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Journal Article
New perspectives on consumer behavior in credit and payments markets

Mitchell Berlin summarizes new research on household finance presented at a joint conference sponsored by the Federal Reserve Bank of Philadelphia's Research Department and Payment Cards Center.
Business Review , Issue 1 , Pages 25-30

Motives Matter: Examining Potential Tension in Central Bank Digital Currency Designs

As a new central bank liability, central bank digital currency (CBDC) has the potential to address various issues within current payments and financial systems. The motivation behind a CBDC will determine how it is designed; a CBDC designed to achieve one goal, such as broader financial inclusion, may have difficulty achieving other objectives.
Payments System Research Briefing

Journal Article
Payment Card Fraud Rates in the United States Relative to Other Countries since Migrating to Chip Cards

The United States has lagged somewhat behind other countries in implementing steps to mitigate payment card fraud, such as chip card technology and personal identification numbers. Small delays in implementing fraud mitigation strategies could translate to large fraud losses relative to other countries. Although comparing fraud rates across countries can be challenging, Fumiko Hayashi examines payment card fraud rates in the United States along with three countries with the best available data?Australia, France, and the United Kingdom?and finds that the United States has the highest overall ...
Economic Review , Volume v.104, no.4 , Issue Q IV , Pages 23-40

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

Working Paper
Fedwire Funds Service: Payments, Balances, and Available Liquidity

We analyze the universe of payments settled through the Fedwire Funds Service--the primary U.S. real-time gross settlement service operated by the Federal Reserve--for the period January 2004 to December 2020. We report on trends in payments volume, payments value, balances, and overdrafts, in addition to documenting changes in the behavior of financial institutions transacting via the Fedwire Funds Service.
Finance and Economics Discussion Series , Paper 2021-070

From Then to FedNow: Payments Innovation and the Federal Reserve

Since its founding, the Federal Reserve System has evolved its payments services to be responsive to changes in the industry and to meet the needs of its customers and the public generally. To be sure, episodes of tragedy and crisis can amplify the gaps in legacy systems and approaches, and the COVID-19 pandemic is no exception as it highlights shifting consumer payments preferences.
Policy Perspectives , Issue December 18, 2020 , Pages 3

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

Payments System Research: Our 2020 Vision

In this year’s first Payments System Research Briefing, senior vice president Susan Zubradt reflects on the evolution of retail payments and what lies ahead for the KC Fed’s Payments System Research group.
Payments System Research Briefing

Inclusion by Design: Crafting a Central Bank Digital Currency to Reach All Americans

One motivation for a central bank digital currency (CBDC) is financial inclusion—bringing unbanked Americans into the payments system. To meet this goal, a CBDC would have to be designed to meet the specific needs of the diverse unbanked population.
Payments System Research Briefing

Still on Trial? The Court’s Use of Economic Analysis in the American Express Case

In a 2018 antitrust case, the Supreme Court ruled that American Express did not break federal laws in prohibiting merchants from steering consumers to alternative payment methods. However, some antitrust scholars disagree with how the court defined the relevant market and determined anticompetitive effects, and are concerned that the decision will make it more difficult to bring antitrust cases against payment platforms in the future.
Payments System Research Briefing


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