This article is a briefing on a previously secret project known as Black Money Framework for a few years with the goal of establishing a collective and cooperative financial framework among urban communities in the United States of America. Once we establish the financial framework in our urban communities, that will create the foundation needed to build true economic empowerment and a self-sustaining ecosystem to provide a quality of life for brothas and sistas and future generations to come. This article is designed for brothas and sistas to understand the framework and foundation we are creating and to understand their role and involvement. We are going to discuss the business case and need for the digital payment framework, the ecosystem, the growth and challenge strategy and the vision of success we are striving for. The Need for Digital Payments in the Hood The same need for digital payments in Africa is the need for digital payments in the hood. The Black community has a lot of unbanked consumers and unbanked merchants due to institutional discrimination. But this is actually an advantage because this makes it easier to move our unbanked into next generation solutions – this is why Africa is blowing up with next generation mobile money services. Keep in mind, the majority of Africa mobile money service is money transfer service, not m-commerce. Remittance is when immigrants go overseas to Europe or America or Asia to work a successful job and they send money back home to their people to spend in their local community and that spending spurs local economies. In America, Black people run to the suburbs to live among Whites when they get a good job, don’t send any money back home to spend locally and go to the club fronting like they arrived, famous and special. The type of mobile commerce we are looking at is what PayPal, ISIS and MCX and LevelUp and Google Wallet is chasing but all of them are ignoring the African-American community. Funny how Western Union and Visa got shocked hearing arab money, cats from the Middle East are successfully implementing m-commerce in Africa so they desperate to get into Africa but forgot about doing anything for Black American communities. That’s what we brothas and sistas are going to take advantage of. In fact, the only thing the card holders are trying to sell the hood is some pre-paid nickel and diming card trying to generate fees off the poor and unbanked Black folks. They are also doing the same thing to the Hispanic community who also share the same opportunity for mobile remittance services as other groups and in fact is the largest group that is still untapped to enable mobile remittance that is a multi-billion dollar opportunity for first movers to chase after. So in essence, American financial companies are trying to play brothas and sistas to the left with mobile commerce trying to make it a “White thing” done in Salt Lake City, Austin or Seattle like the bigots they are. But their bigotry is our advantage and we are going to take advantage of that. In the Hood, Cash is Not King; It’s the Virgin Princess Cash is an extremely dangerous instrument for financial transactions in the hood. Many people want to try to argue with me about this but these people arguing ain’t never saw a million dollars in cash before – if they did, they wouldn’t be arguing this point about cash being burdensome. Because cash is physical, you have to keep counting it to make sure all the cash is there, keep it safe from cats who will plot to death to snatch it from you and pay cats to move the cash on your behalf from one location to another, the armored truck services are not cheap either. What people are failing to realize is cash makes it harder for customers to spend on big ticket items in the Black community which is why we have a bunch of cheap fashion clothing stores and fried food joints where cats can spend their $5-$60 on some ish. But when it comes to selling $300 40-inch flat screen televisions, you be surprise and research shows cats in the hood are reluctant to spend that kind of cash for fear of safety. In addition, merchants have to be fearful of getting all that $300/transaction cash in their registers and not only having to protect it from outside cats but inside employees wanting to dip in the registers. By moving toward digital payments, we remove the elements of having cash to steal from both outside cats and inside employees. More important, we increase the incentive for customers to conduct bigger ticket transactions without fear of losing cash on the way to and from the commercial sectors in the hood. This will encourage bigger businesses to be established in the hood and obviously create economic activity that will spur jobs and reinvestment into that community. Cash is actually a burden preventing growth and scalability in the Black community and why banks are trying their best to stay out of our communities. Many people think banks are needed for Black economic activity to grow, that is not true. What is needed for Black economic activity to grow is spending and that is transactions and when we make the transaction process easier with digital payments that allow us to scale up hustles and empires in our own community. Own the Transactions to Daniel 11:43 on These Cats The current problem in the Black community is people are looking for a Black leader or a Black organization instead of looking inside themselves and collectively working with their own peers to create solutions. You got this whole Boule crap with their Black media name dropping people and organizations like Al Sharpton, Marc Morial, Ben Jealous and even Barack Obama. None of these people are stepping up to do anything real and just running their mouth and fronting some kind of image. It has been frustrating since the death of the Rev. Martin Luther King of all these clowns calling themselves Black leaders or advocate of issues and doing nothing but running their mouth against a real power structure that remains hidden and in control. Look at that Al Sharpton talking about we need jobs – who going to give us jobs, Al Sharpton? Oh, noticed even Marc Morial of the Urban League ain’t even talking about entrepreneurship and economic development and cats in the Urban League are a joke themselves allowing this ineffectual joke of a mayor using daddy legacy to lead their organization. Look, we ain’t got the luxury to engage these worthless clowns calling themselves Black leaders or Black influencer. I know this for a fact – only a few dumbass Black folks follow these morons and I have to be like Mitt Romney and write them off because we ain’t running for election, we working towards empowerment and some cats you need to ditch as dead weight, real talk. The majority of Black people in our communities truly want to do for self and not beg others to put food on their table. And if they work, they want the job to have an effect on their communities where they live at and contribute to the community quality of life. The way we can bypass all of these clowns and really control and help our community and our people progress is to control the money, like Daniel 11:43 on these cats. When we control the transactions and have the true intention to empower and not exploit the Black customer in the Black community, then we will start making real progress of our people. By controlling the transactions, I mean we empower merchants to accept cash without nickel and diming them out of business to serve customers. We work with customers to make sure their transactions go smoothly and they have recourse for any issues. But here is the most important thing – once we control the transactions, we begin to really know what the Black customer is willing to spend their money on. We don’t know that data to this date because businesses are being imposed on the Black community, the Black community hasn’t asked for businesses never in our Black history. We understand how our people shop and we take that data and build real business models based on what we truly want for ourselves and that is the next step for progress to develop true economic growth. The Digital Payment Ecosystem If you look at the diagram above (created with FreeMind), this is how we planned the Black Money Framework ecosystem we were working on. The framework would focus on account holders using either NFC or QR codes that have stored value accounts. The account providers manage the accounts and allow both peer to peer in among their users and allow merchants to accept payments. Now, the interchange is the most important part – they allow account holders transfer their between any account provider. Account Holder An account holder is the customer that will get an account to store their funds and spend their funds. They can conduct transactions using their mobile phone, a card with either a RFID antenna (for NFC payments) or QR code that can be read by POS devices or can send a direct transfer to another account using an email address. Account holders can load their stored value account by simply scanning a picture of their check or their credit card using OCR-based mobile apps, some are open source and freeware. When an account holder want to pay someone, they just enter an email of the person they trying to reach like a hair stylist or plumber or freelance graphic artist and send payment. If an account holder wants to make a more traditional purchase, one possible solution is to enter the merchant code or use geo-location to identify the merchant to ensure a secure payment transactions are made and not rouge transactions that credit cards are experiencing right now. Merchant What separates a merchant from an account holder with an email address is merchants will need multiple streams of payment processes simultaneously. That means a shop can have a bunch of salespeople with tablets and all of them are processing payments at the same time. This removes the need of the cash register and wrap station and you already see this done at the Apple Store where they use iPhones with a credit card sled to process payments. What makes it more secure for merchants is merchants can use an id like ABC123 and what happens is account holders can “pre-register” their mobile phones only to use ABC123 for their next transaction. This helps prevent fraud and chargeback and we do not require a signature in most cases like credit cards. You may not realize this, but digital payments are extremely disruptive to the credit card companies and they scared knowing you are reading about what we are going to do in our hoods. Because the accounts are stored value – the funds can be swept into the merchant account in nightly batches. This allow merchants to receive their funds faster and allow them to reinvest into their business quickly like re-supply their inventory or in some cases, hire people to ramp up the merchant operation, creating jobs and economic expansion. Account Provider Account Providers may be considered a Money Service Business or a Provider of Prepaid Access in the United States of America and regulated by Financial Crimes Enforcement Network and more information is at the http://www.fincen.gov web site. Now, keep in mind that even though this is the federal level, the majority of states have state-level licensing for Money Service Business and you need a license to operate money transfer business in those states. Here is a tip – go look at Paypal state license page at https://www.paypal-media.com/licenses to determine what kind of Money Service Business license you need. Because people or organizations that request a Money Service Business need at least $10,000 in bond insurance and other criteria that show they are financially stable, our goal is to find these qualified people to run the Account Provider business. Now here is a secret for you – you can run the software on their behalf! Yeah, you heard damn right – you can build and sell them and lease them the software and keep yourself outside the Money Service Business. As an Account Provider, the goal is to basically create acquire account holders and provide them with an account to fund and withdraw funds from. While you probably can get away with just being online, you probably will need to setup in the hood next to a commercial shopping center. By strategically being placed in a Black community shopping zone, you create account holders locally who can spend locally in the hood among merchants. By setting up locally, your account provider operation can allow the commercial sector to grow and you facilitate the transaction process. No merchant accounts, no armored trucks just money sweep into merchant checking accounts each day. All the food service and bars accept your payment system, all the stores accept your payment system, cats running flea markets and tables accept your payment system. Kiosks and vending machines and Laundromats can be built on that same block to accept your payment system. The software will need to be automated to approve the payments 24/7 to transfer funds and sweep the funds into merchant bank accounts. But at the same time, the account provider can determine in real-time how much transactions are occurring and how much fees are being accumulated and know their profits in real time. So this kind of operation, we can build the software and find qualified people to run a Money Service Business and what the 30 Rotten Dissidents will do is give them the software upfront for free if they setup in the hood with the goal to spur economic activity on that block in the hood. Interchange An interchange is a business that is probably low-key where they can operate in a commercial zone in an office park somewhere. The role of an interchange is allowing account providers to send and receive money from other account providers, even nationwide. The interchange enters an agreement with the account provider and receives an upfront security deposit of at least $10,000 bond insurance to avoid an issue where the account provider do not have money to fulfill the funding. Keep in mind that the interchange will have to float money in some cases. So if someone from Atlanta with an mobile account flies to Chicago and goes to Madison and Pulaski, what they will do is still enter the merchant name or the local nail stylist email address. What will happen is their local Atlanta account provider will realize those accounts are not in their system and contact the Interchange to look up the merchants. The Interchange responds that the Chicago merchant belongs to an account provider and display the transaction price – this can be send back to the mobile user to let them know an extra fee will be charge, just like out of network ATM withdrawals. So what happens is the Atlanta account provider deduct the funds from the Atlanta mobile user, send it to the Interchange who accept the payment and the Interchange forward the payment to the Chicago provider to fund the Chicago merchant. This allows brothas and sistas to quickly and rapidly build up cross markets in Detroit, Chicago, St. Louis, Newark, New York, Baltimore, Boston, D.C, Richmond, Raleigh, Atlanta, Birmingham, Miami, Orlando, Houston, Dallas, New Orleans, Cleveland, Cincinnati, Memphis, Little Rock, Denver, Las Vegas, Los Angeles, Seattle, Oakland..you want me to keep going? Okay, London, Capetown, Accra, Nassau, Lagos..yeah, thought so. So as you see, the interchange which is a commercial Money Service Business is a business-to-business exchange that only deals with account providers. They can use check withdrawal and direct debit for payments to transfer funds between businesses. They will be able to look up account holders in multiple accounts and see if account holders from any account provider can make a payment and honor the payment no matter where that account holder goes and spend their money or transfer their funds. Interchanges are the glue that will tie the Black community into a national and international collective for economic empowerment. Interchanges are so important that they will not only be provided with free software by the 30 Rotten Dissidents, we will seed fund and support them until they are stabilized – that is how critical they are to the goal of the Black Money Framework project we are working on. Strategy for Growth and Dealing with Challenges We believe the execution and ramp up of the Black Money Framework project should be quick, organic and fast and profitable within not the first year, but the first quarter or 90 days of full operation. The only reason why no one else done this or even trying to do it right now is pure and simple - we got cats in the Black community that are full of self-serving crap but pretend they are Black leaders or people of influence. They do not have the 21st century skills to lead Black economic empowerment and is nothing more than a shuck and jive show. What we realize is in order to take over the so-called Black leadership and other BS in the way of Black progress, we need to straight go Daniel 11:43 and do it hard too. No, our goal is not to get a bunch of Libyan and Ethiopian sistas and use them in our hip hop videos – the goal is to own and control the money transactions in our community and steer them in the right direction to benefit us when we spend our money. Here is a quick summary of how we plan to execute. High Density Hoods. This is going to be cities like New York/Newark, Los Angeles, Chicago, DC where there are strong high density communities of 50,000 residents within a 2-3 mile square radius. The reason why there will be an initial focus on these areas is because people in those communities conduct 80% of their transactions within a 1-3 mile radius. Create Account Provider Services. This is showing cats on Dream and Hustle how to create mobile money or account providing services and in turn, they can turn around and either startup a Money Service Business or they lease their software to a qualified firm that is licensed to run a Money Service Business and charge a service fee on top of each transaction processed. Create Interchange Services. This is something that will be done and facilitated by the 30 Rotten Dissidents where we source qualified MSBs to launch and operate an Interchange in strategic locations. This will not be publicized because they will only operation on a business-to-business aspect and their operations are critical services to the entire framework. Deal with Haters and Naysayers. These are people who don’t know ish about this hustle, don't know how it works but think they know it all. These are going to be the Boule and other sellouts who believed we brothas and sistas can’t do for self and empower ourselves and will get real mad when we put it in their face and let them see we about it. They will try to cast doubt but the truth is they are irrelevant when you are doing for self, the only thing that matters is account holders and merchants and interchange making transactions happens, everything else is extra. Physical Presence and Word of Mouth. Account Providers will setup a commercial walk-in office that allow people to make deposits to their account, withdraw and receive a local bank check from their accounts or use digital self-service kiosks to find merchants and buy online from affiliated merchants and receive discounts and services. When a person tell their barber they use mobile payments, the barber will sign up to accept payments and tell all his clients. One of his clients is a floor installer and says he accept mobile payments and the homeowner uses it and likes it, then is spread like a virus among the Black community. Then cats realize they can travel and use the same mobile payments nationwide and it’s on. Our Vision of Success Our vision of a successful implementation of the Black Money Framework will be when we start to own the transactions in our community and take that ownership away from those that exploit us. When we begin to take ownership, we then learn what we like to buy and shop at and that create business models and demands that Black Americans have not ever realize in our entire African-American history. This will begin the new phase of progress and growth where we begin a true path of independence and self-sustainable and can really say we are free as a people. Brothas and sistas can order drinks at a local bar with their mobile phone and order in advance. Brothas and sistas can write e-books and sell them on QR code posters and cats use their mobile phone to scan the QR code and send a mobile payment to receive the book. Brothas and sistas can create pop-up shops and accept mobile payments on tablets in communities where an account provider center is right down the street. We get news from the interchange that they can accept payments from China and Africa and those people come here and spend money using our system. But the lovely part is some cat in Cleveland with 4,300 accounts gets bought for $7.4 million by cats in Atlanta with 35,000 accounts to expand their base. Cats are building up services and consolidations begin and powerhouse global empire hustlers start to rise doing billions in transactions throughout the Black communities, real ass Black entrepreneurs. That’s the end goal and end game and our vision of success.