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...

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...

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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.