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Keywords:Payments 

What Types of Customer Data Do Fintech Firms Use?

Beyond cash flow and credit scores, technology-driven lenders have also looked at social media activity and phone ownership.
On the Economy

Discussion Paper
Intraday Liquidity Flows

Transactions denominated in U.S. dollars flow around the clock and around the globe, filling the pipelines that support commerce. On a typical day, more than $14 trillion of dollar-denominated payments is routed through the banking system. Critical to a well-functioning economy are the timing and smooth flow of dollars for large-value transactions and the infrastructure that enables that dollar flow. This financial market infrastructure provides essential economic services??plumbing? for the economy?and is made up of a variety of entities. In this post, we describe this financial market ...
Liberty Street Economics , Paper 20120806

Briefing
When Paying Bills, Low-Income Consumers Incur Higher Costs

Low-income consumers are more likely to pay bills using costlier payment methods, even when they have access to cheaper bank account-based methods. Digital exclusion, cash flow constraints, and lack of trust in or familiarity with electronic payment methods may explain low-income consumers’ reliance on costlier bill payment methods.
Payments System Research Briefing , Issue November 23, 2021 , Pages 7

Working Paper
Cyberattacks and Financial Stability: Evidence from a Natural Experiment

This paper studies the effects of a unique multi-day cyberattack on a technology service provider (TSP). Using several confidential daily datasets, we identify and quantify first- and second-round effects of the event. For banks using relevant services of the TSP, the attack impaired their ability to send payments over Fedwire, even though the Federal Reserve extended the time they had to submit payments. This impairment (first-round effect) caused other banks to receive fewer payments (second-round effect), leaving them at risk of having too few reserves to send their own payments (a ...
Finance and Economics Discussion Series , Paper 2022-025

Briefing
The Appeal and Proliferation of Buy Now, Pay Later: Consumer and Merchant Perspectives

Use of buy now, pay later (BNPL) payment products has been growing in the United States. We explore the benefits and risks of BNPL products for consumers and merchants.
Payments System Research Briefing , Issue November 10, 2021 , Pages 7

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
Payments System Research Briefing

Briefing
In the Nick of Time: The Rise of Earned Wage Access

Fintech programs that provide employees access to earned wages ahead of payday have gained popularity during the COVID-19 pandemic. Although consumers benefit from greater financial flexibility, such programs may involve risks.
Payments System Research Briefing

Briefing
The Rise of Buy Now, Pay Later: Bank and Payment Network Perspectives and Regulatory Considerations

Buy now, pay later (BNPL) products offered by fintechs have gained traction among consumers andmerchants in recent years and could compete with credit cards as a payment option. We explore thereactions of banks and payment networks to BNPL products as well as the current regulatory environment.
Payments System Research Briefing , Issue December 1, 2021 , Pages 6

Working Paper
Payments on Digital Platforms: Resiliency, Interoperability and Welfare

Digital platforms, such as Alibaba and Amazon, operate an online marketplace to facilitate transactions. This paper studies a platform’s business model choice between accepting cash and issuing tokens, as well as the implications for welfare, resiliency, and interoperability. A cash platform free rides on the existing payment infrastructure and profits from collecting transaction fees. A token platform earns seigniorage, albeit bearing the costs of setting up the system and holding reserves to mitigate the cyber risk. Tokens earn consumers a return, insulating transactions from the ...
Working Paper , Paper 21-04

Journal Article
Mobile Banking Use and Consumer Readiness to Benefit from Faster Payments

The U.S. payments industry is currently implementing faster payments that will enable consumers and businesses to send and receive payments almost instantly at any time of day, any day of the year. Mobile banking in particular may allow consumers to realize the full benefits of faster payments. As a result, a consumer’s use of mobile banking is a good indicator of their readiness to benefit from faster payments.Fumiko Hayashi and Ying Lei Toh examine which consumer characteristics are associated with mobile banking use as well as what other factors may influence consumer readiness. They ...
Economic Review , Volume 105 , Issue no.1 , Pages 5

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