The U.S. Payment System: Efficiency, Risk and the Role of the Federal Reserve : Proceedings of a Symposium on the U.S. Payment System sponsored by the Federal Reserve Bank of Richmond

Conference Overview Progress in Bringing About a More Efficient and Safer Payment System -- I Payment Market Efficiency -- 1 The Electronic Payment Industry: Change Barriers and Success Requirements from a Market Segments Perspective -- Commentary by Michael Urkowitz -- 2 Market Failure and Resource Use: Economic Incentives to Use Different Payment Instruments -- Commentary by Donald R. Hollis -- 3 The Canadian Payment System: An Evolving Structure -- Commentary by James F. Dingle -- Luncheon Address Perspectives on Payment System Risk Reduction -- II Payment System Risk -- 4 Legal and Regulatory Reform in Electronic Payments: An Evaluation of Payment Finality Rules -- Commentary by Hal S. Scott -- 5 Payment Risk, Network Risk, and the Role of the Fed -- Commentary by Robert E. Litan -- III Private and Public Roles in the Payment Mechanism -- 6 The Conflicting Roles of the Federal Reserve as Regulator and Services Provider in the U.S. Payment System -- Commentary by Robert J. Listfield -- Commentary by Gerald R. Faulhaber -- 7 Money, Credit, Banking, and Payment System Policy -- Commentary by Clifford W. Smith, Jr. -- Conference Summary An Overview of Payment System Issues: Where Do We Go from Here? -- List of Conference Attendees and Their Affiliations.