Consumer perspective on payment systems
Article Abstract:
Consumers evaluate bank service according to six factors: relevance, availability, convenience, cost, quality, and safety. These factors are applied to an analysis of automated bank services such as electronic funds transfer (EFT) systems and automated teller machines (ATMs), as alternatives to more conventional payment systems such as cash payments, money orders, check writing, credit card charging, and debit card usage. EFT and ATM systems provide consumers with increased convenience and money savings (occasioned by discounts offered to system users). However, these automated systems also result in: higher bank charges, limited customer service, restricted bill payment service, elimination of deposit verification, and increased safety and security risks. Moreover, Federal Reserve Board statistics indicate that the consumer costs related to bank automation are being borne by lower and lower-middle income households.
Publication Name: Journal of Bank Research
Subject: Business
ISSN: 0021-9215
Year: 1986
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Large value payment systems
Article Abstract:
W. Robert Moore, chairman of S.W.I.F.T. and senior vice president at Chemical Bank of New York, addressed the International Symposium to explain the services and technologies offered by various automated bank payment systems. Moore's speech focused on three such payment systems: CHESS (the Clearing House Electronic Settlement System developed by the Chicago Clearing House Association), CHIPS (the Clearing House Interbank Payment System developed by the New York Clearing House Association), and S.W.I.F.T. (developed by the Society for Worldwide Interbank Telecommunication). S.W.I.F.T. is a European equivalent to CHESS and CHIPS, but is more similar to BankWire and CashWire systems insofar as its operations. Statistics related to the automated services are provided, as are detailed explanations of their services and customer bases. BankWire, CashWire, and CHESS ceased operating in March 1986.
Publication Name: Journal of Bank Research
Subject: Business
ISSN: 0021-9215
Year: 1986
User Contributions:
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Payment system risk in the United States
Article Abstract:
The Federal Reserve reports that electronic payment systems accounted for 258,000 daily banking transactions in 1985, amounting to a dollar volume of $643 billion each day. The financial risk related to fund transfer systems is being researched by the Federal Reserve, which so far has indicated that: (1) privately owned payment systems and the banking industry at large will have to develop stricter self-regulatory measures to reduce risks associated with electronic funds transfers, and (2) banks and financial institutions need to implement stronger control measures to prevent fraud and operational risks related to the fund transfer systems. The Federal Reserve has also established the Task Force on Payment System Risk, whose objectives and operations are described.
Publication Name: Journal of Bank Research
Subject: Business
ISSN: 0021-9215
Year: 1986
User Contributions:
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