An analysis of the potential effects of three recent proposals for pricing Federal Reserve daylight overdrafts, demonstrating that reducing the attendant moral hazard in daylight overdraft credit depends on how, rather than on how much, pricing affects overdrafts, and that this should be a...

The phenomenal growth of financial market and trading activities worldwide has led to tremendous growth in large-value payments systems. Large-value payments systems are the electronic banks used to transfer large payments among themselves. Payment orders processed in such systems in the United...

With the year 2000 rapidly approaching, stored-value cards are already popular in some countries and are being introduced into the United States by private companies. Stored-value cards are one form of electronic cash—electronic substitutes for paper currency. Digital cash (also known as...

An examination of the concept of settlement risk, a description of the large-dollar payment system in the U.S., and an explanation of the increased concern about settlement risk.

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Contrary to expectations, the growth rate of total ACH payments handled by private and public processors has been slowing, not increasing. Such payments will never materially supplant checks until certain legal and institutional changes are made.

An abstract for this article is not available.