IDEAS home Printed from https://ideas.repec.org/p/fip/fedrwp/88-02.html
   My bibliography  Save this paper

Legal and regulatory reform in electronic payments: an evaluation of finality of payment rules

Author

Listed:
  • David L. Mengle

Abstract

Each day approximately $1.3 trillion changes hands by means of wholesale wire transfers. Of this total, about $638 billion is exchanged on Fedwire, the Federal Reserve wire transfer network, while just under $622 billion moves over the privately-owned Clearing House Interbank Payment System (CHIPS). On Fedwire, the average transfer is $2.9 million, while transfers on CHIPS average $4.6 million. With such substantial amounts involved in virtually instantaneous transactions, it is not surprising that concern has risen over risks that a large network network participant will fail to settle its obligation to the network.

Suggested Citation

  • David L. Mengle, 1988. "Legal and regulatory reform in electronic payments: an evaluation of finality of payment rules," Working Paper 88-02, Federal Reserve Bank of Richmond.
  • Handle: RePEc:fip:fedrwp:88-02
    as

    Download full text from publisher

    File URL: http://www.richmondfed.org/publications/research/working_papers/1988/wp_88-2.cfm
    Download Restriction: no

    File URL: http://www.richmondfed.org/publications/research/working_papers/1988/pdf/wp88-2.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Payment systems;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedrwp:88-02. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christian Pascasio (email available below). General contact details of provider: https://edirc.repec.org/data/frbrius.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.