This book, edited by Bruce J. Summers, makes a practical contribution to increased understanding of payment system design and management and of the relationship between the payment system and monetary policy. the authors of the 12 papers included in the book are central banking experts from...

The “cashless and checkless” society has been a dominant theme in the thinking of bankers for twenty years. Because electronic funds transfer (EFT) represents a breakthrough in the payment process, most discussions of electronic payments have dealt only with expected future developments. In...