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

  • Bruce J. Summers
  • Kirstin E. Wells
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    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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    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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    1. Rochet, Jean-Charles & Tirole, Jean, 2003. "Platform Competition in Two-Sided Markets," IDEI Working Papers 152, Institut d'Économie Industrielle (IDEI), Toulouse.
    2. 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.
    3. repec:fip:fedgws:y:2008:i:oct:p:a75-a106:n:v.94 is not listed on IDEAS
    4. 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.
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