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Discussion Paper
What Can We Learn from the Timing of Interbank Payments?
Copeland, Adam; Molloy, Linsey; Tarascina, Anya (2019-02-25)
From 2008 to 2014 the Federal Reserve vastly increased the size of its balance sheet, mainly through its large-scale asset purchase programs (LSAPs). The resulting abundance of reserves affected the financial system in a number of ways, including by changing the intraday timing of interbank payments. In this post we show that (1) there appears to be a nonlinear relationship between the amount of reserves in the system and the timing of interbank payments, and (2) with the increase in reserves, smaller banks shifted their timing of payments more significantly than larger banks did. This result ...
Liberty Street Economics , Paper 20190225

Journal Article
Technological Change and Central Banking
Andolfatto, David (2024-01-05)
The decentralized autonomous organization (DAO) represents a radically new way to manage databases. Since money and payments are all about managing databases and since banks play a central role in money and payments, DAO-based money and payments systems are potentially a disruptive force in the banking system—which includes central banks. One would normally expect regulatory frameworks to evolve with a changing technological landscape. However, the decentralized governance structure characteristic of DAOs renders it near impossible to regulate these entities directly—a property that makes ...
Review , Volume 106 , Issue 1 , Pages 1-9

Briefing
Pondering Payments: Challenges of Reaching All Americans
George, Esther L. (2020-06-30)
Policy Perspectives

Briefing
The Rise of Buy Now, Pay Later: Bank and Payment Network Perspectives and Regulatory Considerations
Alcazar, Julian; Bradford, Terri (2021-12-01)
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

Briefing
Payments System Research: Our 2020 Vision
Zubradt, Susan (2020-02-19)
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

Briefing
Are Contactless Payments Finally Poised for Adoption?
Bradford, Terri (2021-04-14)
Two types of contactless payments, near-field communication (NFC) and quick response (QR) code, have seen a boost from the COVID-19 pandemic.
Payments System Research Briefing

Speech
Advances in Digital Currency Experimentation
Neal, Michelle (2022-11-04)
Remarks at the Singapore FinTech Festival, Singapore.
Speech

Working Paper
Chargebacks: another payment card acceptance cost for merchants
Hayashi, Fumiko; Sullivan, Richard J.; Markiewicz, Zach (2016-01-04)
Although chargebacks are perceived as one of the major cost components for merchants to accept card payments, little research has been conducted on them. To fill that gap, this paper describes the current chargeback landscape by generating detailed statistics on chargebacks for signature-based transactions. Our data are from merchant processors, which, altogether, processed more than 20 percent of all signature-based transactions in the United States. For Visa and MasterCard transactions, chargebacks merchants receive are, on average, 1.6 basis points (bps) of sales number and 6.5 bps of ...
Research Working Paper , Paper RWP 16-1

Speech
Remarks at the Panel Discussion, “Central Bank Perspectives on Central Bank Digital Currencies”
Rosengren, Eric S. (2021-05-12)
The topic of central bank digital currencies is certainly of interest to the Federal Reserve and other nations’ central banks around the world. Like others, the Federal Reserve System is considering both the technical and policy issues surrounding all aspects of a central bank digital currency. In my brief remarks today on the panel, I will touch on several of these key considerations.
Speech

Journal Article
Mobile Banking Use and Consumer Readiness to Benefit from Faster Payments
Toh, Ying Lei; Hayashi, Fumiko (2020-04-17)
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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