NOVAHID: a novel architecture for asynchronous, hierarchical, international, distributed, real-time payments processing

Abstract

The paper introduces a novel architecture for asynchronous, hierarchical, international, geographically distributed, real-time banking, NOVAHID. NOVAHID is organized as a hierarchical approach. The paper assumes that nations may be organized into unique and autonomous entities, termed groups. The lower level of the hierarchy consists of discrete group-networks where each group-network is synthesized from the Equivalent Federal Reserve banking nodes of the nations served by the group-network. At the highest level of the hierarchy, representative entities of the groups are interconnected through a top-level-network. The hierarchy reflects the underlying assumption that a significant fraction of all transactions is local to the group-networks. NOVAHID utilizes the principles of YADDES, which embodies the principle of an asynchronous, discrete-event simulation algorithm for cyclic circuits and mathematically guarantees the accuracy of the execution of events. Each banking transaction is modeled as an event in discrete-event simulation. NOVAHID guarantees the accuracy of every transaction and, hence, the accurate balance of every account at all times. NOVAHID offers to any user the banking privileges of withdrawal, deposit, and transfer anywhere and at any time in the world. The paper also describes a model and implementation of NOVAHID on a loosely coupled parallel processor. Performance measures are also reported. >