Faster payments in the United States: how can private sector systems achieve public policy goals?

Fumiko Hayashi

No RWP 15-3, Research Working Paper from Federal Reserve Bank of Kansas City

Abstract: Consumers and businesses are increasingly expecting faster payments. While many countries have already developed or are in process of developing faster payments, the availability of these payments is fragmented in the United States. The recently released paper by the Federal Reserve encourages private sector participants to provide faster payment services. However, private-sector faster payments systems will face significant challenges in achieving public policy goals of ubiquity, safety, and efficiency unless system governance represents broad public interests. One way to better align private-sector interests with those of the public is for the Federal Reserve to influence governance of the private-sector systems through its leadership role.

Keywords: Faster payments; Federal Reserve and payments; System governance (search for similar items in EconPapers)
JEL-codes: L5 L88 M14 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2015-06-01
New Economics Papers: this item is included in nep-mon
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Citations: View citations in EconPapers (1)

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