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Journal Article
The electronic purse
The electronic purse, a new payments instrument offering advantages to both consumers and merchants, may soon replace currency in many routine transactions. Widespread use of the electronic purse could, however, raise concerns about consumer protection and the safety and soundness of the instrument.
Journal Article
Bankers on pricing consumer deposits
Journal Article
Bank branches in supermarkets
The largest U.S. commercial banks are restructuring their retail operations to reduce the cost disadvantage resulting from a stagnant deposit base and stiffer competition. As part of this effort, some banks are opening "supermarket," or "in-store," branches: a new type of banking office within a large retail outlet. An alternative to the traditional bank office, the supermarket branch enables banks to improve the efficiency of the branch network and offer greater convenience to customers.
Journal Article
Second District update: a moderate recovery is in progress
After a prolonged recession, the Second District's economy began to expand in the second half of 1993. Several indicatorsthe growing volume of exports from the region, strong earnings on Wall Street, and job growth at newly formed businessessuggest that the recovery can be sustained in the quarters immediately ahead. In a supplemental analysis, the authors find that new small firms are the primary source of job generation in New York State, although they note that such firms also carry a higher risk of failure.
Report
Consumer payments over open computer networks
The increasing prospects for large volumes of commerce taking place over open computer networks has created considerable interest in the security and technology of open computer network commerce. In this paper, we explain how the basic encryption technology for sending secure messages works, and how this technology can be used to create electronic payment instruments, including cash, credit card, and check payments. We also review briefly the necessary elements required to support encryption technology: (1) a certification authority, (2) mathematical complexity of the encryption formulas, (3) ...
Journal Article
Financial transactions and the demand for M1
Journal Article
Perspective on the credit slowdown