Building a complete online payment gateway like Paypal

Posted by John Stewart on Stack Overflow See other posts from Stack Overflow or by John Stewart
Published on 2010-04-15T17:10:47Z Indexed on 2010/04/15 17:13 UTC
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Filed under:

payment-gateway

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paypal

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banking

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onlinebanking

So this question isn't about integrating an existing payment gateway into my site. This is more of a architectural question.

I want to build a system similar to Paypal. Now I understand that Paypal offers a lot of features under the roof and I can't implement all of them at once. I want to implement the core functionality of Paypal and other such services.

So my question is (rather discussion is) around how would one go about building such a system. Some points to discuss:

Handle payments through existing banks. I am guessing that I would need access to local bank protocols to get this.
Allow users to securely store and process their payments
How does Paypal handle the transactions?

Thoughts?

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