Payment systems
BoE to step up scrutiny of daily liquidity risks
Regulator wants more data on cashflow mismatches, but no plans for Pillar 2 charge yet
Procyclicality and risk-based access: valuing the embedded credit default swap of employing bilateral credit limits in financial market infrastructures
In light of institutional knowledge, this paper presents the similarities between the survivor-pay component (Tranche 2) of the Canadian large-value transfer system (LVTS) and credit default swap (CDS) contracts.
The short-term Danish interbank market before, during and after the financial crisis
This paper studies the microstructure of the short-term uncollateralized Danish interbank market before, during and after the financial crisis, and into an era of negative interest rates.
Swift user break-ins a ‘repeat business’ for hackers
Cyber thieves have accessed the interbank messaging system through small, developing world banks
Empirical assessments of the Reserve Bank of India’s policy measures on payment and settlement systems in India
This paper empirically evaluates the effects of policy measures used by the Reserve Bank of India (RBI) on interbank payment and settlement systems in that country.
Paper calls for action on payment ‘free-riding’ in Colombia
Country’s financial corporations most likely to prefer to rely on others’ liquidity to fund payments
Freeriding on liquidity in the Colombian large-value payment system
The functioning of a large-value payment system (LVPS) can be affected when some of its participants intentionally decide to delay their payments until they can fund them with payments received from other participants. This payment strategy, known as the…
The absence of evidence and the evidence of absence: an algorithmic approach for identifying operational outages in TARGET2
This paper implements an algorithmic approach to identify participants’operational outages based on transaction data.
The threat of privacy
This paper is the text of a keynote address by Charles M. Kahn, presented at the Financial Market Infrastructure Conference II: New Thinking in a New Era.
The impact of de-tiering in the United Kingdom’s large-value payment system
The authors conduct a head-to-head comparison of central and bilateral clearing to evaluate the impact of market structure on market stability.
The cost of cash and debit cards in Austria
This paper analyzes the cost of cash and debit cards in Austria both in terms of unit costs and scaled to the gross domestic product.
Wait a minute: the efficacy of discounting versus nonpecuniary payment steering
This paper investigates to what extent it is possible to steer consumers away from using credit card.
Not all payments are created equal: segmenting the payment landscape
This paper provides a broad perspective by taking into account payments globally in a comprehensive way: from card payments to real-time gross settlement
Dynamic visualization of large financial networks
This paper presents animated visualizations of transaction flows in the Dutch TARGET2 payment system.
UK regulator wants banks to sell their stake in payments infrastructure
PSR believes current system is damaging to competition and innovation
Reaction functions of the participants in Colombia’s large-value payment system
This paper investigates how participants react to major incidents in a payment system, contributing to the literature on payment reaction functions.
Identification of over and under provision of liquidity in real-time payment systems
The authors study the issue of liquidity provision in the context of payment systems where participating banks have flexibility on the timing of their outgoing payments during the settlement day.
Distributed ledgers could impact FMIs, report finds
CPMI publishes report on digital currencies
The global network of payment flows
This paper considers a network of cross-border SWIFT message flows where nodes are the countries in which the sending and receiving banks are domiciled. The authors analyze how the payment flows reflect or predict various aspects of the real economies.
Bitcoin technology could slash transaction risk in banking
Using cryptography to validate transactions may transform finance
Competition in bank-provided payment services
Relative competition in payment services assessed by new frontier-based method