The purpose of this paper is to present the two existing virtual account models functioning in the European Union, examine their legal validity and identify the legal challenges related to the functioning of these models. The first model, Mass Payment Accounts, which is related to virtual...

Since their introduction in the United States in 2002, contactless card payment systems have been widely regarded as the pinnacle of current retail banking technology. However, the potential demand and usage of this innovation has hitherto received little attention from the academic community....

This paper investigates the effect of liquidity-saving mechanisms (LSMs) in interbank payment systems. We model a stylised two-stream payment system where banks choose (a) how much liquidity to post and (b) which payments to route into each of two ‘streams': the RTGS stream, and an LSM stream....