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Keywords:Payment systems 

Journal Article
Towards a new system

FRBSF Economic Letter

Working Paper
Consumer choice and merchant acceptance of payment media

We study the ability of banks and merchants to influence the consumer's payment instrument choice. Consumers participate in payment card networks to insure themselves against three types of shocks -- income, theft, and their merchant match. Merchants choose which payment instruments to accept based on their production costs and increased profit opportunities. Our key results can be summarized as follows. The structure of prices is determined by the level of the bank's cost to provide payment services including the level of aggregate credit loss, the probability of theft, and the timing of ...
Working Paper Series , Paper WP-08-11

Conference Paper
Competition: horizontal integration: remarks (SEPA)

Proceedings – Payments System Research Conferences

Journal Article
The changing nature of the payments system: should new players mean new rules?

Traditional forms of payment, such as currency, coin, and paper checks, are quickly being eclipsed by electronic forms, such as payments made by ATM, credit card, or automated clearing house. More recently, smart cards, debit cards, and PC banking have joined this electronic army of new ways to make payments. A parallel development has been the entrance of many nonbank players into the payments arena. Nowadays, settlement and clearing can be done by entities that are not necessarily banks, the customary center of the U.S. payments system. As these new entrants grow in number and become more ...
Business Review , Issue Mar , Pages 3-26

Journal Article
Check clearing in the 21st Century: where are my checks?

Financial institutions are understandably concerned with the technological and procedural implications of Check 21, but smoothing the transition with customers ultimately may prove to be the key challenge. Millions of people still use paper checks and won?t be happy to find facsimiles returned in their monthly statements.
Profitwise , Issue Mar , Pages 12-15

Newsletter
Payment systems--getting ready for the 21st century

Chicago Fed Letter , Issue Special Issue

Working Paper
Why are (some) consumers (finally) writing fewer checks?: the role of payment characteristics

Since the mid-1990s, the U.S. payment system has been undergoing a transformation featuring a significant decline in the use of paper checks that has been quite uneven across consumers and not well understood. This paper estimates econometric models of consumers? adoption (extensive margin) and use (intensive margin) of checks plus six other common U.S. payment instruments, using a comprehensive new data source on consumer payment choice. We find that payment characteristics are the most important determinants of payment instrument use. Plausible changes in the relative convenience and cost ...
Working Papers , Paper 09-1

Journal Article
Nonbanks in the payments system: innovation, competition, and risk - a conference summary

From the early days of automated card sorting to the more recent times of the Internet and check imaging, payments and payments processing have continually embraced new technology. At the same time, the industry has been shaped by its share of entry and exit, through startups, mergers, and the reorganization of businesses seeking the proper scope of horizontal and vertical integration. ; These changes have enabled nonbank organizations to play a larger role in the payments system. Nonbanks have followed a number of pathways to more prominence: purchasing bank payment processing subsidiaries, ...
Economic Review , Volume 92 , Issue Q III , Pages 83-106

Conference Paper
Competition: horizontal integration: remarks - Consolidation and integration: a pan-European payment processor's perspective

Proceedings – Payments System Research Conferences

Journal Article
Economic research and the role of the Federal Reserve in payments

The Region , Volume 19 , Issue Dec , Pages 2-6

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