Globalization and technological innovation are two of themost pervasive forces affecting the financial system andits infrastructure. Perhaps nowhere are these trends moreapparent than in the internationalization and automation ofpayments. The evolving landscape is most obvious in retailpayments...

This article investigates the factors influencing the timingand funding of payments in the CHAPS Sterling system,drawing where appropriate on comparisons with paymentactivity in Fedwire...

[...]This paper traces the evolution of Fedwire fromtwelve separate payment operations, linked only by aninterdistrict communications arrangement, to a more unifiedand efficient system. Our account highlights both thedifficulties the Federal Reserve encountered as it soughtto standardize and...