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Nonbanks and risk in retail payments

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    This paper documents the importance of nonbanks in retail payments in the United States and in 15 European countries and analyzes the implications of the importance and multiple roles played by nonbanks on retail payment risks. This paper also reviews the main regulatory safeguards in place, and concludes that there may be a need to reconsider some of them in view of the growing role of nonbanks and of the global reach of risks in the electronic era.

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    File URL: http://www.kansascityfed.org/PUBLICAT/PSR/RWP/NonbanksRWP07-02.pdf
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    Paper provided by Federal Reserve Bank of Kansas City in its series Payments System Research Working Paper with number PSR WP 07-02.

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    Date of creation: 2007
    Date of revision:
    Handle: RePEc:fip:fedkpw:psrwp07-02
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    Web page: http://www.kansascityfed.org/

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    1. Kim McPhail, 2003. "Managing Operational Risk in Payment, Clearing, and Settlement Systems," Working Papers 03-2, Bank of Canada.
    2. Richard J. Sullivan, 2007. "Risk management and nonbank participation in the U.S. retail payments system," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 5-40.
    3. Kenneth Spong, 2000. "Banking regulation : its purposes, implementation, and effects," Monograph, Federal Reserve Bank of Kansas City, number 2000bria.
    4. Rosati, Simonetta & Secola, Stefania, 2006. "Explaining cross-border large-value payment flows: Evidence from TARGET and EURO1 data," Journal of Banking & Finance, Elsevier, vol. 30(6), pages 1753-1782, June.
    5. repec:fip:fedgsq:y:2007:i:jan5 is not listed on IDEAS
    6. Ben S. Bernanke, 2007. "Central banking and bank supervision in the United States," Speech 250, Board of Governors of the Federal Reserve System (U.S.).
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