The Drivers of The Recent Payment Systems Reforms Globally
In this paper we introduce and discuss the three drivers of recent intensive payment systems reforms globally in the last 5 years in the process of implementing safe and efficient payment systems. We define the first driver as the strong domestic demand for financial stability and better financial services. The second driver is the increasing level of international cooperation and efforts of international financial institutions. The third driver is the impact positive externalities of globalisation reflected in the ICT area. The ICT firms are providing “turnkey” payment systems solutions and ready-to-use network, namely SWIFT, for a world economy of any size to go live with a robust payment system infrastructure. When we analyse various payment systems reform cases from the world economies under different groups, we observe the impacts of these drivers strongly. Yet there are weaknesses in most of the systems worldwide, when these systems are assessed against the newly developed “best-practices” named the core principles for Systemically Important Payment Systems as developed under the aegis of BIS/CPSS. In our analysis, we also observe that these drivers are also helping for the world economies not only to implement the first generation of payment systems but also to continuously improve their systems to meet higher standards.
Volume (Year): 4 (2004)
Issue (Month): 2 ()
|Contact details of provider:|| Postal: Head Office, Istiklal Cad. 10 Ulus, 06100 Ankara|
Phone: (90 312) 507 5000
Fax: (90 312) 507 5640
Web page: http://www.tcmb.gov.tr/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Charles M. Kahn & William Roberds, 1999.
"Real-time gross settlement and the costs of immediacy,"
FRB Atlanta Working Paper
98-21, Federal Reserve Bank of Atlanta.
- Kahn, Charles M. & Roberds, William, 2001. "Real-time gross settlement and the costs of immediacy," Journal of Monetary Economics, Elsevier, vol. 47(2), pages 299-319, April.
- Kemppainen, Kari, 2003. "Competition and regulation in European retail payment systems," Research Discussion Papers 16/2003, Bank of Finland.
- Charles Freedman & Clyde Goodlet, 1998. "Canadian payments system: recent developments in structure and regulation," Proceedings 579, Federal Reserve Bank of Chicago.
When requesting a correction, please mention this item's handle: RePEc:tcb:cebare:v:4:y:2004:i:2:p:65-107. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()or () or ()
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.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.