Nonbanks in the payments system: European and U.S. perspectives

Anonymous

No PSR WP 07-01, Payments System Research Working Paper from Federal Reserve Bank of Kansas City

Abstract: This paper presents the initial results of a joint study undertaken by staff at the European Central Bank and the Federal Reserve Bank of Kansas City to document and analyze nonbanks in the payments system. The focus is on electronic (non-paper) retail payment services in the European Union and the United States. The results show that nonbanks are making their presence felt at all stages of the payments chain. And, at this time, nonbanks appear most prominent in the United States, but are prominent in many European countries as well. And, most importantly, nonbank presence appears to be increasing in virtually all countries.

Date: 2007
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