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Keywords:payment systems 

Speech
The Global Interdependence Center’s Payment Systems in the Internet Age Conference

Some form of regulation is in the interest of the evolving fintech industry, Federal Reserve Bank of Philadelphia President Patrick T. Harker said in remarks at the Global Interdependence Center?s Payment Systems in the Internet Age conference
Speech , Paper 130

Working Paper
Two-sided Market, R&D and Payments System Evolution

It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by studying payments system evolution with a dynamic model in a two-sided market setting. We calibrate the model to the U.S. payment card data, and conduct welfare and policy analysis. Our analysis shows that the market power of electronic payment networks plays important roles in explaining the slow adoption and asymmetric price changes, and the welfare impact of regulations may vary ...
Working Paper , Paper 19-3

Journal Article
Blockchain and Financial Market Innovation

Blockchain technology is likely to be a key source of future financial market innovation. It allows for the creation of immutable records of transactions accessible by all participants in a network. A blockchain database is made up of a number of blocks ?chained? together through a reference in each block to the previous block. Each block records one or more transactions, which are essentially changes in the listed owner of assets. New blocks are added to the existing chain through a consensus mechanism in which members of the blockchain network confirm transactions as valid. The technology ...
Economic Perspectives , Issue 7 , Pages 2-12

Discussion Paper
How the High Level of Reserves Benefits the Payment System

Since October 2008, the Federal Reserve has increased the size of its balance sheet by lending to financial intermediaries and purchasing assets on a large scale. While these actions have increased the amount of reserves in the U.S. banking system and therefore raised concerns about excessive bank lending and inflation, we can document an important and overlooked benefit of the high level of reserves: a significantly earlier settlement of payments on Fedwire, the Federal Reserve’s large-value payment system. Quicker settlement on Fedwire improves liquidity throughout the economy, reducing ...
Liberty Street Economics , Paper 20120227

Tokens vs. Accounts: Why the Distinction Still Matters

Computer science experts may say the difference is irrelevant in the digital world. But when it comes to payments, distinguishing the two still has value in the real world.
On the Economy

Journal Article
Clarifying Liability for Twenty-First-Century Payment Fraud

This article examines the governance structure of retail payments in the United States, provides an overview of payment fraud, and discusses in depth the liability frameworks for fraud involving specific payment methods. It also presents a series of recommendations that describe how the public sector might work together with the private sector to reduce fraud risks by clarifying liability for fraud.
Economic Perspectives , Issue Q IV

Speech
Modernizing Our Payments System; Fourth Annual Financial Literacy Day: Understanding Global Markets and Finance

The Federal Reserve System plays an important role in helping to ensure that our payments system is efficient, secure, and effective. I recently became chair of the Financial Services Policy Committee (FSPC), which oversees the provision of payment services to depository institutions and the U.S. Treasury by the 12 Federal Reserve Banks. So as a follow-up to the discussion we just heard about new forms of payments, I thought it would be useful to provide you with an update on some of the Fed’s ongoing work to modernize the U.S. payments system, and then offer a policy maker’s perspectives ...
Speech

Working Paper
A Dynamic Model of Intermediated Consumer Credit and Liquidity

We construct a model of consumer credit with payment frictions, such as spatial separation and unsynchronized trading patterns, to study optimal monetary policy across different interbank market structures. In our framework, intermediaries play an essential role in the functioning of the payment system, and monetary policy influences the equilibrium allocation through the interest rate on reserves. If interbank credit markets are incomplete, then monetary policy plays a crucial role in the smooth operation of the payment system. Specifically, an equilibrium in which privately issued debt ...
Working Papers , Paper 19-12

Working Paper
Consumer cash usage: a cross-country comparison with payment diary survey data

We measure consumers' use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany, and the Netherlands), and 2012 (the United States). Our paper finds cross-country differences ? for example, the level of cash use differs across countries. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash is strongly correlated with transaction size, demographics, and point-of-sale characteristics such as merchant card ...
Working Papers , Paper 14-4

Newsletter
Understanding the Demand for Currency at Home and Abroad

Currency is traditionally the largest liability of a central bank and today accounts for 36% of the Federal Reserve?s liabilities, or $1.59 trillion.1 The Fed supplies currency to meet demand, so changes in the demand for currency will be an important determinant of how the Fed?s balance sheet evolves in the future. In this Chicago Fed Letter, we examine currency demand around the world and over time to learn about the range of possibilities for how U.S. currency demand might change. We then project currency demand over the next decade in several illustrative scenarios.
Chicago Fed Letter

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