Table of Contents
1. INTRODUCTION
2. PAYMENTS SYSTEMS OVERVIEW
Payments System Models
Payments Systems in the United States
Payments System Volumes
Payments System Functions
The Domains of Payment
Payments Systems Flow
Payments System Settlement
The Virtual Systems
Payments System Ownership and Regulation
Economic Models for Payments Systems
Risk Management
Comparing Payments Systems
Cross-Border Payments
Other Countries’ Payments Systems
Changing Payments Networks
Summary: U.S. Payments Systems
Sources of Information on Payments Systems
3. CORE SYSTEMS: CHECKING
History and Background
Phase One: The Development of Clearing Houses
Phase Two: Automation—MICR and Sorters
Phase Three: Imaging
Roles and the Value Chain
The Pre-Image Clearing Environment
Image Clearing
Ownership and Regulation
Check Use, Volumes, and Trends
Check Economics
Check Products
Check Clearing and Infrastructure Economics
Risk Management
Risk Management Products
Major Providers
Summary: Checking
4. CORE SYSTEMS: ACH
History and Background
Roles and the Value Chain
ACH Settlement
Ownership and Regulation
Uses of the ACH System
ACH Products
ACH Trend
Major Providers
Summary: ACH
5. CORE SYSTEMS: CARDS
History and Background
Going Public
Card Types and Brands
Roles and the Value Chain
Enabling Technology and Standards
Card Use, Volumes, and Trends
Regulation
Network Economics and Interchange
The Evolution of Interchange
Card Issuance—Credit and Charge Cards
Card Issuance—Debit Cards
Card Issuance—Prepaid Cards
Card Acquiring
Card Risk Management
Summary: Cards
6. CORE SYSTEMS: CASH
Cash Volumes
Cash Production and Supply
Cash Acceptance
Cash Deposit
ATMs and ATM Networks
Cash Regulation and Risk Management
Major Providers
Summary: Cash
7. CORE SYSTEMS: WIRE TRANSFER
Volumes
Uses and Purposes
The Value Chain
Wire Transfer Regulation and Risk Management
Economics
Major Providers
Summary: Wire Transfer
8. PERSPECTIVES ON PAYMENTS: SYSTEM USERS
The Consumer Perspective
The Merchant Perspective
The Biller Perspective
The Enterprise Perspective
Summary: Payments Systems Users
9. PERSPECTIVES ON PAYMENTS: SYSTEMS PROVIDERS
The Bank Perspective
Understanding Banks
The Network Perspective
The Processor Perspective
Payments Services Providers
10. PAYMENTS INNOVATION
Introduction
The Nature of Change
The Job to be Done
Where Innovation Happens
The Payments Innovation Challenge
Building Blocks for Payments Innovation
Regulatory Influence
Beyond Payments to Commerce
Beyond the U.S.
Achieving Success in Payments Innovation
Summary: Payments Innovation
APPENDIX - GLOSSARY
INDEX
