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Person-to-person electronic funds transfers: recent developments and policy issues


  • Oz Shy


The paper investigates the reasons why person-to-person electronic funds transfers are still not very common in the United States compared with practices in many other countries. The paper also describes recent enhancements to online and mobile banking that provide account holders with low-cost interfaces to manage person-to-person electronic funds transfers via automated clearing house (ACH). On the theoretical side, the paper characterizes the critical mass levels needed for payment instruments to become widely adopted. Given the Fed's long-term heavy involvement in check clearing, the paper concludes with policy discussions of whether intervention is needed.

Suggested Citation

  • Oz Shy, 2010. "Person-to-person electronic funds transfers: recent developments and policy issues," Public Policy Discussion Paper 10-1, Federal Reserve Bank of Boston.
  • Handle: RePEc:fip:fedbpp:10-1

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    References listed on IDEAS

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    6. Refet S. G├╝rkaynak & Brian Sack & Jonathan H. Wright, 2010. "The TIPS Yield Curve and Inflation Compensation," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(1), pages 70-92, January.
    7. W. Erwin Diewert, 1998. "Index Number Issues in the Consumer Price Index," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 47-58, Winter.
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    Electronic funds transfers ; Clearinghouses (Banking);

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