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Journal Article
Lessons from a laissez-faire payments system: the Suffolk Banking System (1825-58)
Weber, Warren E.; Rolnick, Arthur J.; Smith, Bruce D. (1998-07)
A classic example of a privately created interbank payments system was operated by the Suffolk Bank of New England (1825?58). Known as the Suffolk Banking System, it was the nation?s first regionwide net-clearing system for bank notes. While it operated, notes of all New England banks circulated at par throughout the region. Some have concluded from this experience that unfettered competition in the provision of payments services can produce an efficient payments system. But another look at the history of the Suffolk Banking System questions this conclusion. The Suffolk Bank earned ...
Quarterly Review , Volume 22 , Issue Sum , Pages 11-21

Working Paper
Liquidity provision during the crisis of 1914: private and public sources
Tallman, Ellis W.; Jacobson, Margaret M. (2013)
Caught between the end of the National Banking Era and the beginning of the Federal Reserve System, the crisis of 1914 provides an example of a banking panic avoided. We investigate how this outcome was achieved by examining data on the issues of Aldrich-Vreeland emergency currency and clearing house loan certificates to New York City institutions that identify borrower and quantity requested for each type of temporary liquidity measure. Combined with balance sheet data, we illustrate how temporary liquidity borrowing was essential for maintaining transactions volumes among New York City ...
Working Papers (Old Series) , Paper 1304

Journal Article
Payment instrument choice: the case of prepaid cards
Lubasi, Victor; Chakravorti, Sujit (2006-04)
The costs and benefits to payment system participants can differ depending on which payment mechanism is used. The authors specifically explore the costs and benefits of prepaid card applications versus other payment instruments, such as cash, checks, and debit cards, for certain payment segments, including gift, payroll, and employer-initiated and government benefit programs.
Economic Perspectives , Volume 30 , Issue Q II , Pages 29-43

Newsletter
E-money and e-commerce two alternatives views of future innovations
Mantel, Brian (2001-03)
Chicago Fed Letter , Issue Mar

Newsletter
Developing a roadmap to improve the U.S. payment system
Wells, Kirstin E.; Mantel, Brian; Jacob, Katy (2013-02)
On October 22?23, 2012, the Chicago Fed hosted its 12th annual Payments Symposium, where industry leaders convened to evaluate the implications of recent technological changes for the payments industry, including the attendant rise in customer demand for faster, more convenient payment options that are safe and interoperable. Participants proposed a number of ideas that, taken together, could help foster the creation of a roadmap to unify the fragmented payments industry and ultimately improve the payment system.
Chicago Fed Letter , Issue Feb

Conference Paper
In homage to the king: long live the check
Lipis, Allen H. (1998)
Proceedings , Paper 587

Conference Paper
Risk: remarks - 2007 trends in financial risk and fraud
Van Dyke, James; Litan, Avivah (2007)
Proceedings – Payments System Research Conferences

Working Paper
Substitution between net and gross settlement systems: A concern for financial stability?
Craig, Ben R.; Fecht, Falko (2011)
While net settlement systems make more efficient use of liquidity than gross settlement systems, they are known to generate systemic risk. What does that tendency imply for the stability of the payments (or financial) system when the two settlement systems coexist? Do liquidity shortages induce banks to settle more transactions in the net settlement system, thereby increasing systemic risk? Or do banks require their counterparties to send payments through the gross settlement system when default risks are high, increasing the need for liquidity and the money market rate but reducing overall ...
Working Papers (Old Series) , Paper 1132

Working Paper
Private payments systems in historical perspective: the Banco Central system of Mexico.
Robitaille, Patrice (1997)
Payments systems have grown considerably and have become increasingly complex, prompting regulators to reassess their roles and renewing interest in historical experiences with payments systems. In this paper, I study the Banco Central System of Mexico, which was a bank note par redemption and clearing system for other payments that operated in Mexico City from 1899 until 1913. I first describe the origins of the Banco Central System. I then consider whether it became prone to behavioral problems, as some observers contended. I find that although Banco Central was less well-positioned to ...
International Finance Discussion Papers , Paper 599

Journal Article
The economics of payment finality
Roberds, William; Kahn, Charles M. (2002-04)
Payment finality is critical to decentralized exchange. By specifying how the transfer of one type of claim extinguishes another, the rules governing finality minimize opportunities for default along credit chains and allocate other risks. ; The authors provide a basic analysis of finality and its role in facilitating exchange. They first present a simple, historically based model of transferable debt and finality. The discussion demonstrates the desirability of transferable debt and why rules governing payment finality are needed to sort out who will bear the losses in the event of default. ...
Economic Review , Volume 87 , Issue Q2 , Pages 1-12

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