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Payment systems convergence

Author

Listed:
  • Knorr, Michael

    (Head of Payments and Liquidity Management, Wells Fargo Bank, NA, USA)

Abstract

This paper explores the convergence trends of payment systems over the last 35 years and describes the impact that regulators and market forces have had on their design. Initially focused on pure domestic needs, payment systems now need to be more attuned to global interoperability. The needs of all participants in the payments ecosystem, from corporate to the unbanked, influence the design of payment systems. Banks are faced with the challenge to keep up with these emerging requirements as well as offer their customers end-to-end automation of the payments chain and insulate their customers from these changes

Suggested Citation

  • Knorr, Michael, 2009. "Payment systems convergence," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 3(1), pages 6-16, January.
    • Handle: RePEc:aza:jpss00:y:2009:v:3:i:1:p:6-16
    as

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    More about this item

    Keywords

    ACH; electronic funds transfer; ISO 20022; mobile; payments;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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