Related links: http://www.richmondfed.org/publications/research/region_focus/2010/q3/around_the_fed_weblinks.cfm

The U.S. dollar clearing and settlement system received little attention during the recent financial crisis, mainly because it performed reliably, processing record volumes and values of trades made in stressed financial markets. This article shows how Federal Reserve policy measures aimed at...

This paper attempts to quantify the benefits associated with operating a liquidity-saving mechanism (LSM) in Fedwire, the large-value payment system of the Federal Reserve. Calibrating the model of Martin and McAndrews (2008), we find that potential gains are large compared to the likely cost of...

Advances in technology have helped usher in new payment mechanisms catered to current demographic and cross-border demands. Yet these payment innovations also pose increasingly complex security challenges worldwide. Participants at a recent Chicago Fed conference discussed the implications of...

This article explores the changing landscape of U.S. retail payments: trends, the Fed's role, and the future of payments.