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Evaluating the potential of immediate funds transfer for general-purpose payments in the United States

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Abstract

Immediate funds transfer (IFT) is a convenient, certain, secure, and low-cost means of electronically transferring money between bank accounts with no or minimal delay in receivers? receipt and use of funds. Yet IFT is not widely available in the U.S. This article summarizes discussions on the potential for IFT in the U.S. held at the Symposium on Immediate Funds Transfer for General-Purpose Payments, sponsored by the Federal Reserve Bank of Chicago, on September 7, 2011.

Suggested Citation

  • Katy Jacob & Kirstin E. Wells, 2011. "Evaluating the potential of immediate funds transfer for general-purpose payments in the United States," Chicago Fed Letter, Federal Reserve Bank of Chicago, issue Nov.
    • Handle: RePEc:fip:fedhle:y:2011:i:nov:n:292a
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    File URL: http://www.chicagofed.org/digital_assets/publications/chicago_fed_letter/2011/cflnovember2011_292a.pdf
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    Cited by:

    1. Mirjam Plooij, 2020. "A future-proof retail payments ecosystem for Europe – the Eurosystem’s retail payments strategy and the role of instant payments therein," Revista de Estabilidad Financiera, Banco de España, issue NOV.
    2. Mirjam Plooij, 2020. "A future-proof retail payments ecosystem for Europe – the Eurosystem’s retail payments strategy and the role of instant payments therein," Revista de Estabilidad Financiera, Banco de España, issue Autumn.
    3. Hartmann, Monika & Gijsel, Lola Hernandez-van & Plooij, Mirjam & Vandeweyer, Quentin, 2019. "Are instant payments becoming the new normal? A comparative study," Occasional Paper Series 229, European Central Bank.
    4. Mirjam Plooij, 2020. "A future-proof retail payments ecosystem for Europe – the Eurosystem’s retail payments strategy and the role of instant payments therein," Financial Stability Review, Banco de España, issue NOV.
    5. Claire Greene & Marc Rysman & Scott Schuh & Oz Shy, 2014. "Costs and benefits of building faster payment systems: the U.K. experience and implications for the United States," Current Policy Perspectives 14-5, Federal Reserve Bank of Boston.
    6. Mirjam Plooij, 2020. "A future-proof retail payments ecosystem for Europe – the Eurosystem’s retail payments strategy and the role of instant payments therein," Financial Stability Review, Banco de España, issue Autumn.
    7. Fumiko Hayashi, 2015. "Faster payments in the United States: how can private sector systems achieve public policy goals?," Research Working Paper RWP 15-3, Federal Reserve Bank of Kansas City.

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    Keywords

    Payment systems;

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