To examine the adequacy of existing efforts to prevent, manage, and mitigate data breaches and other fraud in card-based payment systems, the authors conducted 17 interviews of various payment industry participants in 2009. This article documents the insights gained from the interviews, which...

Immediate funds transfer (IFT) is a highly convenient, certain, secure, and economical means of payment using bank money. IFT is not available in the U.S. banking system, except for large-value business payments, interbank transfers, and specialized financial market transactions. This article...

Short-term credit plays an essential part in the business financing process. In view of its importance in the nation's credit structure, the market for short-term business credit receives a great deal of attention from financial analysts.

Increasing membership attrition has stimulated research into the costs and benefits of Federal Reserve System membership compared to the nonmembership alternative. Recent research has contributed to our understanding of the membership question in two important ways.

In addition to its central banking responsibilities, the Federal Reserve System also plays an important role in correspondent banking. The twelve Federal Reserve banks supply services, including check collection, wire transfer of funds, provision of currency and coin, and safekeeping of...

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