Research Discussion Papers, Bank of Finland
No 13/2004:
Large value payment systems: principles and recent and future developments
Timo Iivarinen ()
Abstract: The present European large-value payment systems are on
the verge of notable changes. Since they comprise the backbone or basic
infrastructure of the whole economy, it is important that the changes are
monitored and carried out in a very prudent manner. This paper attempts to
analyse this change and provide an understanding of where we stand today
and outline some possible prospects. The large-value payment systems are
described and analysed in general terms. For the sake of comparison some
important large-value payment systems outside of Europe are also examined.
It seems that there will be significant changes in the payment systems
industry in the near future. Options for many areas are still open but some
trends are visible. These trends are: economic integration, increasing
pressure from the EU and the regulators to form a single domestic market
across the whole EU area, rapidly changing regulatory environment, rapid
development of IT, outsourcing of the payment system value chain,
increasing emphasis on customer point of view and efficiency. Furthermore,
the border line between large- and small value payments could become
blurred, TARGET2 brings considerable changes to the present situation, the
scope of CLS should be extended, SWIFT system will become industry standard
both in cross-border and domestic payments. These developments in the EU
might mean, from the Finnish point of view, that the development in several
places could go backwards.
Keywords: payment systems; trends; RTGS systems; large-value payments; (follow links to similar papers)
62 pages, September 21, 2004
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