Information on our payment system is now available: Development of an Open and Flexible Payment System Abstract: The Internet is in need of a simple, open, flexible and secure payment system. Many payment systems that currently exist are either proprietary, insecure, inflexible or all three. This paper examines the types of payment system in use today, the payment system requirements of Systemics Ltd., an overview of the Systemics Open Transaction (SOX(tm)) payments system that was developed, and a summary of how this system met the requirements. The SOX payment system is currently in live use for a bond trading system, and a reference implementation will shortly be made available on the Internet. http://www.systemics.com/docs/sox/overview.html