTED APPROACH OF WORKING CAPITAL MANAGEMENT

ifscm5

 

From IMPROVING FIRM PERFORMANCE THROUGH VALUE-DRIVEN SUPPLY CHAIN MANAGEMENT: A CASH CONVERSION CYCLE APPROACH

fscm6

 

From IMPROVING FIRM PERFORMANCE THROUGH VALUE-DRIVEN SUPPLY CHAIN MANAGEMENT: A CASH CONVERSION CYCLE APPROACH

fscm7

 

From THE CYCLE TIMES OF WORKING CAPITAL: FINANCIAL VALUE CHAIN ANALYSIS METHOD

fscm12

 

Call for papers: Supply Chain Finance

Call for papers for Special Topic Forum in Journal of Purchasing and Supply Management (Manuscript Submission:  March 31, 2017)

Supply chain finance is a concept that lacks definition and conceptual foundation.  However, the recent economic downturn forced corporates to face a series of financial and economic difficulties that strongly increased supply chain financial risk, including bankruptcy or over-leveraging of debt.  The mitigation and management of supply chain financial risk is becoming an increasingly important topic for both practitioners and academics leading to a developing area of study known as supply chain finance.  There are two major perspectives related to the idea of managing finance across the supply chain.  The first is a relatively short-term solution that serves as more of a “bridge” and that is provided by financial institutions, focused on accounts payables and receivables.  The second is more of a supply chain oriented perspective – which may or may not involve a financial institution, focused on working capital optimization in terms of accounts payable, receivable, inventory, and asset management.  These longer-term solutions focus on strategically managing financial implications across the supply chain.

Recent years have seen a considerable reduction in the granting of new loans, with a significant increase in the cost of corporate borrowing (Ivashina and Scharfstein, 2010). Such collapse of the asset and mortgage-backed markets dried up liquidity from industries (Cornett et al., 2011). In such difficult times, firms (especially those with stronger bargaining power) forced suppliers to extend trade credit in order to supplement the reduction in other forms of financing (Coulibaly et al., 2013; Garcia-Appendini and Montoriol-Garriga, 2013). The general lack of liquidity, in particular for SMEs, has directly affected companies’ ability to stay in the market, reflecting on the stability of entire supply chains. There are many other factors influencing liquidity and financial health that are critical to assess.

These trends and the continued growth of outsourced spend have contributed considerably to the need for and spread of solutions and programs that help to mitigate and better manage financial risk within and across the supply chain.  One of the most important approaches is what is being termed Supply Chain Finance (SCF) (Gelsomino et al., 2016; Pfohl and Gomm, 2009; Wuttke et al., 2013a). SCF is an approach for two or more organizations in a supply chain, including external service provides, to jointly create value through means of planning, steering, and controlling the flow of financial resources on an inter-organizational level (Hofmann, 2005; Wuttke et al., 2013b).  It involves the inter-company optimization of financial flows with customers, suppliers and service providers to increase the value of the supply chain members  (Pfohl and Gomm, 2009).  According to Lamoureux and Evans (2011) supply chain financial solutions, processes, methods are designed to improve the effectiveness of financial supply chains by preventing detrimental cost shifting and improving the visibility, availability, delivery and cost of cash for all global value chain partners.  The benefits of the SCF approach include reduction of working capital, access to more funding at lower costs, risk reduction, as well as increase of trust, commitment, and profitability through the chain (Randall and Farris II, 2009).

Literature on SCF is still underdeveloped and a multidisciplinary approach to research is needed in this area. In order to better harmonize contributions of a more financial nature with ones coming from the perspective of purchasing & supply chain, there is a need of developing theory on SCF, starting with a comprehensive definition of those instruments or solutions that constitute the SCF landscape. SCF has been neglected in the Purchasing & Supply Management (PSM) literature, although PSM plays a critical role in managing finance within the supply chain.  PSM uses many of the processes and tools that are part of a comprehensive supply chain financial program to better manage the supply base, in terms of relationships, total cost of ownership, cost strategies and pricing volatility (see for example Shank and Govindarajan 1992). Reverse factoring is a technique which is also widely used to manage the supply base (Wuttke et al, 2013a) as is supplier development and investment in suppliers.

Research on SCF from a PSM perspective needs further development. In particular, empirical evidence would prove useful for testing existing models and hypotheses, addressing the more innovative schemes and investigating the adoption level and the state of the art of different solutions. Research is also needed for the development of a general theory of supply chain finance.  There is also limited research that focuses on the link between supply chain financial tools and supply chain financial performance.  Finally, considering the plurality of solutions that shape the SCF landscape, literature should move towards the definition of holistic instruments to choose the best SCF strategy for a supply chain, considering its financial performance and the contextual variables (e.g. structure, bargaining power) that characterize it.

Potential topics

The purpose of this special topic forum is to publish high-quality, theoretical and empirical papers addressing advances on Supply Chain Finance. Original, high quality contributions that are neither published nor currently under review by any other journals are sought. Potential topics include, but are not limited to:

  • Theory development, concept and definition of SCF
  • Taxonomy of SCF solutions
  • Strategic cost management across the supply chain
  • Total cost of ownership
  • Life cycle assessment and analysis
  • Commodity risk and pricing volatility
  • Supply chain financial metrics and measures
  • Cost-benefit analysis
  • Relationship implications of supply chain finance
  • Tax and transfer pricing in the supply chain
  • Foreign exchange and global currency and financing risk
  • Financial network design and financial supply chain flows
  • The organizational perspective on SCF and the implementation process
  • Role of innovative technologies to support SCF ( (e.g. block chain, internet of things)
  • Supply chain collaboration for improved supply chain financial solutions
  • SCF adoption models, enablers and barriers
  • SCF from different party perspectives (especially suppliers and providers)
  • SCF and risk mitigation and management

Manuscript preparation and submission

Before submission, authors should carefully read the Journal’s “Instructions for Authors”. The review process will follow the Journal’s normal practice. Prospective authors should submit an electronic copy of their complete manuscript via Elsevier’s manuscript submission system (https://ees.elsevier.com/jpsm) selecting “STF Supply Chain Finance” as submission category and specifying the Supply Chain Finance topic in the accompanying letter. Manuscripts are due March 31, 2017 with expected publication in June of 2018.

FOR COMMENTS OR QUESTIONS PLEASE CONTACT THE GUEST EDITORS:

Federico Caniato, Politecnico di Milano, School of Management, federico.caniato@polimi.it

Michael Henke, TU Dortmund and Fraunhofer IML, Michael.Henke@iml.fraunhofer.de

George A. Zsidisin, Virginia Commonwealth University, gazsidisin@vcu.edu

References

Cornett, M.M., McNutt, J.J., Strahan, P.E., Tehranian, H., 2011. Liquidity risk management and credit supply in the financial crisis. J. financ. econ. 101, 297–312.

Coulibaly, B., Sapriza, H., Zlate, A., 2013. Financial frictions, trade credit, and the 2008–09 global financial crisis. Int. Rev. Econ. Financ. 26, 25–38.

Garcia-Appendini, E., Montoriol-Garriga, J., 2013. Firms as liquidity providers: Evidence from the 2007–2008 financial crisis. J. financ. econ. 109, 272–291.

Gelsomino, L.M., Mangiaracina, R., Perego, A., Tumino, A., 2016. Supply Chain Finance: a literature review. Int. J. Phys. Distrib. Logist. Manag. 46, 1–19.

Govindarajan, Vijay, and John K. Shank. “Strategic cost management: tailoring controls to strategies.” Journal of Cost Management 6.3 (1992): 14-25.

Wuttke, D. A., Blome, C., Foerstl, K., & Henke, M. (2013a). Managing the innovation adoption of supply chain finance—Empirical evidence from six European case studies. Journal of Business Logistics, 34(2), 148-166.

Wuttke, D. A., Blome, C., & Henke, M. (2013b). Focusing the financial flow of supply chains: An empirical investigation of financial supply chain management. International journal of production economics, 145(2), 773-789.

Hofmann, E., 2005. Supply Chain Finance: some conceptual insights. Logistik Manag. Innov. Logistikkonzepte. Wiesbad. Dtsch. Univ. 203–214.

Ivashina, V., Scharfstein, D., 2010. Bank lending during the financial crisis of 2008. J. financ. econ. 97, 319–338.

Lamoureux, J.-F., Evans, T.A., 2011. Supply Chain Finance: A New Means to Support the Competitiveness and Resilience of Global Value Chains. Social Science Research Network, Rochester, NY.

Lekkakos, S.D., Serrano, A., 2016. Supply chain finance for small and medium sized enterprises: the case of reverse factoring. Int. J. Phys. Distrib. Logist. Manag.

Pfohl, H.C., Gomm, M., 2009. Supply chain finance: optimizing financial flows in supply chains. Logist. Res. 1, 149–161.

Randall, W., Farris II, T., 2009. Supply chain financing: using cash-to-cash variables to strengthen the supply chain. Int. J. Phys. Distrib. Logist. Manag. 39, 669–689.

 

 

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Key Sources of Research:

 

SUPPLY CHAIN FINANCE FUNDAMENTALS: What It Is, What It’s Not and How it Works

http://primerevenue.com/wp-content/uploads/2016/08/supplychainFundamentals.pdf

Call for papers: Supply Chain Finance

Call for papers for Special Topic Forum in Journal of Purchasing and Supply Management (Manuscript Submission:  March 31, 2017)

https://www.journals.elsevier.com/journal-of-purchasing-and-supply-management/call-for-papers/call-for-papers-supply-chain-finance

 

FINANCIAL SUPPLY CHAIN MANAGEMENT – CHALLENGES AND OBSTACLES

Peter Kristofik, Jenny Kok, Sybren de Vries, Jenny van Sten-van’t Hoff

2012

http://www.journals.acrn.eu/resources/Journals/Joe022012/201202h.pdf

 

 

Supply chain finance: optimizing financial flows in supply chains

Hans-Christian Pfohl • Moritz Gomm

2009

https://www.researchgate.net/profile/Hans_Christian_Pfohl/publication/220232986_Supply_Chain_Finance-_Optimizing_Financial_Flows_in_Supply_Chains/links/5576960408ae75363751afb1.pdf

 

 

Supply Chain Finance: some conceptual insights.

Hofmann, E. (2005)

In: Lasch, R./ Janker, C.G. (Hrsg.): Logistik Management – Innovative Logistikkonzepte, Wiesbaden
2005, S. 203-214.

https://www.alexandria.unisg.ch/22597/1/Supply%20Chain%20Finance.pdf

 

 

Financial Supply Chain Management – A review

Georgios Vousinas

2017

https://www.researchgate.net/publication/320196808_Financial_Supply_Chain_Management_-_A_review

 

 

Basic areas of management of finance flow in supply chains

Marlena Grabowska1

Częstochowa University of Technology

https://www.czasopismologistyka.pl/artykuly-naukowe/send/301-artykuly-drukowane/4621-artykul

 

THE FLOW OF FINANCIAL RESOURCES:AN INEVITABLE PART OF SUPPLY CHAIN
DESIGN ACTIVITIES

ERIK HOFMANN

https://www.alexandria.unisg.ch/50999/1/Hofmann_The%20flow%20of%20financial%20resources%20-%20An%20inevitable%20part%20of%20supply%20chain%20design%20activities.pdf

 

Motorola’s global financial supply chain strategy

Ian D. Blackman

Christopher P. Holland

Timothy Westcott

https://www.researchgate.net/profile/Ian_Blackman/publication/256462716_Motorola%27s_global_financial_supply_chain_strategy/links/0c960522de3de564bb000000/Motorolas-global-financial-supply-chain-strategy.pdf

A SUPPLY CHAIN-ORIENTED APPROACH OF WORKING CAPITAL MANAGEMENT

 

Erik Hofmann

Herbert Kotzab

2010

 

http://www.academia.edu/download/38511199/Hofmann_et_al-2010-Journal_of_Business_Logistics.pdf

Financial Supply Chain Management – Neue Herausforderungen für die Finanz- und Logistikwelt.

Pfohl, H.-Chr./ Hofmann, E./ Elbert, R. (2003):

In: Logistik Management 5 (2003) 4, S. 10-26

https://www.alexandria.unisg.ch/29035/1/Financial%20Supply%20Chain%20Management.pdf

 

Financing GPNs through inter-firm collaboration?
Insights from the automotive industry in Germany and Brazil

Christian Baumeister
Hans-Martin Zademach

http://www.ku.de/fileadmin/150304/img/Publikationen/MDW_21__2013__Financing_GPNs.pdf

 

 

Die Financial Chain im Supply Chain Management: Konzeptionelle Einordnung und Identifikation von Werttreibern.

Franke, J./ Pfaff, D./ Elbert, R./ Gomm, M./ Hofmann, E. (2005):

In: Ferstel, O. K./ Sinz, E. J./ Eckert, S./ Isselhorst, T. (Hrsg.): Wirtschaftsinformatik 2005. eEcono‐my, eGovernment, eSociety. Heidelberg 2005, S. 567‐584

https://pdfs.semanticscholar.org/ced5/8858fcdb171db931b3c033bb1cdf55ea7683.pdf

 

 

Financial-Chain-Management
Ein generisches Modell zur Identifikation von Verbesserungspotenzialen

Donovan Pfaff
Bernd Skiera
TimWeitzel

http://www.e-docs-standards.de/cms/images/Publikationen/wi2004_2_107-117.pdf

 

 

The Effects of Cross-Functional Integration on Profitability, Process
Efficiency, and Asset Productivity

Morgan Swink and Tobias Schoenherr

http://www.logisticsexpert.org/top_articles/2016/2016%20-%20Research%20-%20JBL%20-%20The%20Effects%20of%20Cross-Functional%20Integration%20on%20Profitability,%20Process%20Efficiency.pdf

 

 

Quantifying and setting off network performance

Erik Hofmann

2006

https://www.alexandria.unisg.ch/30679/1/Quantifying%20Network%20Performance_final%20version.pdf

 

 

Developing and discussing a supply chain-oriented model of collaborative working capital management

by
Erik Hofmann, University of St.Gallen, Switzerland
& Herbert Kotzab, Copenhagen Business School, Denmark

2006

 

http://www.academia.edu/download/39750008/Developing_and_discussing_a_supply_chain20151106-23047-gve831.pdf

 

 

The link between Purchasing and Supply Management maturity
models and the financial performance of international firms

Fábio Pollice
Afonso Fleury

 

http://ejournal.narotama.ac.id/files/The%20link%20between%20purchasing%20and%20supply%20management%20maturity%20models%20and%20the%20financial%20performance%20of%20international%20firms.pdf

 

 

SUPPLY CHAIN FINANCE
A Buyer-Centric Supplier Payables Financing Initiative

Martin Jemdahl
Lund, 2015

http://lup.lub.lu.se/luur/download?func=downloadFile&recordOId=8870575&fileOId=8870576

 

 

Supply Chain Finance: Optimal Introduction and Adoption Decisions

David A. Wuttke, Constantin Blome, H. Sebastian Heese and Margarita
Protopappa-Sieke

http://sro.sussex.ac.uk/61216/1/__smbhome.uscs.susx.ac.uk_qlfd7_Desktop_Supply%20Chain%20Finance%20Blome.pdf

 

 

The Value of Supply Chain Finance

Xiangfeng Chen and Chenxi Hu

https://cdn.intechopen.com/pdfs-wm/17676.pdf

 

Supply Chain Finance “Is SCF ready to be applied in SMEs?”

Jan H Jansen

https://www.researchgate.net/profile/Jan_Jansen11/publication/305391903_Supply_Chain_Finance_Is_SCF_ready_to_be_applied_in_SMEs/links/578cb87508ae5c86c9a6355b.pdf

 

 

Win-win and no-win situations in supply chain finance: The case of accounts receivable programs

Erik Hoffman

https://www.alexandria.unisg.ch/248126/1/Triple-win-situations%20in%20supply%20chain%20finance_final.pdf

 

Introducing a financial perspective in Supply Chain Management: a literature review on Supply Chain Finance

Luca M. Gelsomino, Riccardo Mangiaracina,
Alessandro Perego, Angela Tumino

http://www.summerschool-aidi.it/edition-2015/images/ancona2014/sessione5/gelsomino_et_al.pdf

 

 

Towards A Theory Of Supply Chain And Finance Using Evidence From A Scottish Focus Group

R. de Boer, R. Dekkers, L. M. Gelsomino, C. de Goeij, M. Steeman Q. Zhou,
S. Sinclair, V. Souter

2017

https://www.researchgate.net/profile/Ronald_De_Boer3/publication/320417203_Towards_A_Theory_Of_Supply_Chain_And_Finance_Using_Evidence_From_A_Scottish_Focus_Group/links/59e4875fa6fdcc7154e11430/Towards-A-Theory-Of-Supply-Chain-And-Finance-Using-Evidence-From-A-Scottish-Focus-Group.pdf

 

 

WORKING CAPITAL MANAGEMENT IN SUPPLY CHAINS

Nataliia G. Silaeva

2016

https://dspace.spbu.ru/bitstream/11701/5194/1/Master_thesis_Silaeva_Nataliya.pdf

 

 

Blockchain-driven supply chain finance: Towards a conceptual framework from a buyer perspective

Yaghoob Omrana, Michael Henkeb, Roger Heinesc, Erik Hofmann

https://www.alexandria.unisg.ch/251095/1/WP29-Blockchain-driven%20supply%20chain%20finance%20Towards%20a%20conceptual%20framework%20from%20a%20buyer%20perspective.pdf

 

 

Selecting financial service providers for supply chains: How cross-functional collaboration can improve effectiveness and efficiency

Judith Martin

Prof. Dr. Erik Hofmann

https://www.alexandria.unisg.ch/242145/1/Paper%20Full%20Version_Selecting%20financial%20service%20providers%20for%20supply%20chains.pdf

 

 

Supply chain finance as a value added service offered by a lead logistics provider

Careaga Franco, V.G.
Award date:
2016

https://pure.tue.nl/ws/files/46923583/840401-1.pdf

 

 

B2B PAYMENTS, SUPPLY CHAIN FINANCE & E-INVOICING MARKET

Mirela Amariei
Tiberiu Avram
Ionela Barbuta
Simona Cristea
Sebastian Lupu
Mihaela Mihaila
Andreea Nita
Adriana Screpnic

2015

https://www.ciosummits.com/B2B_Payments_Supply_Chain_Finance__E-invoicing_Market_Guide_2015.pdf

 

 

Linking corporate strategy and supply chain management

Erik Hofmann

http://www.hadjarian.com/company/1860230.pdf

 

 

Concepts and Trade-Offs in Supply Chain Finance

Kasper van der Vliet

http://alexandria.tue.nl/extra2/792140.pdf

 

 

Supply Chain Finance as a Value Added Service offered by a Lead Logistics Provider

by
Victor Gerardo Careaga Franco

http://alexandria.tue.nl/extra2/afstversl/tm/Careaga_Franco_2016.pdf

 

Value Chain Finance: How Banks can Leverage Growth Opportunities for SME Banking Customers

Qamar Saleem, Global SME Banking and Value Chain Specialist, IFC

Dr. Eugenio Cavenaghi, Managing Director -Trade, Export & Supply Chain Finance, Banco Santander

https://www.smefinanceforum.org/sites/default/files/post/files/Value%20Chain%20Finance_Qamar%20Saleem.pdf

 

 

 

Supply-chain finance: The emergence of a new competitive landscape

McKinsey

https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/Supply%20chain%20finance%20The%20emergence%20of%20a%20new%20competitive%20landscape/MoP22_Supply_chain_finance_Emergence_of_a_new_competitive_landscape_2015.ashx

 

 

Fintechs and the Financial Side of Global Value Chains— The Changing Trade-Financing Environment

IMF

2017

http://www.imf.org/external/pubs/ft/bop/2017/pdf/17-21.pdf

 

 

Global Supply Chain Management: Front and Center for Treasurers
Delivering Innovative Solutions that Integrate Financial and Physical Supply Chains

JP Morgan

https://www.jpmorgan.com/pdfdoc/jpmorgan/cash/pdf/global_supply_chain_front_and_center_for_treasurers

 

 

 

Supply Chain Finance

Aberdeen Group

2011

http://media.treasuryandrisk.com/treasuryandrisk/historical/whitepapers/Documents/SCF%20Gaining%20Control%200258-6833-RA-SCFinance-SP-10-NSP.pdf

 

 

 

Supply chain financing: Using cash-to-cash variables to strengthen the supply chain

Wesley S. Randall

M. Theodore Farris II

2009

https://www.researchgate.net/publication/235317652_Supply_chain_financing_Using_cash-to-cash_variables_to_strengthen_the_supply_chain

 

 

 

Supply Chain Finance: ANew Means to Support the Competitiveness and Resilience of Global Value Chains

Jean-François Lamoureux and Todd Evans

http://www.dfait-maeci.gc.ca/economist-economiste/assets/pdfs/research/TPR_2011_GVC/12_Lamoureux_and_Evans_e_FINAL.pdf

 

 

 

Maximising the value of supply chain finance

van der Vliet, K.; Reindorp, M.J.; Fransoo, J.C.

2013

https://pure.tue.nl/ws/files/3620999/387399093290135.pdf

 

 

 

The Interface of Operations and Finance in Global Supply Chains

by
Lima Zhao

2014

https://opus4.kobv.de/opus4-whu/files/179/Zhao_Lima_WHU_Diss_2014.pdf

 

 

 

Supply Chain Finance A conceptual framework to advance research

Kasper van der Vliet, Matthew J. Reindorp, Jan C. Fransoo
Beta Working Paper series 418

http://purl.tue.nl/23232338094103.pdf

 

 

COORDINATING WORKING CAPITAL MANAGEMENT MODEL IN COLLABORATIVE
SUPPLY CHAINS

A. Ivakina, N. Zenkevich

# 9 (E) – 2017

https://dspace.spbu.ru/bitstream/11701/8600/1/WP_9%28E%29-2017_Ivakina_Zenkevich.pdf

 

 

A conceptual model for supply chain finance for SMEs at operational level ‘An essay on the Supply Chain Finance paradigm ….

Jan H Jansen

2017

https://www.researchgate.net/profile/Jan_Jansen11/publication/316245913_A_conceptual_model_for_supply_chain_finance_for_SMEs_at_operational_level_’An_essay_on_the_Supply_Chain_Finance_paradigm_’_Vestnik_Chelyabinsk_State_University_Version_2_18_April_2017/links/5a17d84aaca272df0808ca79/A-conceptual-model-for-supply-chain-finance-for-SMEs-at-operational-level-An-essay-on-the-Supply-Chain-Finance-paradigm-Vestnik-Chelyabinsk-State-University-Version-2-18-April-2017.pdf

 

 

Cash Flow Management and Manufacturing Firm Financial Performance: A Longitudinal Perspective

James R. Kroes

Andrew S. Manikas

http://scholarworks.boisestate.edu/cgi/viewcontent.cgi?article=1040&context=itscm_facpubs

 

 

 

TOWARDS INTER-ORGANIZATIONAL WORKING CAPITAL MANAGEMENT

Sari Monto

2013

https://www.doria.fi/bitstream/handle/10024/90028/isbn9789522653840.pdf?sequence=2

 

 

 

THE CYCLE TIMES OF WORKING CAPITAL: FINANCIAL VALUE CHAIN ANALYSIS METHOD

Miia Pirttilä

2014

https://www.doria.fi/bitstream/handle/10024/102180/Pirttilä_A4.pdf?sequence=2

 

 

Impact of Cash Conversion Cycle on Working Capital through Profitability: Evidence from Cement Industry of Pakistan

Afaq Ahmed Khan1, Mohsin Ayaz2, Raja Muhammad Waseem3, Sardar Osama

Bin Haseeb Abbasi4, Moazzam Ijaz

2016

http://www.iosrjournals.org/iosr-jbm/papers/Vol18-issue3/Version-2/Q1803021124131.pdf

 

 

Cash Conversion Cycle and Firms’ Profitability – A Study of Listed Manufacturing Companies of Pakistan

1Raheem Anser, 2Qaisar Ali Malik

2013

https://pdfs.semanticscholar.org/d400/2a7cb44463d9b8d3b77e2b36e23466cde4ec.pdf

 

 

The Power of Supply Chain Finance

How companies can apply collaborative finance models in their supply chain to
mitigate risks and reduce costs

M. Steeman

https://www.windesheim.nl/~/media/files/windesheim/research-publications/thepowerofsupplychainfinance.pdf

 

 

Supply Chain Finance Payable and Receivable Solutions Guide

2012

JP Morgan

A Conceptual Model of Supply Chain Finance for SMEs at Operational Level

 Jan H Jansen

21 November 2017

 

https://www.researchgate.net/profile/Jan_Jansen11/publication/316245913_A_conceptual_model_for_supply_chain_finance_for_SMEs_at_operational_level_’An_essay_on_the_Supply_Chain_Finance_paradigm_’_Vestnik_Chelyabinsk_State_University_Version_2_18_April_2017/links/5a17d84aaca272df0808ca79/A-conceptual-model-for-supply-chain-finance-for-SMEs-at-operational-level-An-essay-on-the-Supply-Chain-Finance-paradigm-Vestnik-Chelyabinsk-State-University-Version-2-18-April-2017.pdf

 

 

Cash-to-cash: The new supply chain management metric

M Theodore Farris II; Paul D Hutchison

International Journal of Physical Distribution & Logistics Management; 2002

https://www.researchgate.net/profile/Paul_Hutchison/publication/235295065_Cash-to-Cash_The_New_Supply_Chain_Management_Metric/links/02e7e5312767de88df000000.pdf

 

 

 

Integrating financial and physical supply chains: the role of banks in enabling supply chain integration

Rhian Silvestro

Paola Lustrato

2012

 

https://www.researchgate.net/profile/Rhian_Silvestro/publication/263268792_Integrating_financial_and_physical_supply_chains_The_role_of_banks_in_enabling_supply_chain_integration/links/552f9c840cf21cb2faf005c0.pdf

 

 

 

Integration of Finance and Supply Chain: Emerging Frontier in Growing Economies

(A Case Study of Exporting Companies)

Muhammad Ahmar Saeed

Xiaonan Lv

 

http://www.diva-portal.org/smash/get/diva2:420165/FULLTEXT01.pdf

 

Research at the Interface of Finance, Operations, and Risk Management (iFORM): Recent Contributions and Future Directions

Volodymyr Babich

Panos Kouvelis

2017

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3054711

 

 

 

PROCEEDINGS

Interface of Finance, Operations, and Risk Management (iFORM) SIG

2011

https://pdfs.semanticscholar.org/e6e7/947ccbd42b1fe0e90f298ab96cfcef8f0448.pdf

 

 

 

Cash to Cash Cycle with a Supply Chain Perspective

Can Duman
Sawanee Sawathanon

2009

 

http://www.diva-portal.org/smash/get/diva2:221367/FULLTEXT01.pdf

 

DYNAMIC AND STATIC LIQUIDITY MEASURES IN WORKING CAPITAL STRATEGIES

Monika Bolek, PhD

 

http://eujournal.org/index.php/esj/article/viewFile/764/798

 

 

 

Does working capital management affect cost of capital?
A first empirical attempt to build up a theory for supply chain finance

Erik Hofmann, Judith Martin

2016

 

https://www.alexandria.unisg.ch/248595/1/Final%20paper_working%20capital%20management.pdf

 

 

 

Principle of Accounting System Dynamics – Modeling Corporate Financial Statements –

Kaoru Yamaguchi

 

http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.615.6514&rep=rep1&type=pdf

 

 

 

Money and Macroeconomic Dynamics

Accounting System Dynamics Approach

Edition 3.2

 

Kaoru Yamaguchi Ph.D.

Japan Futures Research Center

 

http://muratopia.org/Yamaguchi/macrodynamics/Macro%20Dynamics.pdf

 

 

 

Working Capital Management Model in value chains

Timo Eskelinen

2014

 

http://www.doria.fi/bitstream/handle/10024/96733/Working%20Capital%20Management%20Model%20in%20value%20chains_Timo%20Eskelinen.pdf?sequence=2&isAllowed=y

 

 

 

STANDARD DEFINITIONS FOR TECHNIQUES OF SUPPLY CHAIN FINANCE

Global Supply Chain Finance Forum

2016

 

https://cdn.iccwbo.org/content/uploads/sites/3/2017/01/ICC-Standard-Definitions-for-Techniques-of-Supply-Chain-Finance-Global-SCF-Forum-2016.pdf

https://baft.org/docs/default-source/current-news/download-the-scf-definitions.pdf

 

 

IMPROVING FIRM PERFORMANCE THROUGH VALUE-DRIVEN SUPPLY CHAIN MANAGEMENT: A CASH CONVERSION CYCLE APPROACH

Pan Theo Große-Ruyken
Stephan M. Wagner
Wen-Fong Lee

Baltic Management Review

Volume 3 No 1

2008

 

 

 

Best Practices in Cash Flow Management and Reporting

Hans-Dieter Scheuermann

http://www.financepractitioner.com/cash-flow-management-best-practice/best-practices-in-cash-flow-management-and-reporting?full

Financial Supply Chain Management

 

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Gantt Chart Simulation for Stock Flow Consistent Production Schedules

Gantt Chart Simulation for Stock Flow Consistent Production Schedules

 

I have knowledge of two software which do Gantt chart simulation for production scheduling.  These are used by top most companies in the world for production planning and scheduling now a days known as Supply Chain Management (SCM).

Production Schedules are stock flow consistent which means that starting inventories, and unused production of products result in cumulative inventory which is plotted for each of the product.

Production and Shipments (arrivals and dispatched) create Flows and Inventory levels indicate Stock level positions.

Gantt Chart simulators are excellent tools for operations management in plants.

The first Gantt chart was actually developed by Karol Adamiecki in Poland.  He called it a Harmonogram.  Henry Gantt in 1910 published first gantt chart which was later than publication by Karol Adamiecki.

These two charts below show Simulator window in which Gantt chart and inventory level plots are displayed.

Gantt Chart Simulator in Aspen Tech Plant Scheduler for Production Scheduling

active-guidance_10740930

 

Gantt Chart Simulator in Atlantic Decision Sciences Scheduler

Scheduling Board Single Chart

Key Sources for Research:

 

A Presentation by Chris Jones on Evolution of Graphical Production Scheduling Software

at the Cornell University Deptt of ORIE

 

 

 

Atlantic Decision Sciences

http://atlanticdecisionsciences.com

 

 

Aspen Technology

http://aspentech.com/products/aspen-plant-scheduler/

 

 

History of Gantt Chart

http://www.ganttchart.com/orgforwork.html

 

 

History of Production Scheduling

http://www.springer.com/cda/content/document/cda_downloaddocument/9780387331157-c1.pdf?SGWID=0-0-45-321351-p148129370

 

 

The harmonogram: an overlooked method of scheduling work.

Marsh, E. R. (1976).

Project Management Quarterly, 7(1), 21–25.

https://www.pmi.org/learning/library/harmonogram-overlooked-method-scheduling-work-5666

 

The Harmonogram of Karol Adamiecki

Edward R. Marsh

http://amj.aom.org/content/18/2/358

 

Karol Adamiecki

https://www.pocketbook.co.uk/blog/tag/karol-adamiecki/

Instant, Immediate, Real Time Retail Payment Systems (IIRT-RPS)

Instant, Immediate, Real Time Retail Payment Systems (IIRT-RPS)

 

There are Five different kinds of Payments

  • B2C Business to Consumer
  • C2B Consumer to Business
  • B2B Business to Business
  • Domestic P2P Peer to Peer
  • Cross Border P2P Peer to Peer

 

From Real-time payments are changing the reality of payments

IMPS

Existing Real Time Retail Payment Systems around the Globe

From THE U.S. PATH TO FASTER PAYMENTS FINAL REPORT PART ONE: THE FASTER PAYMENTS TASK FORCE APPROACH

IMPS2

Planned Real Tine Retail Payments Systems around the Globe

 

From Global Trends and Developments in Instant Payments

imps3

Current Payments Ecosystem

  • Faster Payments
  • ACH
  • Cards
  • Closed Loop
  • Distributed Ledger

 

From 2017 Advanced Payments Report

IMPS4

Evolving Landscape of Payment Systems

From 2017 Advanced Payments Report

imps5

 

New RTP Developments

 

From Federal Reserve Payment Trends Update

imps6

USA – The Clearing House RTP System

From Federal Reserve Payment Trends Update

imps7

USA – How Payment Platforms Compare?

  • Wires
  • Next Day ACH
  • NACHA Same Day ACH
  • EWS Zelle
  • TCH RTP
  • Mastercard Send

 

From Federal Reserve Payment Trends Update

imps8

Key Sources of Research:

 

 

Real-time payments are changing the reality of payments

Deloitte

https://www2.deloitte.com/content/dam/Deloitte/us/Documents/strategy/us-cons-real-time-payments.pdf

 

 

 

THE U.S. PATH TO FASTER PAYMENTS
FINAL REPORT PART ONE: THE FASTER PAYMENTS TASK FORCE APPROACH

Federal Reserve

2017

https://www.federalreserve.gov/newsevents/press/other/US-path-to-faster-payments-pt1-201701.pdf

 

 

Zelle

https://www.zellepay.com

 

 

 

Real-Time Payments for P2P
.
Eric Foust
Early Warning
Mike Wolf

2017

http://www.rtpsummit.com/wp-content/uploads/2017/10/12.10-Zelle-53-RTP-conference-deck-005.pdf

 

 

Banks Re-enter the P2P Payments Fray: With Mobile, Will this Time Be Different?

By Terri Bradford, Payments Research Specialist

Fed Reserve

https://www.kansascityfed.org/~/media/files/publicat/psr/briefings/psr-briefingjan2017.pdf

 

 

 

Faster Payments Finds Its Future

NACHA

2016

https://web.nacha.org/system/files/resource/2017-08/Faster-Payments-Tracker-December-2016.pdf

 

 

 

Faster payments: Building a business, not just an infrastructure

McKinsey

https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/Faster%20payments%20Building%20a%20business%20not%20just%20an%20infrastructure/Faster%20payments.ashx

 

 

The Road to Faster Payments

As Real-Time Payments Rise, Payment Hubs See a Resurgence

The Clearing House

2017

https://www.theclearinghouse.org/research/banking-perspectives/2017/2017-q4-banking-perspectives/payment-hubs

 

 

 

Real-Time Payments and Settlement Comes to the United States

How U.S. Banks Can Realize the Full Opportunities of Immediate Payments for Their Customers

D+H

2016

https://www.pnc.com/content/dam/pnc-ideas/articles/D+H-US-Real-Time-Payments-and-Settlement-whitepaper-coauthored-PNC-TCH-15-April%202016.pdf

 

 

 

Real-Time, Cross-Border Payments Survey

2017

IPFA

http://ipf-a.org/wp-content/uploads/Real-time-Cross-Border-Payments-Final.pdf

 

 

 

Strategies for Improving the U.S. Payment System Federal Reserve Next Steps in the Payments Improvement Journey

Federal Reserve

2017

https://www.federalreserve.gov/newsevents/pressreleases/files/other20170906a1.pdf

 

 

 

Strategies for Improving the U.S. Payment System

Federal Reserve

2015

https://fedpaymentsimprovement.org/wp-content/uploads/strategies-improving-us-payment-system.pdf

 

 

 

Strategies for Improving the U.S. Payment System
Feb 2016 Progress Report

Fed Reserve

2016

https://www.w3.org/2016/02/usfed-criteria.pdf

 

 

Strategies for Improving the U.S. Payment System

Progress Report | January 2017

Federal Reserve

https://www.federalreserve.gov/newsevents/press/other/sips-progress-report-201701.pdf

 

 

 

Strategies for Improving the U.S. Payments System

Claudia Swendseid

2016

https://www.minneapolisfed.org/~/media/files/news_events/events/payments-swendseid.pdf?la=en

 

Strategies for Improving the U.S. Payment System

2015

http://aftweb.com/aws/AFT/asset_manager/get_file/110552

 

 

Making Payments Faster in the United States

Clearing House

2015

https://www.theclearinghouse.org/~/media/puertoricosamedayach2015/making%20payments%20faster%20in%20the%20us%20tim%20mills.pdf?la=en

 

 

 

The Clearing House RTP System “Back to The Future”: Emerging Payment Systems Legal and Regulatory Issues

2017

https://www.calbankers.com/sites/main/files/file-attachments/back_to_the_future_emerging_payment_systems_-_krebs.pdf

 

 

The Federal Reserve Faster Payments and Secure Payments Task Forces
2016 Smart Card Alliance Payments Summit

April 5, 2016

https://www.securetechalliance.org/secure/events/20160404/PACIFICA-7_TUE_445_AADLAND_Smart-Card-Alliance_Faster-and-Secure-Payments-Task-Forces_4-5-16.pdf

 

 

 

Understanding and Regulating Twenty-First Century Payment Systems: The Ripple Case Study

Marcel T. Rosner
Delaware Court of Chancery
Andrew Kang
University of Michigan Law School

2016

https://repository.law.umich.edu/cgi/viewcontent.cgi?article=1239&context=mlr

 

 

 

US Retail Payment Instruments and Systems

Structure, Transformation & Public Policy

NY Fed Reserve

2015

https://www.newyorkfed.org/medialibrary/media/banking/international/15-Retail-Payments-2015-Littman.pdf

 

 

 

Digital Payments Strategy for U.S. Retail Banks

Cognizant

2015

https://www.cognizant.com/whitepapers/Digital-Payments-Strategy-for-U.S.-Retail-Banks-codex1358.pdf

 

 

US Real Time Payments Technology Playbook

The Clearing House

2016

https://www.theclearinghouse.org/-/media/tch/pay%20co/rtp/tch%20rtp%20technology%20playbook%20111716%20v1.pdf?la=en

 

 

 

16 in 2016: Trailblazing trends in global payments

McKinsey

2016

https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/16%20in%202016%20Trailblazing%20trends%20in%20global%20payments/16%20in%202016%20Trailblazing%20trends%20in%20global%20payments_2015.ashx

 

 

 

Earthport

https://www.earthport.com/

 

 

 

Flavors of the Fast

A trip around the world in immediate payments

FIS

https://www.fisglobal.com/-/media/FISGlobal/Files/Report/Flavours_Of_Fast.pdf

 

 

 

Global Trends and Developments in Instant payments

Edger Dunn

14th February, 2017

http://edgardunn.com/wp-content/uploads/2017/02/MPE-Track-A-Afternoon-Session-Global-Trends-and-Developments-in-Instant-Payments-Ulf-Geismar-14-02-2017-VF-1.pdf

 

 

 

EXECUTIVE GUIDE TO IMMEDIATE/ REAL-TIME PAYMENTS

Accenture

https://www.aciworldwide.com/-/media/files/collateral/trends/executive-guide-to-immediate-payments-tl.pdf

 

 

 

INTERNATIONAL PAYMENTS IN A DIGITAL WORLD

Accenture

2017

https://www.accenture.com/t20171006T071036Z__w__/us-en/_acnmedia/PDF-62/Accenture-International-Payments-Digital-World.PDF

 

 

 

Ripple as an Innovative Solution to the Ways We Pay

RIPPLE

https://ripple.com/files/candian_comment_letter.pdf

 

 

 

Instant revolution of payments?

The quest for real-time payments

Deutsche Bank

2015

https://bravenewcoin.com/assets/Industry-Reports-2015/Deutsche-Bank-Research-Instant-revolution-of-payments-The-quest-for-real-time-payments.PDF

 

 

 

Retail payments and the real economy

ECB

Iftekhar Hasan, Tania De Renzis
and Heiko Schmiedel

https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1572.pdf?0568b27871896eb01f54b0c4c40a8f63

 

 

 

NATIONAL RETAIL PAYMENT SYSTEMS TO SUPPORT FINANCIAL INCLUSION

AFI

2017

https://www.afi-global.org/sites/default/files/publications/2017-10/DFS_GN_29_stg4.pdf

 

 

 

Real-time payments for real-time banking
How banks can seize the full opportunities of immediate payments

Accenture

2015

https://www.accenture.com/t20151002T215256__w__/us-en/_acnmedia/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Dualpub_22/Accenture-Banking-Realtime-Payments-Realtime-Bank.pdf

 

 

 

The New Payments Platform: Fast-Forward to the Future

Cognizant

https://www.cognizant.com/InsightsWhitepapers/the-new-payments-platform-fast-forward-to-the-future-codex1299.pdf

 

 

 

24/7 Domestic Real-time Payments

SWIFT

http://www.alfi.lu/sites/alfi.lu/files/files/16577_Expl1_SWIFT2020_2.pdf

 

 

Innovations in retail payments

Report of the Working Group on Innovations in Retail Payments

BIS

May 2012

https://www.bis.org/cpmi/publ/d102.pdf

 

 

Fast payments – Enhancing the speed and availability of retail payments

BIS

November 2016

 

https://www.bis.org/cpmi/publ/d154.pdf

 

Is a Global Real-Time Payment System Possible?

TCH

2015

https://www.theclearinghouse.org/research/2015/2015-q3-banking-perspectives/global-real-time-payments

Federal Reserve Payment Trends Update

2017

Federal Reserve Bank of Richmond

http://www.maafp.org/resources/Presentations/04192017%20Retail%20Payments.pdf

 

 

 

THE IMPORTANCE OF THE RETAIL PAYMENT SYSTEM

Hal S. Scott

Nomura Professor and Director, Program on International Financial Systems Harvard Law School

December 16, 2014

 

https://dash.harvard.edu/bitstream/handle/1/16883011/hal-scott—mastercard-retail-payment-systems.pdf?sequence=1

 

Mechanism Design for Near Real-Time Retail Payment and Settlement Systems

Zhiling GUO
Singapore Management University, ZHILINGGUO@smu.edu.sg

Robert John UFFMAN
Singapore Management University, rkau man@smu.edu.sg

Mei LIN
Singapore Management University, mlin@smu.edu.sg

Dan MA

2015

 

http://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=3494&context=sis_research

 

 

 

2017 Advanced Payments Report

Edgar Dunn & Company

2017

http://edgardunn.com/2017/06/2017-advanced-payments-report/

Network Economics of Block Chain and Distributed Ledger Technology

Network Economics of Block Chain and Distributed Ledger Technology

 

Quadruple Accounting System

Morris Copeland, and Hyman Minsky emphasized quadruple entry accounting system envisioning interrelated interlocking balance sheets of economic agents.  Interlocking balance sheets create a network of economic agents.

I attach a slide from a presentation by Marc Lavoie given at Minsky Summer school in 2010 at the Levy Institute of Economics (Bard College).

 

Minsky

 

There are several FINTECH innovations which are bringing about dramatic changes in the financial services business.

  • Block Chain and Distributed Ledgers
  • Payment Banks
  • Retail P2P Payment services
  • Mobile Payments
  • Secured Wallets
  • Domestic Real Time Payments and Transfers
  • Cross Border Near Real time Money Transfers

 

Block Chain and Distributed Ledgers, in my opinion, are/can be implementation of quadruple accounting principles envisioned by Morris Copeland and Hyman Minsky.  Two economic agents engage in financial transactions which are recorded in distributed ledgers.

Some of the key components of distributed ledger technology are:

  • Peer-To-Peer Networking
  • Cryptography
  • Distributed Data Storage

In contrast with centralized ledgers, distributed ledgers store data at each node in the P2P network.  So there is no need for an intermediating institution.  From a payment system perspective, each node in the P2P network can be thought of as a bank.   Each node will have its own ledger and balance sheet which will record assets and liabilities.

Ripple is a Cross Border money transfer solution which is based on block chain technology.

 

Recent rise of retail P2P payment services such as

  • Xoom
  • M-Paisa
  • PayTM

indicates a trend toward real time payments/money transfers domestic and international.  This trend also indicates decoupling of these services from traditional deposit/lending banks. XOOM is a service provided by PAYPAL for international Money Transfers.  Money transfers are within a few minutes.

In USA, there are new P2P services offered to facilitate faster near real time payments/money transfers through mobile and online interfaces.

  • Venmo (Paypal)
  • Zelle (clearXchange Network)
  • Square Cash
  • Braintree (Paypal)

There are also social media payments available now through which consumers can quickly send money using social media applications such as

  • Facebook (through Messanger app)
  • Snapcash (through SnapChat)
  • Apple PayCash (through imessages app)
  • TenCent via WeChat

 

Rise of payment banks such as PayTM is one such example.  Reserve Bank of India has granted PayTM a payment bank status.  But transfers are still between bank accounts of transacting consumers where deposits are kept. Payment Bank acts as a technology provider and acts as an intermediary.

As per the RBI guidelines, payments banks cannot lend they can only take deposits or accept payments.

There are four payment banks in India now.

  • PayTM Payment Bank
  • Airtel Payment Bank
  • India Post Payment Bank
  • FINO Payment Bank

 

Mobile payments using secured wallets is another such example.

  • Consumer to Business payments and transfers
  • Consumer to Consumer payments and transfers
  • Google Wallet
  • Apple Pay
  • Android Pay
  • Alipay

 

Cross Border Payment Solutions:

  • XOOM
  • Earthport
  • TransferWise
  • RIPPLE
  • Remitly
  • WorldRemit

 

 

Please see my other related posts:

Next Generation of B2C Retail Payment Systems

Cross Border/Offshore Payment and Settlement Systems

 

 

Key sources of Research:

 

Minsky and Godley and financial Keynesianism

Marc Lavoie
University of Ottawa

2010

http://www.levyinstitute.org/pubs/conf_june10/Lavoie.pdf

 

Block Chain:  A Primer

2016

https://mpra.ub.uni-muenchen.de/76562/1/MPRA_paper_76562.pdf

 

Distributed Ledger Technologies/Blockchain: Challenges, opportunities and the prospects for standards

Advait Deshpande, Katherine Stewart, Louise Lepetit, Salil Gunashekar

2017

www2.caict.ac.cn/zscp/qqzkgz/qqzkgz_zdzsq/201708/P020170818579005375876.pdf

 

Banking on Distributed Ledger Technology: Can It Help Banks Address Financial Inclusion?

By Jesse Leigh Maniff and W. Blake Marsh

2017

https://www.kansascityfed.org/~/media/files/publicat/econrev/econrevarchive/2017/3q17maniffmarsh.pdf

 

 

Distributed ledger technology in payments, clearing, and settlement

Mills, David, Kathy Wang, Brendan Malone, Anjana Ravi, Jeff Marquardt, Clinton
Chen, Anton Badev, Timothy Brezinski, Linda Fahy, Kimberley Liao, Vanessa Kargenian,
Max Ellithorpe, Wendy Ng, and Maria Baird (2016).

Finance and Economics Discussion
Series 2016-095. Washington: Board of Governors of the Federal Reserve System,

2016

https://www.federalreserve.gov/econresdata/feds/2016/files/2016095pap.pdf

 

 

Distributed Ledger Technology: beyond block chain

A report by the UK Government Chief Scientific Adviser

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledger-technology.pdf

 

Bitcoin, Blockchain & distributed ledgers: Caught between promise and reality

Deloitte

https://www2.deloitte.com/content/dam/Deloitte/au/Images/infographics/au-deloitte-technology-bitcoin-blockchain-distributed-ledgers-180416.pdf

 

 

Distributed ledger technology in payment, clearing and settlement
An analytical framework

BIS

2017

https://www.bis.org/cpmi/publ/d157.pdf

 

 

The Truth About Blockchain

HBR
January–February 2017 Issue

 

https://hbr.org/2017/01/the-truth-about-blockchain

 

THE USE OF BLOCKCHAIN IN CLEARING AND SETTLEMENT

MARECHAL Baptiste

 

 

Peer-to-peer payments: Surveying a rapidly changing landscape

By Jennifer Windh

August 15, 2011

 

https://www.frbatlanta.org/-/media/documents/rprf/rprf_pubs/110815wp.pdf

Consciousness of Cosmos: A Fractal, Recursive, Holographic Universe

Consciousness of Cosmos: A Fractal, Recursive, Holographic Universe

From Consciousness in the Universe is Scale Invariant and Implies an Event Horizon of the Human Brain

 Our brain is not a “stand alone” information processing organ: it acts as a central part of our integral nervous system with recurrent information exchange with the entire organism and the cosmos. In this study, the brain is conceived to be embedded in a holographic structured field that interacts with resonant sensitive structures in the various cell types in our body. In order to explain earlier reported ultra-rapid brain responses and effective operation of the meta-stable neural system, a field-receptive mental workspace is proposed to be communicating with the brain. Our integral nervous system is seen as a dedicated neural transmission and multi-cavity network that, in a non-dual manner, interacts with the proposed supervening meta-cognitive domain. Among others, it is integrating discrete patterns of eigen-frequencies of photonic/solitonic waves, thereby continuously updating a time-symmetric global memory space of the individual. Its toroidal organization allows the coupling of gravitational, dark energy, zero-point energy field (ZPE) as well as earth magnetic fields energies and transmits wave information into brain tissue, that thereby is instrumental in high speed conscious and sub-conscious information processing. We propose that the supposed field-receptive workspace, in a mutual interaction with the whole nervous system, generates self-consciousness and is conceived as operating from a 4th spatial dimension (hyper-sphere). Its functional structure is adequately defined by the geometry of the torus, that is envisioned as a basic unit (operator) of space-time. The latter is instrumental in collecting the pattern of discrete soliton frequencies that provided an algorithm for coherent life processes, as earlier identified by us. It is postulated that consciousness in the entire universe arises through, scale invariant, nested toroidal coupling of various energy fields, that may include quantum error correction. In the brain of the human species, this takes the form of the proposed holographic workspace, that collects active information in a ”brain event horizon”, representing an internal and fully integral model of the self. This brain-supervening workspace is equipped to convert integrated coherent wave energies into attractor type/standing waves that guide the related cortical template to a higher coordination of reflection and action as well as network synchronicity, as required for conscious states. In relation to its scale-invariant global character, we find support for a universal information matrix, that was extensively described earlier, as a supposed implicate order as well as in a spectrum of space-time theories in current physics. The presence of a field-receptive resonant workspace, associated with, but not reducible to, our brain, may provide an interpretation framework for widely reported, but poorly understood transpersonal conscious states and algorithmic origin of life. It also points out the deep connection of mankind with the cosmos and our major responsibility for the future of our planet.

Key Sources of Research:

The Folding of Life Proteins: On the role of long- and short range electromagnetic pilot mechanisms

Dirk K.F. Meijer* and Hans (JH) Geesink

https://www.researchgate.net/profile/Dirk_Meijer4/publication/315706536_The_Folding_of_a_Life_Proteins_On_the_role_of_long-and_short_range_electromagnetic_pilot_mechanisms/links/58ed4a09458515c4aa50e42d/The-Folding-of-a-Life-Proteins-On-the-role-of-long-and-short-range-electromagnetic-pilot-mechanisms.pdf

 

 

Nature Unites First, Second and Third Harmonics to Organize Coherent Electromagnetic Frequency Patterns that are Crucial for Health and Disease

A Soliton Algorithm with Discrete Frequencies for Ordering and Therapeutic Restoration of Life Processes

Hans (J H) Geesink and Dirk K F Meijer

2017

 

 

Bio-Soliton Model that predicts distinct non-thermal Electromagnetic Radiation Frequency Bands, that either Stabilize or Destabilize Life Conditions

J.H. Geesink and D.K.F. Meijer

2016

http://emmind.net/openpapers_repos/Endogenous_Fields-Mind/General/EM_Frohlich_Modes/2016_Bio-Soliton_Model_that_predicts_distinct_non-thermal_Electromagnetic_Radiation_Frequency_Bands.pdf

 

 

Phonon Guided Biology: Architecture of Life and Conscious Perception Are Mediated by Toroidal Coupling of Phonon, Photon and Electron Information Fluxes at Discrete Eigenfrequencies

Dirk K. F. Meijer and Hans J. H. Geesink

NeuroQuantology | December 2016 | Volume 14 | Issue 4 | Page 718-755

https://search.proquest.com/openview/dfb97d58565b4928fe0d8507c1c09612/1?pq-origsite=gscholar&cbl=2035897

 

Quantum Wave Information of Life Revealed: An Algorithm for Electromagnetic Frequencies that Create Stability of Biological Order, with Implications for Brain Function and Consciousness

 

Hans J. H. Geesink and Dirk K. F. Meijer

2016

https://neuroquantology.com/index.php/journal/article/viewFile/911/751

 

 

The Universe as a Cyclic Organized Information System: John Wheeler’s World Revisited

 

Dirk K. F. Meijer

2015

 

https://neuroquantology.com/index.php/journal/article/viewFile/798/693

 

 

The Extended Brain: Cyclic Information Flow in a Quantum Physical Realm

Dirk K. F. Meijer

2014

https://neuroquantology.com/index.php/journal/article/viewFile/754/651

 

Immortality: myth or becoming reality? On the conservation of information

Dirk K.F. Meijer

2013

http://www.lifeenergyscience.it/english/2013-eng-3-04.pdf

 

Information: what do you mean? On the formative element of our universe

Dirk K. F. Meijer

2013

http://www.lifeenergyscience.it/english/2013-eng-3-01.pdf

 

 

Quantum Physics in Consciousness Studies

Dirk K. F. Meijer and Simon Raggett

https://pdfs.semanticscholar.org/5486/56e0121478004572db4d42edc9ec6555fa33.pdf

 

 

Quantum modeling of the mental state: the concept of a cyclic mental work space

Dirk K. F. Meijer and Jakob Korf

2013

http://www.lifeenergyscience.it/english/2013-eng-1-1.pdf

 

 

Consciousness in the Universe is Scale Invariant and Implies an Event Horizon of the Human Brain

Dirk K.F. Meijer, Hans J H Geesink
2017 Vol 15 no 3

Integral Philosophy of the Rg Veda: Four Dimensional Man

Integral Philosophy of the Rg Veda: Four Dimensional Man

 

Meditations Through the Rg veda:  Four Dimensional man was published in 1976.  In 1999, Antonio de Nicholas published a review of his work.  See below.

 

From Forward to the book.

rgvedargveda2

From Infinity Foundations website

Meditations Through The Rg Veda: A Retrospective
(Philosophy East and West. Vol.49. Number 2. April 1999)
by Antonio T. de Nicolas, PhD

Paradigm, Theory, Ritual

It is now twenty five years since Meditations Through the Rg Veda: Four-Dimensional Man was first published in the United States. My earlier work on the Rg Veda was published in 1971 in Bangalore, India. Though the structures of the book were born during my twelve years of consecutive living in India, these structures did not become a paradigm until later. The structures I refer to are the word things and the order of their arrangement I was embodying as I lived there, a context at a time. It was the way the sun rose or the dawn arrived, the slow-motion for the sun to set and the sudden night; the lines of movement, of people, animals, wind or rain; the sudden appearance of forms, by the river, a well, in the sky; the dissolution of familiar and unfamiliar names, in the rhythm of language, Gujarati, Sanskrit, even English or Spanish names; but above all, the new habit of listening with my eyes to the movements in the sky, the forest, the streets, the homes; for the world, and my body, were a musical string plucked at every turn, in every silence , in every sight, sound, smell, touch and movement. Hidden geometries became human flesh, unnoticed. It was a silent world longing to become language, but can a multiplicity of embodied languages be expressed as one? After a while it was life in the twilight; which was the shadow, which the real object? One has to gain distance, and none farthest than an American Ph.D. Nonetheless, dispite the distance, and dispite the academic language, a new paradigm was born, in the Bronx, of all places. The structures I embodied gave way to an experienced, embodied geometry, sustaining all the structures, texts and statements I silently learned in India. Of course, when I set down this paradigm in writing, be it the Rg Veda or the Gita, the actual written text was already a theory, no longer a paradigm, though perhaps the most accurate translation of the paradigm. Those who disagreed kept silent and those who agreed, the majority, repeated my theory as participants in a ritual. In short, the acts by which the paradigm was born in me, or is born in any one giving birth to an original text like the Rg Veda, is not the written text. The act of creation is silent. The text of the Rg Veda, however, as written down is only a theory of itself, an invitation to a ritual. It is not even one text, or one language, but several and can only be expressed in plural linguistic wholes. Paradigms may be tested; they leave invariant epistemologies, but they can never be taught; they are sheer creation. Theories, as short hand of possible paradigms, on the other hand, we learn in the classroom. They are the easy ones to repeat. Those who follow the path of creation, of embodied-vision, follow the path of the gods. The others follow the path of the fathers, the path of pro-creation, the path of ritual, as the Rg Veda indicates. One leads to immortality, the other to rebirth. On which of these two paths stands the author of the text, rsi, commentator, priest or scholar? Besides, the Rg Veda is the sruti (revelation) tradition of India. As such, it is earlier than any other claim of revelation from any of the canonical texts, from the East, Middle East or West. The paradigm of the interpreter, if it coincides with that of the Rg Veda, should also give birth to those gods that gave humans sensation, inspiration and immortality, not just life to a priesthood that changes ritual as the mood strikes, bent on the act of pro-creation for, after all, the immortality of the ritual is more important than the immortality of the soul. Nor is it legitimate while interpreting to disband these earlier gods in the name of a later one, nor the heart-ethics of these original people for the head-ethics of those who came later, and if done it should be made evident. And this is how the “written” Rg Veda began. The priests wrote it down thousands of years later (depending on which initial date you choose). Ideographic language gave way to alphabetic writing, criteria of sound to those of sight, the path of the gods to that of the fathers, the structures of immortality to those of reincarnation, paradigm to theory repeated in ritual. Which Rg Vedic text are we talking about? What is recoverable from such a text? In the end, all we are left with are the technologies by which we recreate either text. Which path do they open for us? Now, once this is said, however, the modern interpreter cannot be blamed for not being a rsi. Let the reader be free to decide between the two paths, and let the interpreter be aware of both.

The Myth of Invariance

The first scholar to find my 1971 edition of the Rg Vedic world “captivating” was Ernest McClain. His interest was my claim that every statement in the oral/aural Rg Veda was tied to a language grounded on musical criteria. Music was once, at the origin of human language, the epistemology of oral cultures. This was all Ernest McClain needed to make a life and a project of his training as a musicologist. We started collaborating, getting together for brunch at the Waldorf Astoria in New York, in 1974. His first book appeared in 1976, The Myth of Invariance: The Origin of the Gods, Mathematics and Music from the Rg Veda to Plato (Nicolas-Hays, N.Y.) In 1978 he brought out with the same publisher, The Pythagorean Plato: Prelude to the Song Itself, and in 1981 Meditations Through the Quran: Tonal Images in an Oral Culture. When we last spoke he had already found confirmation of his work and mine, not only in Greece, but also in Chinese and Biblical texts. In his words: The Rg Veda is the original epistemology upon which humans built knowledge and also immortality. And thus by the hand of music the Rg Veda re-entered human consciousness.

The Artful Universe

At first glance this book is a most welcome addition to Vedic studies. It covers a territory in Indian Studies few dare to tread, and in doing so the author brings to the discussion almost everyone, ancient or modern, who has written anything on the Vedas. The writing style is beautiful and the translations from the Sanskrit have a modern ring that makes the original less intimidating. There is a definitive purpose by the author in the writing and interpreting of these texts! On the one hand, and this is the thesis of the book, the Vedas are the product of the imagination, and on the other this imagination expresses itself as ritual, as the religious imagination of the Vedic religion. Professor William K. Mahoney takes six chapters to develop this thesis. The first two are a preparation to understanding the religious imagination, the third and fourth chapters cover the Rg Veda and the last two the Upanishads. The book, however, does not end here. The Notes that follow these six chapters are yet another book within the book which allow the reader to follow the inner footsteps of Prof. Mahoney in the composition of his book. It is easy here to admire his delicate scholarship and his flare for the happy phrase in translating or interpreting the work of others. While my intention in writing this essay is a celebration of the human effort carried out in getting to the origins of our species, I wish also to sharpen the debate in the hope that “embodied structures” take over where simple or simplistic statements become the origin of the dialogue.

The modern scholar dealing with the Vedic period has several options: Translations of individual hymns under arbitrary categories, as it has been done and can be found in the Bibliography of The Artful Universe; or corrections, very important, as to the date of the Vedas, as In Search of the Cradle of Civilization, as G. Feuerstein, S. Kak and D. Frawley have successfully done, or he/she may try to uncover for us the paradigm and mental faculty through which the Vedic seers “composed” the original hymns. This is what Prof. Mahoney promises us:

“To Vedic visionary poets, the world is – or could be – an integrated whole, a unified structure and process of being in which there are no unbridgeable distances separating the divine, natural, and human worlds” (p.2).

And this world is held together by ” mental abilities or processes associated with what I will call the imagination” (p.5), ” the divine imagination… and the human imagination – especially the poetic, sacerdotal, and contemplative imagination… (and) whether divine or human, it is precisely the imagination that fashions and recognizes the universe as meaningful, abiding, and valuable, that is to say, real” (p. 7).

Here are my first questions. When we take, say the Rg Veda, for examination or commentary, which “text” are we recreating? The oral text the rsis chanted, the written text the priests codified in ten mandalas and became a ritual, or a new mongrel text that repeats a lot of names and quotes but can be used, at most, as the weekend comfort of New Age Evangelicals? And if so, where are the priests in the Upanishads when the Ksatriya instruct them? But above all, if the imagination is the faculty used by the seers in the composition (creation) of the oral, original hymns, which is the faculty that the priests use when they write down the text and when they repeat the same written text in ritual after ritual? But above all, if the imagination is a faculty, how does it work, which are its movements besides naming it, which are its structures, and are these structures the same or different from our own, and if the same why, and if different, how can we understand the Vedic imagination? How many priests does the author know with imagination? Isn’t their job to repeat a ritual imagined by others, deadening thus not only their senses but their faculties too? An imaginative priest is known as a heretic!

These remarks are not to be answered by Prof. Mahoney. He has written his beautiful text. But is this text the Rg Veda, or is it the case that any attempt at writing down one Rg Veda will give us of necessity several texts? It is obvious that this study fluctuates between the “creation” text of the original rsis and the “pro-creation” text of the later, codifying priests. Where once we had sheer power of creation, through an active imagination, giving birth to gods, powers and continuities, very soon we descend to the repetitive ritual of procreation through human semen, and the danger is that this becomes the ritual we celebrate today:

O holy drop!
You are the master of ecstasies!
You are the immortal god’s favorite drink!
Show us the way to success,
as a friend to a friend. (p. 85)

But it is the Rg Veda itself which admonishes us a few hymns later than the one quoted above by Prof. Mahoney (R.V.9.112) to be weary of one single text, be it rituals or anything else:

l. Our thoughts wander in all directions
And various are the ways of men:
The cartwright looks for accidents,
The physician for the sick,
And the brahman for a rich patron.
For the sake of Indra,
Flow, Indra, flow.

4. The horse draws a swift carriage,
The generous host an easy laugh and play.
The penis seeks a hairy slot
And the frog (brahman) hankers for a flood.
For the sake of Indra,
Flow, Indra, flow.

(My translation in Meditations through the Rg Veda).

How does this effort in all of us at producing “one single” text fail when dealing with Indian classical texts, particularly the Rg Veda?

As regards the Notes of this book I have only admiration. It is almost heroic the effort of Prof. Mahoney to footnote his conclusions. It is as if footnoting he were building a path for others to follow. The way he does it, however, may raise serious questions. Is not this the “path of the fathers” leading to the re-incarnation of all ritual, including the ritual of scholarship? Take, for example, part of the footnote he dedicates to my book Meditations through the Rg Veda:

” …The “four dimensions” of the Vedic intentional life outlined by de Nicolas are similar in some ways to the poetic and ritual aspects of the Vedic World I discuss in Chapters Three and Four, below. We overlap most in regards to what de Nicolas calls the “language of embodied vision.” My approach is different from his, however, in that, whereas he concentrates on the linguistic nature of visionary knowledge, I focus my intention on the visionary background of linguistic expression.” (Emphasis mine) (p.238). Does Prof. Mahoney understand that no matter how he “overlaps” me, (ritualizes my writing?) my work antedates his by twenty five years, and supplies him not only with the pertinent Rg Vedic hymns he quotes but also with the secondary sources he needs to gather the community of scholars that will testify to his thesis? Furthermore, was not my book the one to establish not only the “imagination” as a rational intelligence of oral cultures, but also the “moves” it must make to be an imagination in movement, able to keep a diverse society in continuity within the discontinuity of sensation? If this is my thesis where is his? In the ritual of repetition of the original text? I would most probably let this point go were it not for the fact that this “tracing” over other people’s work seems to count these days as scholarship. It seems to be a mind-set of the times. But is this the “text” that gave birth to the Rg Veda? Scholarship is not a ritual, and more so, a thesis is not a ritual. Where is the imagination to get out of other people’s rituals, to rise to ” the path of the gods”? Let’s go on with our conversation. Prof. Mahoney will rejoin us later in the dialogue.

The New Theogony And The Heresy Of Oedipus

” Let us with tuneful skill
Proclaim the origin of the gods,
So that in future generations these origins
May be seen, when these songs are sung.” (R.V. l0.72.1)

Dr. Colavito, in The New Theogony, perhaps the best book on myth written in English, universalizes the “languages” of the Rg Veda, Asat, Sat, Yajna and Rta, to cover the study of all myth.

“What we call “myth”,” she writes “is a fourfold cluster of actions and mental properties that individually and together account for the necessary and sufficient conditions of the mythopoetic worldview, of the nature and workings of the cosmos, and of the individuals and groups of individuals within this cosmos.” For the sake of clarity she summarizes these languages thus: ” These four fundamental acts defining myth are: maia, mythos, mimesis and logos. Each act is a single focus or mental habit; together the four account for the totality of human and divine acts, or mental habits, that have guided the human species to the present shores. Though strictly speaking myth is merely one of the (four) acts in myth making, even this act is incomprehensible unless the other three mental operations are included in the narratives of myth…” She then goes on outline the four “languages”:

“Maia (Gr. midwife) is the term used to signify the bringing forth of action from inaction, cosmos out of chaos, the initial spark that kindles the mind to transform from nothig to something. It is the midwife between the divine realm of immortality and potentiality and the human realm of temporality and human existence. The aspect of maia in the human sphere is represented by the human faculty of imagining. It is the expression of the creative experience; it cannot be described,, it has no form, its proper abode is the midregion between the human and the immortal. Once an individual begins to interpret or reflect upon the experience, maia disappears and the experience receives an existence of its own, outside the real of potentiality, and it is given a form, name, boundary. In short, the reflective act heralds in the aspect of mythos. And with mythos the world moves from chaos to cosmos.

Mythos (from the Gr. delivered by word of mouth) primarily describes the initial reflection of the creative experience. It is the oral transmission of the experience… The first “scream of individuation,” to quote Nietzsche… Mythos, also, represents the original fall from grace, the first act that breaks from the unity of the beginning, from the glory of immortality; for the telling of the experience now has another element, an experiencer, a self, through whom the experience flowed. Thus… the telling of the experience is not the experience… and only those who have had the same experience may truly understand the full import of the teller’s tale…so that communities of experiencers can share common revelations.

Mimesis (Gr. to make a copy) is the aspect that describes the mythopoetic action of re-membering or re-creating… In this manner the story is told with an intent, a moral… What becomes important now is the story not so much as it relates to the original creative experience of individuals, but as it relates to the desire to make a point… The mimetic phase is … the first frozen form: the pictographic mode… geared toward establishing the social mores of the collective group.

Finally, logos, (Gr. the word by which the inward thought is expressed), taking as its origins these mores, completely eradicates the level of personal experience and uses the rules derived from the mimetic to create theories about human action. These mores are founded on human experience, but only on hypothetically universal experience – in other words, experience filtered through the sieve of a collective interpretation. As such, then , no origin in logos has the certainty of an origin in maia… Logos ceases to be a pictographic representation; it transforms into a symbolic or alphabetic system that has only its own correlatives within its own framework, with no derivative capacity from the experiential realm of the individual… Logos has always been the shadow of maia in the mythopoetic world.

This fourfold division is neither a convenient devise for classification, nor an arbitrary tool for interpretation; it is the fabric itself of myth… an abstraction, that, though distinguishable, is inseparable from myth. From a biological perspective this fourfold division is the neurophysiological equipment of the species, its mental habits accumulated through the repetition of the past: imagining, fantasizing, narrating, following the discursive path of logic… )(Thus) while maia stands for an original experience… mythos, mimesis and logos stand for different ways (languages) of making this experience public, either through narrative (mythos), visual forms (mimesis), or… theory…alphabetic substitutions, or conceptual analyses (logos)… Finally, this fourfold system of acts corresponds to the scientific operations functioning within the oral/aural worldview, which has as its verification the ancient science of acoustics.” (pp.6-8)

Using the model of the one dismembering itself or the model of the zero as an addition of objects, Dr. Colavito makes evident the model through which dialogue and understand of myth is possible, and this not in just a few cases, Classical India, Rg Veda, Upanishads, but also the Greek gods and goddesses ending with the education of Pythagoras as imparted on his students, and the acoustic verification in Plato. A breathless trip that ends in the frustrating realization that while simple acts may lead to overwhelming “oceanic” experiences, the unity of maia, once broken, can never be recovered in one single language, but we must learn to move with of plurality of at least four irreconcilable and irreducible languages. Or is this a frustration or a temptation, the temptation to be the shadow of a god, if not god him/her self?

These are very strong claims. If true they may lead to the mobility of the Rta to perform the good act (sukrta), the original act of creation. Can they also lead to reconstructing the original Rg Veda? Where do we find the verification? Dr. Colavito took it upon herself to get to the bottom of the issue. Equipped with two Ph.Ds – one in Comparative Literature and the other in Psychology, her next book, The Heresy of Oedipus and the Mind/Mind Split, introduces us to her “Biocultural Paradigm.” She starts with the Nature/nurture controversy raging in the biological sciences to conclude that neither one nor the other works in isolation, but that nurture opens Nature, and Nature is not activated without nurture. In other words, the neural passages of the brains are open or forever shut if there is not a mutual fecundation. This interaction is limited, and almost chronologically developed in every child from conception to the age of l2; after that, what nurture has not activated in the right hemisphere of the neocortex is forever destroyed, though the left hemisphere, the seat of logic and discourse and the place of the “interpreter module,” keep developing abstract substitutions based on information received by these other brains or by its own conceptual loops, forever. What in her first book was called maia, in the second is the reptilian brain; mythos becomes the limbic brain; mimesis she divides into two: the visual, right hemisphere and the conceptual left hemisphere; and logos is the interpreter module located in the left hemisphere of the neocortex. In this she follows MacLean and Gazzaniga and the latest discoveries in neurobiology. But for the purpose of our discussion, in what way is this relevant to the Vedas and Prof. Mahoney’s or McClain’s books?

Revelation, individual experience, is an affair of the right side of the brains. The left hemisphere can only interpret, translate what the right hemisphere presents as sensation. Thus, while we have five different brains, (not one as Descartes thought and we presume,) only the three of the right hemisphere deal with original experience. And this in different ways. While maia ( the Asat) is the origin, maia is also wired with a geometry capable of letting forms appear, while mythos, the place of gods and heroes, is already a world of forms. However, and this is the point of our discussion, when these two original and originating brains are translated by the right hemisphere of the neocortex they are translated as “visual images;” they are seen as images even if originally they were waves and movement and tactility. In other words, by the time the ritual priests take on the “visual images” to the sacrifice and the ritual, these visual images, originally, were neither images nor visual. Thus by constituting these images as the original text, the followers are removed from the origin, from the source of sensation and are led into a repetition of acts that may crystallize either in a crisis of faith or in a crisis of dogma. The believers may either end up losing faith,( also sensation) or becoming dogmatic preachers in a game of endless logomachy. And the same with any other “text” bound by single language-games, like Western Theology. Thus, according to the Rg Veda it is precisely because of this tendency that the culture calls for cyclical returns to the Asat: to lose all forms, verbal, audial, or visual and break the dragon Vrta open, again. And that excerise, in the Rg Veda, is the true meaning of sacrifice (yajna). The sacrifice is necessary because these languages are invariant biological epistemologies, irreducible to one another.

Dr. Colavito follows up her neurobiocultural bases with studies on myth, Rg Vedic and principally the Oedipus cycle and the whole history of the House of Cadmus, after the mind/mind split took place in the species with the repetition of the technologies developed to introduce alphabetic writing in our mental habits. The paradigm is so explosive that Time magazine (Feb. 1997) could not avoid making a full use of it to describe the early development of the different brains in children, the contrary pole of Dr. Colavito’s thesis as she verified it through earlier cultures, in the infancy of the species. Of special interest in our discussion is her Appendix 2.3 making visible the hidden geometries of the Asat and the two ways of reading those texts: as from the “path of the fathers” or as from the “path of the gods.” How can we overcome the temptation of one single language, and how do we learn to be open to a plurality of four?

The Human Potential

“We can’t put it together; it is together.”

“What we need to understand may only be expressible in a language that we do not know.”

The Encyclopedia of World Problems and Human Potential, is a mammoth ongoing enterprise to cover all human problems ( l2,000 profiles with 120,000 hyperlinks), strategies and solutions (29,500 profiles with 91,000 hyperlinks), human development (4,400 profiles with l5,000 hyperlinks) and human values (1,900 profiles with 23.000 hyperlinks). The Encyclopedia hypertexts are currently edited at the Union of International Associations (UIA) by Nadia McLaren. It is now in its fourth hardback edition, first CD-ROM edition, and is available in demo version on the Web (http://www.uiaorg/homeency.htm/), although all texts have been accessible since l998. Profiles on the Web can be translated through Alta Vista into a variety of major languages.

It is in this global environment that the paradigm of “languages” in the Rg Veda has found a home. The Director of the Union of International Associations, Dr. Anthony J.N. Judge, in article after article, profile after profile, conference after conference has articulated, and compiled in the Encyclopedia, the modern consequences of academic attempts at synthesis when these attempts are expressed in one common language, namely the one engendering the problems in the first place. Dr. Judge’s point of departure is the need to start from the experiential human origins as described in the Rg Veda and then articulate the ensuing insights in the plurality of languages available for their manifestation in the Rg Vedic model. Thus, the model or paradigm, is part of the “answer” proposed by the Editors of the Encyclopedia. Contrary to the position academics take of locating themselves within the “web” of a discipline, research, culture, department or, at times, a simple desk, Dr. Judge travels with ease the “lines of the webs” linking the totality of squares, within which the rest of us seem to be trapped, to a knowledge that seems to come only to those who are able to travel in his manner. He is at home in the East and in the West, in music and in science, in Christianity, Islam, Judaism, Hinduism, Buddhism or the Tao, and he seems to know a “knowledge” that comes only to those who travel the “lines” of the “web,” never squeezed by the particular generalizations of the cubicles within each “web’s square.” His summary of the “languages” of the Rg Veda for contemporary guidance to those looking to solve the problems, individual, communal or global, or contemporary life is appealing to him because it takes into account: ” The interrelated formal languages based on tone; (they lead ) toward reintegrating the individual in action; (make ) this integration embodied: re-imagining man; (take care) of the pluralism through an integration of community dialogue; (guarantee) this integrative renewal through sacrifice (of perspectives); (account) for an integrative vision that is encountered in the movement.” ( ” Liberation of Integration, Universality and Concord through pattern, oscillation, harmony and embodiment.” Originally delivered for the 5th Network Meeting of the United Nations University, project of Goals, Processes and Indicators of Development (Montreal) as a contribution to the discussion on integration of the findings of the Project.) And he includes in his remarks the fact that:

” Integration modelled on sound may be inherently more comprehensible to more people than integration modelled on sight.” (Ibid.) In view of Dr. Colavito’s previous discussed work, this conclusion is not so far fetched since the structures of the Rg Veda are the original embodied structures of the humanity that gave us birth, and as such they are embodied structures, bio-culturally invariant, not only in each of us but also in the earlier cultures that preceeded us.

Conclusion: Regathering The Fragments

The Artful Universe provided the occasion for a round discussion of the earliest structures of human “languages” we carry in our genes.

Any one particular language joining the discussion does not only show us the empirical grounding of their speech, experience, academic construction, but also the imperialistic tendency of such mono-linguistic speech universalizing itself. Contemporary discoveries in neurobiology and the paradigm based on them of Dr. Colavito make it clear that life, that is, human life, is life in community. This community is formed through interaction or dismemberment of a sensorium that is plural by its very bio-culture base and becomes integrated through dialogue. All dialogue, all language carries with it the possibility of sharing in the embodied vision of a paradigm that has been with us from the beginning, since through it we had to break through the “experience of separating earth and sky.” In this manner there is no need, as Prof. Mahoney does in one of his initial footnotes with a humility rarely present in Sanskrit scholars, to apologize for not being ethnically Indian while interpreting the Vedas. Interpretation, like everything else, is biocultural not ethnical. We are dealing with neural equipment, genes, receptors and transmitters, not the color of one’s skin, or the geography of one’s birth. And finally, if there is any hope in preserving the integrity of the University or returning it to its original call, especially in the humanities, this hope resides in the work of scholars like Profs. Mahony, Colavito and Judge who through their work in the classical myths were able to avoid the “empiricist languages” of the present Academic fashion and return to us the memories of our distant progenitors with the structures that made them live in innovation and continuity in the company of the gods. If we form the communities to carry these traditions forward, we might be able to share in the glory and celebration of life that once was ours. I am glad and grateful that Meditations Through the Rg Veda was an inspiration to them. But even more so the reiteration that our human makeup is larger, deeper and more full of sensation in the plurality we are than in the oppression of one single language-community-creed.

This is what William Irwin Thompson called, commenting on my work: “the planetization of the esoteric.”

References:

The Artful Universe: An Introduction to the Vedic Religious Imagination.
by William K. Mahoney , Ph.D.
SUNY Press, Albany N.Y. l998

The New Theogony: Mythology for the Real World.
by Maria M. Colavito, PhD
SUNY Press, Albany, N.Y. l992

The Heresy of Oedipus and The Mind/Mind Split: A Study of the Biocultural Origins of Civilization.
by Maria M. Colavito, PhD
The Edwin Mellen Press, Lewiston,N.Y. l995

Encyclopedia of World Problems and Human Potential.
Edited by The Union of International Associations
4th. Edition, K.G. Saur Verlag, Munchen, New Providence,
London, Paris l994-95

The Myth of Invariance: The Origin of the Gods, Mathematics and Music from the Rg Veda to Plato.
by Ernest McClain, Ph.D.
Nicolas-Hays Ltd. N.Y. 1976

The Pythagorean Plato: Prelude to the Song Itself.
by Ernest McClain
Nicolas-Hays Ltd. N.Y. 1978

Meditations Through the Quran: Tonal Images in an Oral Culture.
by Ernest McClain
Nicolas-Hays Ltd. N.Y. 1981

Coming Into Being: Artifacs and Texts in the Evolution of Consciousness
by William Irwin Thompson
St. Martin’s Press, New York , 1996. (p.187)


Antonio T. de Nicolas was educated in Spain, India and the United States, and received his Ph.D. in philosophy at Fordham University in New York. He is Professor Emeritus of philosophy at the State University of New York at Stony Brook.

Dr. de Nicolas is the author of some twenty- seven books, including Avatara: The Humanization of Philosophy through the Bhagavad Gita,a classic in the field of Indic studies; and Habits of Mind, a criticism of higher education, whose framework has recently been adopted as the educational system for the new Russia. He is also known for his acclaimed translations of the poetry of the Nobel Prize-winning author,Juan Ramon Jimenez, and of the mystical writings of St. Ignatius de Loyola and St. John of the Cross.

A philosopher by profession, Dr. de Nicolas confesses that his most abiding philosophical concern is the act of imagining, which he has pursued in his studies of the Spanish mystics, Eastern classical texts, and most recently, in his own poetry.

His books of poetry: Remembering the God to Come, The Sea Tug Elegies, Of Angels and Women, Mostly, and Moksha Smith: Agni’s Warrior-Sage. An Epic of the Immortal Fire, have received wide acclaim. Critical reviewers of these works have offered the following insights:

from, Choice: “…these poems could not have been produced by a mainstream American. They are illuminated from within by a gift, a skill, a mission…unlike the critico-prosaic American norm…”

from The Baltimore Sun: “Steeped as they are in mythology and philosophy these are not easy poems. Nor is de Nicolas an easy poet. He confronts us with the necessity to remake our lives…his poems …show us that we are not bound by rules. Nor are we bound by mysteries. We are bound by love. And therefore, we are boundless”

from William Packard, editor of the New York Quarterly: ” This is the kind of poetry that Plato was describing in his dialogues, and the kind of poetry that Nietzsche was calling for in Zarathustra.”

Professor de Nicolas is presently a Director of the Biocultural Research Institute, located in Florida.

 

Please see my related posts:

 

Meta Integral Theories: Integral Theory, Critical Realism, and Complex Thought

Truth, Beauty, and Goodness: Integral Theory of Ken Wilber

Myth of Invariance: Sound, Music, and Recurrent Events and Structures

Sounds True: Speech, Language, and Communication

Mind, Consciousness and Quantum Entanglement

Semiotics, Bio-Semiotics and Cyber Semiotics

Systems and Organizational Cybernetics

Society as Communication: Social Systems Theory of Niklas Luhmann

 

Key sources of Research:

 

 

Meditations Through The Rg Veda: A Retrospective

(Philosophy East and West. Vol.49. Number 2. April 1999)

by Antonio T. de Nicolas, PhD

https://www.infinityfoundation.com/mandala/i_es/i_es_denic_retrospective_frameset.htm

 

 

 

https://o-meditation.com/2009/11/01/the-four-dimensions-of-man-osho/

 

 

 

Antonio de  Nicolás

http://www.svabhinava.org/hinduchrist/AntonioDeNicolas/index.php

 

Meta Integral Theories: Integral Theory, Critical Realism, and Complex Thought

Meta Integral Theories: Integral Theory, Critical Realism, and Complex Thought

 

Three Meta Integral Theories:

  • Integral Theory (Ken Wilber)
  • Critical Realism (Roy Bhaskar)
  • Complex Thought (Edgar Morin)

 

Please see review papers for each of the theory in the references below.

These are the best meta theories in my opinion.

Ken Wiber, Roy Bhaskar, and Edgar Morin have created ideas worth reading about.

 

Keynote Address by Sean Esbjorn-Hargens

MIT

 

Keynote Address by Sean Esbjorn-Hargens

MIT2

 

Keynote Address by Sean Esbjorn-Hargens

 

MIT3MIT4MIT5MIT6

 

Keynote Address by Sean Esbjorn-Hargens

 

MIT7MIT8MIT9

 

I also suggest Cyber Semiotics a book by Soren Brier.

 

Please see my related posts:

Semiotics, Bio-Semiotics and Cyber Semiotics

Truth, Beauty, and Goodness: Integral Theory of Ken Wilber

Systems View of Life: A Synthesis by Fritjof Capra

 

 

 

Key Sources of Research:

 

 

Overview of Integral Theory

https://academy.metaintegral.org/sites/default/files/page-attachments/Integral_Theory_Overview.pdf

 

 

Critical Realism

https://foundation.metaintegral.org/sites/default/files/Critical%20Realism_REVISED.pdf

 

 

Ken Wilber on Critical Realism

https://foundation.metaintegral.org/sites/default/files/Critical%20Realism_Revisited-1.pdf

Complex Thought

https://foundation.metaintegral.org/sites/default/files/Complex_Thought_FINAL.pdf

 

Metatheory for the Twenty-First Century: Critical Realism and Integral Theory in Dialog

edited by Roy Bhaskar, Sean Esbjörn-Hargens, Nicholas Hedlund, Mervyn Hartwig

2017 published by Routledge

 

 

 

Keynote Address by Sean Esbjorn-Hargens

ITC 2013

https://foundation.metaintegral.org/sites/default/files/Esbjorn-Hargens%27%20ITC%202013%20Keynote.pdf

TOWARDS A CRITICAL REALIST INTEGRAL THEORY
Ontological and Epistemic Considerations for Integral Philosophy

Nicholas H. Hedlund-de Witt

https://www.academia.edu/4661222/Towards_a_Critical_Realist_Integral_Theory_Ontological_and_Epistemic_Considerations_for_Integral_Philosophy

https://foundation.metaintegral.org/sites/default/files/Hedlund-de%20Witt_Nick_ITC2013.pdf

 

 

 

A Complex Integral Realist Perspective: Towards A New Axial Vision

By Paul Marshall

© 2017 – Routledge

 

https://www.routledge.com/A-Complex-Integral-Realist-Perspective-Towards-A-New-Axial-Vision/Marshall/p/book/9781138803824

Situating Critical Realism Philosophically

Ruth Groff

Department of Political Science St. Louis University

http://www.pages.drexel.edu/~pa34/GROFF.pdf

 

 

 

Sean Esbjorn-Hargens discusses integrative thinking and the new leadership

June 2017 Podcast

http://unbeatablemind.com/sean-esbjorn-hargens/

 

 

 

The Future of Leadership for Conscious Capitalism

By: Barrett C. Brown

 

https://associates.metaintegral.org/blog/future-leadership-conscious-capitalism

 

 

Edgar Morin

https://en.wikipedia.org/wiki/Edgar_Morin

 

 

Integral Theory (Ken Wilber)

https://en.wikipedia.org/wiki/Integral_theory_(Ken_Wilber)

 

 

 

From the Concept of System to the Paradigm of Complexity

Edgar Morin
Translated by Sean Kelly

https://manoftheword.files.wordpress.com/2013/07/morin-paradigm-of-complexity.pdf

 

 

 

Integral Meta-Theory – The What and Why

Zak Stein

https://centerforintegralwisdom.org/integral-theory/zak-stein-integral-meta-theory/

 

 

Sophia Speaks: An Integral Grammar of Philosophy

By Bruce Alderman

https://foundation.metaintegral.org/sites/default/files/Alderman_ITC2013.pdf

 

 

 

The Variety of Integral Ecologies: Kosmopolitan Complexity and the New Realisms

Sean Kelly

Adam Robbert

Sam Mickey

https://foundation.metaintegral.org/sites/default/files/Mickey%20%26%20Robbert%20%26%20Kelly_ITC2013.pdf

 

Metatheory for the Anthropocene: Emancipatory Praxis For Planetary Flourishing (Routledge Studies in Critical Realism (Routledge Critical Realism))

Nicholas Hedlund (Editor), Sean Esbjörn-Hargens (Editor)

 

 

 

Meta Integral Foundation

https://metaintegral.org

 

 

 

Toward an Integrative Theory of Higher Education: Connecting Lines of Inquiry from Morin’s Complex Thought, Bhaskar’s Critical Realism, and Wilber’s Integral Theory

Gary P. Hampson and Matthew Rich-Tolsma

 

 

 

INTRODUCTION: On the Deep Need for Integrative Metatheory in the 21st-Century

Nicholas Hedlund
Sean Esbjörn-Hargens
Mervyn Hartwig
Roy Bhaskar

 

 

 

Situating the Mapmaker: An Imminent Critique of Wilber’s Cartography of the
Transphysical Worlds

Prepared by Nicholas Hedlund-de Witt, M.A.

Professor Eric Weiss

California Institute of Integral Studies

Spring 2011