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Emergence of immediate funds transfer as a general-purpose means of payment

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  • Bruce J. Summers
  • Kirstin E. Wells
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    Abstract

    Immediate funds transfer (IFT) is a highly convenient, certain, secure, and economical means of payment using bank money. IFT is not available in the U.S. banking system, except for large-value business payments, interbank transfers, and specialized financial market transactions. This article examines the successful experience with IFT in Mexico, South Africa, Switzerland, and the UK and concludes that payment system governance is the principal barrier to IFT innovation in the U.S.

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    File URL: http://www.chicagofed.org/digital_assets/publications/economic_perspectives/2011/3qtr2011_part2_summers_wells.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

    Volume (Year): (2011)
    Issue (Month): Q III ()
    Pages: 97-12

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    Handle: RePEc:fip:fedhep:y:2011:i:qiii:p:97-12:n:v.35no.3

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    Related research

    Keywords: Payment systems ; Electronic funds transfers;

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    1. Jean-Charles Rochet & Jean Tirole, 2003. "Platform Competition in Two-Sided Markets," Journal of the European Economic Association, MIT Press, vol. 1(4), pages 990-1029, 06.
    2. Kenneth N. Kuttner & James J. McAndrews, 2001. "Personal on-line payments," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 35-50.
    3. repec:fip:fedgws:y:2008:i:oct:p:a75-a106:n:v.94 is not listed on IDEAS
    4. Kevin Foster & Erik Meijer & Scott Schuh & Michael A. Zabek, 2010. "The 2008 Survey of Consumer Payment Choice," Public Policy Discussion Paper 09-10, Federal Reserve Bank of Boston.
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