Costs and benefits of building faster payment systems: the U.K. experience and implications for the United States

Greene, Claire; Rysman, Marc; Schuh, Scott; Shy, Oz

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Costs and benefits of building faster payment systems: the U.K. experience and implications for the United States

Abstract: This paper studies the economic cost-benefit analysis behind the decision by the United Kingdom on how to implement its Faster Payments Service (FPS), which allows consumers and businesses to rapidly transfer money between bank accounts, and draws implications for the U.S. payments system.

Keywords: fast payments systems; account-to-account (A2A) transfers; person-to-person payments; cost-benefit analysis;

JEL Classification: G21; E41; G12; E51; E42;