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Vol 21 No 9 Sept/Oct 2016

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Goode on Commercial Law

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Payment Systems: From the Salt Mines to the Board Room

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ISBN13: 9780230202504
Published: September 2008
Publisher: Palgrave Scholarly
Country of Publication: UK
Format: Hardback
Price: £84.00

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The world has just been rocked by the most serious financial crisis in decades, yet payment systems functioned unperturbed: salaries were paid out and bills settled as usual. Do we take payment systems for granted? They are, however, changing profoundly under the impact of competition, technology and regulation. Once a monopoly of banks, payment services are now under attack by entrants from outside the financial industry who will cherry-pick the most profitable areas. This book covers the various payment instruments, the architecture of payment systems, the risk management measures which allowed them to survive recent crises and the role of the various stakeholders. It describes the payment systems in Europe (SEPA), the US and major Asian markets and also covers the settlement of securities and FX trading. It examines the payment and cash management services required by corporations and how the banks are endeavoring to satisfy them. The book concludes with the authors' views on the future of this fascinating business. Payment back offices were considered the banks' salt mines, but boards now understand that payment services are an essential part of their global business strategy.

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Banking and Finance
Introduction PART I: THE STRUCTURE AND ECONOMICS OF PAYMENT SYSTEMS Chapter 1: The Architecture of Payment Systems Introduction and Basic Concepts Participants in a Payment System Payment Operations Standards Efficiency Criteria for Payment Systems Chapter 2: Payment Instruments Characteristics of Payment Instruments Cash Cheques Credit Transfers Direct Debits Cards Payment Channels Statistics and Comparative Trends Chapter 3: Cross-currency Payments and SWIFT Correspondent Banking The SWIFT Network The Correspondent Banking and Clearing Business Remittances Chapter 4: Risks in Payment Systems, Oversight and Security Analysis of Risks in Payment Systems Risk Management Regulatory Oversight Fraud Prevention and Security Chapter 5: The Role of Payment Systems in the Economy The Economic Role of Payment Systems Payment Systems and Money Velocity Network Economics Part II: OVERVIEW OF CURRENT PAYMENT SYSTEMS Chapter 6: European Payments and SEPA SEPA The Payment Services Directive (PSD) The TARGET2 RTGS System Clearing and Settlement Mechanisms The EBA Payment Systems The SEPA Schemes and Frameworks Business and Operational Impact of SEPA UK Payment Systems Chapter 7: The US Payment Systems Fedwire The National Settlement System CHIPS The ACH Network Cheques Cards Trends Overview of the US Securities Clearing and Settlement Systems Chapter 8: Major Asian Payment Systems Payment and Securities Settlement Systems in Japan Payment and Securities Settlement Systems in China and Hong Kong SAR Chapter 9: New Entrants Remittance Service Providers Non-bank Issued Credit Cards Transport Cards Mobile Phones and Mobile Payments Paypal Earthport Part III: THE SETTLEMENT OF TRADING ACTIVITIES Chapter 10: The Settlement of Foreign Exchange Trades and CLS The Settlement of Foreign Exchange Trades and Settlement Risk CLS Chapter 11: Securities Settlement Securities Clearing and Settlement Risks in Securities Settlement Systems Settlement Risk Management Consolidation of Exchanges and the Clearing and Settlement Landscape TARGET2 Securities Part IV: WHOLESALE PAYMENTS, CASH MANAGEMENT AND TRADE FACILITATION SERVICES Chapter 12: The Requirements of Corporations The Role of the Treasury Department Electronic Invoicing Supply Chain Finance (SCF) Chapter 13: Corporate Banking Services Electronic Banking and Communication Channels Reporting, Cash Management and Treasury Services Fees and Remuneration Selection Criteria Part V: BANKS AND THE PAYMENTS BUSINESS Chapter 14: The Banks' Back Offices Payment Processing and STP Departments Involved Operations IT Systems Chapter 15: Payments as a Business for Banks Payments within Banks' Overall Strategy The Economics and Profitability of Payment Services Organisation and Governance Development of an Enterprise-wide Payments Strategy Part VI: THE FUTURE Chapter 16: Where is the Payments Business Going? Instruments Payment Systems Architectures, Schemes, Standards and Operators Risk and Fraud Management Governance and Oversight Settlement of Financial Markets Trading Regional Developments Corporate Banking New Entrants Operations Revenue Shifts and Reduction Conclusion Appendix 1: Comparison between Large-value Payment Systems Commonly Used Abbreviations and Acronyms Glossary Bibliography and Useful Websites References Index