Research Discussion Papers, Bank of Finland
Re-engineering Payment Systems for the E-world
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 modern technology.
Keywords: payment systems; settlement systems; RTGS; payment system integration; (follow links to similar papers)
44 pages, November 29, 2000
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