Download or read book The Importance of the Retail Payment System written by Hal S. Scott and published by . This book was released on 2014 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article explores the importance of an efficient retail payment system and develops an integrated framework for evaluation of the retail payment system by policy makers. It examines the costs and benefits of the various types of retail payment system, focusing on the seven desirable benefits of the retail payment system: (1) finality and reversibility; (2) universality (ability to use at point of sale and remotely); (3) recordkeeping; (4) liquidity (maximizing interest earning assets); (5) security and safety; (6) financial inclusion and access; and (7) fungibility and ease of use (seven benefits).The article discusses the Coase Theorem, a proposition from transaction cost economics that provides a useful tool for analyzing transaction efficiency. Increased costs are not bad per se since parties are often willing to incur higher costs to achieve their desired results, e.g. higher costs for a more secure form of payment. Indeed, higher costs may often generate higher value to both parties to a transaction. What one wants to reduce are “friction” costs, costs that neither party wants to pay to achieve a desired result, e.g. higher costs produced by lack of information.While each retail payment system provides certain advantages, e.g. cash for small transactions, overall the analysis suggests that debit and credit cards represent the most desirable payment system for achieving the seven benefits set forth above. This is supported by statistics that indicate that retail payments have increasingly moved toward card payments.
Download or read book Governance of Retail Payment Systems written by World Bank and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: As innovation in retail payments continues and the systems evolve, effective governance of them becomes more complicated and increases in importance. Retail payment systems are essential for the economy to function efficiently, and more and more, they are something on which all individuals rely on in order to participate in economic life. Effective governance arrangements of retail payment systems are critical not just for the stability, reliability, and efficiency of the financial system but also for its capacity to manage and respond to the changing policy and market environment. Governance calls for focused attention, and retail payment systems deserve and require distinct and specific guidance regarding governance. This is because issues related to retail payment system governance go beyond the typical corporate issues, precisely because of the underlying public interest and the broader public policy objectives of safety and efficiency. This paper provides context and considerations regarding the governance of retail payment systems within this changing environment. It provides examples of approaches specific to the governance of retail payment systems and the different factors that influence and guide them. It refers to related legal frameworks, principles, and reference materials that may be useful in conducting reviews. And it draws on and shares examples of the challenges, frameworks, and arrangements of specific countries and systems. The paper provides specific guidance for practical matters, such as the regular assessment and revision of governance arrangements, the importance of acknowledging public interest, maintaining access rules that are in line with market needs and developments, achieving and maintaining a high degree of transparency regarding governance, and in ensuring that the board and management have the right skills and knowledge. The paper concludes with several themes for consideration that will help authorities and other relevant stakeholders navigate the topic of governance for retail payment systems.
Download or read book Retail Payments written by Weltbankgruppe and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Retail payment systems play an important role in the smooth functioning of an economy and inefficiencies in the retail payments market can have cascading effects throughout the economy. While there are a number of issues that are responsible for the persistence of inefficiencies in retail payment markets, the lack of a coherent, holistic strategy for the development of retail payment systems is among the most common. In order to develop such a strategy, it is important to economically substantiate the migration from less cost-efficient retail payment instruments (typically cash and paper-based instruments) to more cost-efficient ones (typically electronic payments). Overall, establishing a sound economic baseline for national retail payment systems in terms of costs of different payment instruments can better guide system development and enable high-impact changes. This document is designed to serve as a practical guide for central banks and other public or private-sector stakeholders interested in conducting a study on the costs of day-to-day retail payments in their economies. The results of a cost study based on this methodology can help decision makers to agree on the targeted gains in efficiency in their retail payments system, define an implementation plan for achieving a desired future mix of payment instruments, and provide information for all stakeholders involved in the retail payments market.
Download or read book The U S Payment System Efficiency Risk and the Role of the Federal Reserve written by David B. Humphrey and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. payment system is in the midst of a significant transition. Some of the changes to our payment system, involving its efficiency, the risks inherent in the payment process, and the role of the private and public sectors in the payment mechanism, are the subject of considerable debate and controversy. In recent years, the Federal Reserve Bank of Richmond has played an active part in the development and implementation of policies to improve the payment process. The Bank's operations staff has represented the Federal Reserve System in work with the banking industry to help shape and implement programs to increase efficiency and reduce payment risk. Further, our Research Department has made payment system research an important part of its agenda. The mix of practical experience and research has resulted in a unique perspective on payment system issues that led us to organize a symposium on the U.S. payment system, held on May 25-26, 1988, in Williamsburg, Virginia. Reflecting our belief in the importance of combining both practical experience and theory in addressing payment issues, we invited practi tioners, scholars, and policymakers to share their ideas. The symposium provided an opportunity for those researchers who are studying p- xi PREFACE xii ment issues to present their ideas and to have these ideas evaluated by experienced practitioners.
Download or read book The Payment System written by Tom Kokkola and published by . This book was released on 2010 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).
Download or read book Payment Systems Monetary Policy and the Role of the Central Bank written by Mr.Richard K. Abrams and published by International Monetary Fund. This book was released on 1998-03-18 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: A payment system encompasses a set of instruments and means generally acceptable in making payments; the institutional and organizational framework governing such payments, including prudential regulation; and the operating procedures and communications network used to initiate and transmit payment information from payer to payee and to settle payments. This book, by Omotunde E.G. Johnson, with Richard K. Abrams, Jean-Marc Destresse, Tony Lybek, Nicholas Roberts, and Mark Swinburne, identifies main policy and strategic issues in payment system reform, describes the structure of payment systems in selected countries, highlights areas of consensus, and suggests the direction for future policy analysis.
Download or read book Payment Systems written by David B. Humphrey and published by World Bank Publications. This book was released on 1995 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: World Bank Technical Paper No. 260. An efficient payment system is a necessary precondition for business development. This study outlines the basic operating principles of a payment system and reviews its benefits, costs, risks, and problems. It examines in detail the systems currently in place in the developed economies of Europe and the United States and draws from the analyses to support recommendations for restructuring those systems in developing countries. The study reviews the various types of payment practices that exist in mature systems including cash, check, GIRO, debit and credit card, direct debit, and large-value wire transfers. A range of short- and long-term improvements in payment systems are recommended for developing countries. There is a special focus on the Russian payment system and the problems it faces in transition from a centrally planned to an market economy.
Download or read book The Payment System written by Mr.Bruce J. Summers and published by International Monetary Fund. This book was released on 1994-12-15 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book makes a practical contribution to increased understanding of payment system design and management and of the relationship between the payment system and monetary policy. The authors of the twelve papers included in the book are central banking experts from around the world who draw on their experiences in providing technical assistance to the central banks of the countries of the former U.S.S.R.
Download or read book The Book of Payments written by Bernardo Batiz-Lazo and published by Springer. This book was released on 2016-12-04 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the nature of retail financial transaction infrastructures. Contributions assume a long-term outlook in their exploration of the key financial processes and systems that support a global transition to a cashless economy. The volume offers both modern and historic accounts that demonstrate the constantly changing role of payment instruments. It brings together different theoretical approaches to the study, re-examining and forecasting changes in retail payment systems. Chapters explore a global transition to a cashless society and contemplate future alternatives to cash, cheques and plastic, featuring the perspectives of academics from different disciplines in conversation and industry participants from six continents. Readers are invited to discover the innovation in payment systems and how it co-evolves with changes in society and organisations through personal, corporate and governmental processes.
Download or read book Retail Payments in Selected Countries written by and published by . This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investigating the Design of the Retail Payment System written by Yuya Sugio and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globally, a variety of innovative technologies are emerging and traditional economic activities are gradually shifting to the digital economy. Among these, in the retail payment sector, which deals with customer contact and payment information, a trend to review interbank retail payment systems is occurring in many countries. The UK initiative has led the way, and similar efforts to instantiate and remake retail payment systems into new systems have been underway in various countries. One of the reasons of the reviews is the fact that, from the user's point of view, there are many aspects of payment services provided by companies that are not user-friendly. In the Japanese retail payments sector, there are various issues such as lack of interoperability, and the government and the banking industry are working to improve these issues. This paper focuses on providing recommendations for the Japanese case. It examines the state of the retail payment systems, considering the payment systems as a quasi-public social infrastructure that can affect all industries, rather than simply a system in the financial sector. More specifically, this paper focuses on the interbank retail fast payment systems and mobile payments based on it, while taking a broad view of the retail payment system, including its regulatory framework. There are various stakeholders with different perspectives in the retail payment system, and the central bank has a neutral perspective and can be the best entity that could provide the system. In reviewing the retail payment system, it is desirable for stakeholders to compare multiple design options and make decisions after clarifying the performance and functions they need. In the Japanese case, the best design option in the short term would be to utilize the banking industry's Cotra system while applying regulations to ensure interoperability, and in the long term, the central bank could provide the system, including the issuance of Central Bank Digital Currency (CBDC). This paper aims to provide a new perspective to stakeholders of the Japanese retail payment system and contribute to the discussion on the future review of it.
Download or read book Handbook of Blockchain Digital Finance and Inclusion Volume 1 written by David Lee Kuo Chuen and published by Academic Press. This book was released on 2017-08-03 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Blockchain, Digital Finance, and Inclusion, Volume 1: Cryptocurrency, FinTech, InsurTech, and Regulation explores recent advances in digital banking and cryptocurrency, emphasizing mobile technology and evolving uses of cryptocurrencies as financial assets. Contributors go beyond summaries of standard models to describe new banking business models that will be sustainable and will likely dictate the future of finance. The volume not only emphasizes the financial opportunities made possible by digital banking, such as financial inclusion and impact investing, but it also looks at engineering theories and developments that encourage innovation. Its ability to illuminate present potential and future possibilities make it a unique contribution to the literature. Explores recent advances in digital banking and cryptocurrency, emphasizing mobile technology and evolving uses of cryptocurrencies as financial assets Explains the practical consequences of both technologies and economics to readers who want to learn about subjects related to their specialties Encompasses alternative finance, financial inclusion, impact investing, decentralized consensus ledger and applied cryptography Provides the only advanced methodical summary of these subjects available today
Download or read book Payment System Technologies and Functions written by Masashi Nakajima and published by Engineering Science Reference. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book analyzes the evolutionary trends, functions and mechanisms of payment systems and presents an in-depth explanation of how these trends led to the reduction of settlement risk and the importance of such mechanisms that have contributed to the evolutionary progress of payment systems"--Résumé de l'éditeur.
Download or read book E Money Retail Payment Systems and Countries in Transition written by Aleksandar Stojanovic and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes general public policy issues, and opportunities and threats for Countries in Transition (CIT) in particular, brought about by the electronic money and other electronic retail payments systems developments. The strengths and weaknesses of CIT financial systems, with regard to the new payment technologies, are also assessed. The study looks at retail payment systems and importance of cash in CIT, and identifies general business and public policy implications of e-money. It is argued that the new payment instruments, and e-money in particular, can contribute to cash substitution and development of more efficient payment and banking systems practice in CIT, and inspire competition among financial intermediaries.
Download or read book A New Database on Financial Development and Structure written by Thorsten Beck and published by World Bank Publications. This book was released on 1999 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new database of indicators of financial development and structure across countries and over time unites a range of indicators that measure the size, activity, and efficiency of financial intermediaries and markets.
Download or read book Securities Clearance and Settlement Systems written by Mario Guadamillas and published by World Bank Publications. This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to assess securities clearance and settlement systems, based on international standards and best practices.
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
