The Financial Regulation Forum
Payments and remittances
Towards a new architecture for payment arrangements
Speech by Chris Salmon, Executive Director, Bank of England. In a speech delivered at the BAFT-IFSA Global Annual Meeting on 24 January 2012, Chris Salmon, Executive Director for Banking Services and Chief Cashier, describes how the financial crisis has influenced the perspective of financial stability policymakers towards payment operations. He argues that this will impact [...]
The future of retail payments: opportunities and challenges
Executive summary. Retail payment markets have been developing rapidly throughout the last decade. In Europe a number of legal and regulatory measures have been adopted with the aim of achieving an integrated single market for payments. In other regions (e.g. Australia, Canada and the United States) retail payments have recently also been subject to regulatory [...]
9 ways to avoid debit card usage fees
Pay with cash, credit cards or mobile phones to dodge banks’ new charges. So, your bank has started charging a fee for using your debit card to make purchases. You don’t have to take it. Money experts and consumer advocates say there are alternatives every cardholder should consider before paying the new fee. “You can [...]
Immediate Funds Transfer: A Central Bank Perspective
Speech by Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond. I am honored to be asked to speak at this conference. I have had a longstanding interest in payment economics, particularly the economics of payments systems innovations. From that perspective, the topic of this conference — immediate funds transfer — is intriguing because what [...]
Mobile wallet payment system
Mobile Wallet Gaining Currency. Nowadays, when Edward McLaughlin is paying for aspirin at the Walgreens drug stores in New York, he just has to tap his Nexus S mobile phone on a terminal device. He not only avoids having to fumble through his wallet and hold up the line, but the tapping also automatically adds [...]
Financial stability concern: Net versus gross settlement systems
Discussion Paper No 16/2011: Substitution between net and gross settlement systems – A concern for financial stability? By Ben Craig (Federal Reserve Bank of Cleveland) and Falko Fecht (EBS Business School and Deutsche Bundesbank) Non technical summary. The design of large value payments systems is of high relevance for financial stability. Payments resulting from interbank [...]
Euro area cross-border financial flows and the global financial crisis
by Katrin Forster, Melina Vasardani and Michele Ca’ Zorzi. Non-technical summary. The global financial crisis that started in 2007 and intensified after the collapse of Lehman Brothers in September 2008 abruptly interrupted the more than two-decade-long process of increasing world financial integration. With the complex web of global interlinkages contributing to the spreading of the [...]
EC system for tracking terrorist financing
The European Commission presents options for establishing a European system for tracking terrorist financing. Brussels, 13 July 2011 – Responding to the call from the European Parliament and the Council of the European Union, today the European Commission adopted a Communication outlining the main options for establishing a European Terrorist Finance Tracking System (TFTS). This [...]
Eurosystem payments system oversight policy framework
Payment and settlement systems play an important role for the stability and efficiency of the financial sector and the euro area economy as a whole. For instance, the daily average of the total value of payments processed in the euro area’s large-value payment systems alone stood at €2,713 billion in 2007. This was 30.5% of [...]
Payments systems and systemic risk
The case for more CHAPS settlement banks, Speech by Chris Salmon. In a speech delivered at a breakfast hosted by the Yorkshire and Humberside Network of the ifs School of Finance, Chris Salmon, Executive Director of Banking Services and Chief Cashier, explains why the Bank of England believes that the currently rather limited direct membership [...]
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