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Working Paper
Platform competition in two-sided markets: the case of payment networks
Chakravorti, Sujit; Roson, Roberto (2004)
In this article, we construct a model to study competing payment networks, where networks offer differentiated products in terms of benefits to consumers and merchants. We study market equilibria for a variety of market structures: duopolistic competition and cartel, symmetric and asymmetric networks, and alternative assumptions about multihoming and consumer preferences. We find that competition unambiguously increases consumer and merchant welfare. We extend this analysis to competition among payment networks providing different payment instruments and find similar results.
Working Paper Series , Paper WP-04-09

Journal Article
Monetary theory and electronic money : reflections on the Kenyan experience
Townsend, Robert M.; Suri, Tavneet; Jack, William (2010-01)
This article uses a class of models of money and the payments system to inform an analysis of "mobile banking" in the context of the rapid expansion of M-PESA, a new technology in Kenya that allows payments via mobile phones (even without any access to a bank account), and currently reaches close to 38 percent of Kenyan adults. The separation of households and firms in space and time suggests, in theory, from various separate models, a number of implications. These include (i) the potential gain, under some circumstances, from allowing net e-money credit creation, (ii) the impact that the ...
Economic Quarterly , Volume 96 , Issue 1Q , Pages 83-122

Working Paper
Effects of Federal Reserve services on the efficiency of the system for collecting checks in the United States: 1915--30
Gilbert, R. Alton (1999)
This paper investigates whether the services of the Federal Reserve System improved the efficiency of the system in the United States for collecting checks relative to the efficiency of the system used by banks just prior to the formation of the Federal Reserve. There are two types of evidence that the Fed's services improved efficiency. First, the Reserve Banks quickly became major processors of interregional checks, even though banks could have continued to use the prior payments arrangements. Second, declines in the ratios of cash to total assets of banks can be attributed to the ...
Working Papers , Paper 1999-014

Working Paper
Payment system settlement and bank incentives
Roberds, William; Kahn, Charles M. (1996)
In this paper we consider the relative merits of net versus gross settlement of interbank payments. Net settlement economizes on the costs of holding non-interest-bearing reserves but increases moral hazard problems. The "put option" value of default under net settlement can also distort banks' investment incentives. ; Absent these distortions, net settlement dominates gross, although the optimal net settlement scheme may involve a positive probability of default. Net settlement becomes more attractive relative to gross settlement if bank assets have to be liquidated at less than book value.
FRB Atlanta Working Paper , Paper 96-10

Speech
Investing in payment innovations: a Federal Reserve perspective: a speech at the 2006 Payments Conference, Federal Reserve Bank of Chicago, Chicago, Illinois, May 11, 2006
Kohn, Donald L. (2006)
Speech , Paper 195

Journal Article
Provision for enhanced settlement services to depository institutions
anonymous (1999-01)
Federal Reserve Bulletin , Issue Jan

Conference Paper
Central banking: monetary control act of 1980 and payments system
Schultz, Frederick H. (1980)
Proceedings

Journal Article
Recent payment trends in the United States
Gerdes, Geoffrey R. (2008-10)
Federal Reserve Bulletin , Volume 94 , Issue Oct

Conference Paper
Technology and security policy
Summers, Bruce J.; Brown, Thomas P.; Baker, Stewart A.; Honeyman, Peter (2000)
Proceedings , Paper 748

Conference Paper
Modernizing payments: no pain, no gain
Tumpel-Gugerell, Gertrude (2007)
Proceedings – Payments System Research Conferences

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