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Payments and remittances

This category contains 30 posts

BoE Payment Systems Oversight Report

11 Apr. Bank of England Payment Systems Oversight Report 2011. The Bank of England has published the 2011 Payment Systems Oversight Report (see link below).  The Oversight Report is an important element of the Bank’s oversight work.  It offers public accountability for this statutory function of the Bank, as well as increasing transparency about the [...]

Inertia and Coordination Problems in Payment Networks

Remarks by Malcolm Edey, Assistant Governor (Financial System), Reserve Bank of Australia. Panel session on Public Policy and Innovation at the Federal Reserve Bank of Kansas City Payments Conference, Kansas City , March 2012. The question I have been asked to address is whether inertia (or coordination failure) is an obstacle to payments system innovation. [...]

Preventing Identity Theft

Preventing Identity Theft Without Paying Monthly Fees. By Alina Tugend My first Shortcuts column, almost seven years ago, was on identity theft. At that point, in 2005, it seemed to be a scary and ever-growing trend, with tales everywhere of stolen credit cards and Social Security numbers leading to bad credit ratings that could haunt [...]

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 [...]

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