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

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  • anonymous

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.

Suggested Citation

  • anonymous, 2007. "Nonbanks in the payments system: European and U.S. perspectives," Payments System Research Working Paper PSR WP 07-01, Federal Reserve Bank of Kansas City.
    • Handle: RePEc:fip:fedkpw:psrwp07-01
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    References listed on IDEAS

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    1. repec:fip:fedgsq:y:2007:i:jan5 is not listed on IDEAS
    2. 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.).
    3. Shy,Oz, 2001. "The Economics of Network Industries," Cambridge Books, Cambridge University Press, number 9780521805001, September.
    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.
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