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Re-engineering payment systems for the E-world

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  • Leinonen, Harry

Abstract

Payment systems are undergoing rapid changes stimulated largely by technological progress.Distributed network technology, real-time processing and customers' willingness to use electronic banking interfaces will further reshape payment systems during the coming years.Internet and e-commerce will have a major impact on payment systems. This paper presents the current developmental trends.It analyses the need to develop payment standards and the content of payment instructions in order to fully automate the payment process.Since interbank settlements comprise an essential part of payments, they should be made an integral part of the payment process within the Internet environment.With cross-border payments increasing in importance, any new developments should take an international perspective. Payment system development requires cooperation between the banks and other participants involved.In order to build the necessary consensus, banking industry organizations as well as central banks and other regulators will need to work together to re-engineer the present payment systems, making full use of the possibilities created by modem technology.

Suggested Citation

  • Leinonen, Harry, 2000. "Re-engineering payment systems for the E-world," Bank of Finland Research Discussion Papers 17/2000, Bank of Finland.
    • Handle: RePEc:zbw:bofrdp:rdp2000_017
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    Cited by:

    1. Dahlberg, Tomi & Öörni, Anssi, 2006. "Finnish consumers' expectations on developments and changes in payment habits: survey in connection with the research project "Finnish payment habits 2010"," Bank of Finland Research Discussion Papers 32/2006, Bank of Finland.
    2. Kemppainen, Kari, 2003. "Competition and regulation in European retail payment systems," Bank of Finland Research Discussion Papers 16/2003, Bank of Finland.
    3. Leinonen, Harry & Lumiala, Veli-Matti & Sarlin, Riku, 2002. "Settlement in modern network-based payment infrastructures: Description and prototype of the E-Settlement model," Bank of Finland Research Discussion Papers 23/2002, Bank of Finland.

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