Legal and regulatory reform in electronic payments: an evaluation of finality of payment rules

David L. Mengle

No 88-02, Working Paper from Federal Reserve Bank of Richmond

Abstract: Each day approximately $1.3 trillion changes hands by means of wholesale wire transfers. Of this total, about $638 billion is exchanged on Fedwire, the Federal Reserve wire transfer network, while just under $622 billion moves over the privately-owned Clearing House Interbank Payment System (CHIPS). On Fedwire, the average transfer is $2.9 million, while transfers on CHIPS average $4.6 million. With such substantial amounts involved in virtually instantaneous transactions, it is not surprising that concern has risen over risks that a large network network participant will fail to settle its obligation to the network.

Keywords: Payment; systems (search for similar items in EconPapers)
Date: 1988
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.richmondfed.org/publications/research/working_papers/1988/wp_88-2.cfm (text/html)
https://www.richmondfed.org/-/media/RichmondFedOrg ... /1988/pdf/wp88-2.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedrwp:88-02

Ordering information: This working paper can be ordered from
research.publications@rich.frb.org

Access Statistics for this paper

More papers in Working Paper from Federal Reserve Bank of Richmond Contact information at EDIRC.
Bibliographic data for series maintained by Christian Pascasio (christian.pascasio@rich.frb.org).