Why and What

Billions of transactions take place among people and organisations every day. Doing a transaction is typically not a shocking event. What is shocking, is that with these vast number of transaction experiences, most transactions are still handled with substantial execution problems.

We are convinced that the undesirable state in which economic transactions occur is not a result of bad intentions (perhaps only part of it). It is more that many individual unintended aspects, without awareness of the larger picture, have created a myriad of problems.

FOCAFET takes up matters seriously, not by pointing to others, or by only talking about it and creating awareness, but predominantly by doing something about it with the transaction industry and society. Through unbiased and neutral industry and society initiatives, FOCAFET intends to make the economy and economic transactions more open, convenient and fair.

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How

FOCAFET's first industry and society initiative is the development of the Uniform Economic Transaction Protocol (or in short, the UETP). With the UETP, one uniform transaction instruction can be given to execute an entire economic transaction. The UETP instruction can simultaneously initiate (international) realtime identification, authentication, delivery, billing, shipping, taxation, authorisation, monitoring, control, preference, disclosure, payment and transaction information processes.

The UETP makes economic transaction processing easier, more secure, more consistent, less risky, faster, with lower costs, more compliant, with more valuable information and provides information ownership and control to the parties in the transaction.

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UETP transaction steps

Uniform Economic Transaction Request

The Uniform Economic Transaction Protocol (UETP) provides the means to:

  • give uniform instructions to initiate economic transactions,
  • add, change or delete information in the context of economic transactions
  • request pro forma information on economic transactions,
  • monitor status on economic transaction processes.

The request functionality enables to submit an instruction or inquiry.

Identification and Authentication

The Identification, Authentication and Biometrics Protocol (IABP) provides the means to identify and authenticate users of UETP transactions, while also for other services, possibly making use of biometrics tests.

Delivery, Billing and Shipping

The Delivery, Billing and Shipping Protocol (DBSP) provides the means to interpret transaction information for delivery, billing and shipping services and vice versa, returns information from delivery, billing and shipping services to the UETP framework and possibly other services.

Tax Payment and Receipt

The Tax Payment and Receipt Protocol (TPRP) provides the means to pay and receive (transaction based) taxes and subsidies.

Authorisation, Monitoring and Control

The Authorisation, Monitoring and Control Protocol (AMCP) provides the means to authorise, monitor and control economic transactions.

Data Management and Disclosure

The Data Management and Disclosure Protocol (DMDP) provides the means to:

  • Manage personal or private data profiles
  • Manage privacy and disclosure of UETP transaction data
Conditional Payment and Escrow

The Conditional Payment and Escrow Protocol (CPEP) provides the means to introduce, pose and monitor conditions that are to be met for a transaction (and in particular payments and ownership transfers) can be executed in its entirety.

Payment, Clearing and Settlement

The Payment, Clearing and Settlement Protocol (PCSP) provides the means to make payments, direct debit and credit transfers and handles clearing and settlement for an economic transaction.

ERP, Ledger and Information

The ERP, Ledger and Information Protocol (ELIP) provides the means to register UETP transactions in ERP and ledger systems in a customised and automated manner.

Uniform Economic Transaction Response

The Uniform Economic Transaction Protocol (UETP) provides the means to:

  • give uniform instructions to initiate economic transactions,
  • add, change or delete information in the context of economic transactions
  • request pro forma information on economic transactions,
  • monitor status on economic transaction processes.

The response functionality enables to receive status information on a transaction instruction or information about a query.

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Foundation

FOCAFET means For Open Convenient And Fair Economic Transactions and the name of the organisation is exactly describing what the foundation aims to achieve.

The Foundation believes that it best pursues its objectives by:
  • making solutions, technology and ideas available to everyone (“this is for everyone”)
  • taking a neutral stance towards other parties' actions, while facilitating solutions, technology and ideas [...]
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