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Working Paper
Nonbanks in the payments system
Nonbanks have always been a key component of the nation's payments system. In recent years, however, nonbanks have become even more prominent. This heightened visibility raises several questions. In which payments activities are nonbanks engaged? What roles do nonbanks play in specific payments types? What types of risk are potentially associated with nonbank participation? This paper begins to address these questions. Preliminary findings include: (1) Nonbanks are involved in a myriad of activities and roles, both in traditional and emerging payments types; (2) Nonbank business relationships ...
Briefing
Neobanks: Banks by Any Other Name?
Neobanks, or digital banks, are bank-like providers of financial services that operate through apps and aim to appeal to different consumer groups through innovative features and design. Whether or not neobanks evolve into full banks, they have the potential to affect the traditional banking model.
Briefing
Payments fraud : consumer considerations
This article examines the potential for fraud associated with various "traditional" payment methods and the protective measures that consumers should take when using them.
Briefing
Developments of QR Code-Based Mobile Payments in East Asia
Initiatives facilitating QR code-based mobile payments in Japan, Singapore, and Hong Kong may address some pain points of banks, nonbanks, and merchants, but whether they address consumers’ depends on factors such as fragmentation and overall digital commerce experience
Briefing
Where social networks, payments and banking intersect
This article explores opportunities and risks emerging from a relatively new phenomenon: The rise of commerce, banking and payments services marketed and offered through social media.
Briefing
Developments in merchant acquiring
This article discusses the origin and roles of merchant acquiring; the models for acquiring; and relevant developments in legislation, PCI compliance, and the Single Euro Payments Area.
Briefing
The Puzzle of Payments Security: Fitting the Pieces Together to Protect the Retail Payments System
This article offers highlights from the Federal Reserve Bank of Kansas City's fifth international payments conference, "The Puzzle of Retail Payments Security: Fitting the Pieces Together to Protect the Retail Payments System," hosted June 25-26, 2015.
Briefing
The evolution of the ACH
Briefing
Change is Coming: What the EMV Migration May Mean for Payments Innovation
This article considers how the upcoming shift from magnetic stripe to chip technology may affect the survival of card-based payment innovations.