Today's panel on fraud containment has been asked to identify the most common forms of retail payments fraud; the most effective fraud reduction tools, especially those pertaining to real-time payments; and approaches that payment providers and merchants take to balance fraud risk and consumer...

This paper addresses concerns that the U.S. payment system is not keeping up with the rest of the digital economy in providing new methods of payment that give consumers immediate access to and use of their deposits held in accounts with banks and other deposit-taking institutions ("banks" for...

We develop and test the effectiveness of a theoretical governance model for general purpose payment systems (GPPS), systems that are used by individuals, businesses and merchants, and state, local and federal government entities to make and receive payments. We test for effective governance...

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...

The “cashless and checkless” society has been a dominant theme in the thinking of bankers for twenty years. Because electronic funds transfer (EFT) represents a breakthrough in the payment process, most discussions of electronic payments have dealt only with expected future developments. In...