Journal Article
Emergence of immediate funds transfer as a general-purpose means of payment
Abstract: Immediate funds transfer (IFT) is a highly convenient, certain, secure, and economical means of payment using bank money. IFT is not available in the U.S. banking system, except for large-value business payments, interbank transfers, and specialized financial market transactions. This article examines the successful experience with IFT in Mexico, South Africa, Switzerland, and the UK and concludes that payment system governance is the principal barrier to IFT innovation in the U.S.
Keywords: Payment systems; Electronic funds transfers;
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Bibliographic Information
Provider: Federal Reserve Bank of Chicago
Part of Series: Economic Perspectives
Publication Date: 2011
Volume: 35
Issue: Q III
Pages: 97-112