the use of payment instruments (credit transfers, direct debits and card payments) throughout SEPA (the 27 EU countries … created a harmonised legal framework for payment services and the European Payments Council (EPC), unifying the banking sector …. For each of the SEPA payment instruments, the EPC has developed standards : “Rulebooks” for the credit transfer and direct …

the fragility of check payment system. In this paper, we investigate whether the dramatic increase in nonpayments of … their decisions. Our main finding is that lack of strict punishment can cause default cascades in check payment systems. …

This paper studies the optimal clearing arrangement for bilateral financial contracts in which an assessment of …, at a cost, about the commitment of their borrowers, which affects the assessment of counterparty risk. Clearing through a … and reveal information. If information acquisition is incentive‐compatible, then lenders choose central clearing. If it is …