Payment Systems: From the Salt Mines to the Board Room PDF
Preview Payment Systems: From the Salt Mines to the Board Room
PalgraveMacmillanStudiesinBankingandFinancialInstitutions SeriesEditor:ProfessorPhilipMolyneux ThePalgraveMacmillanStudiesinBankingandFinancialInstitutionsareinter- nationalinorientationandincludestudiesofbankingwithinparticularcountries orregions,andstudiesofparticularthemessuchasCorporateBanking,RiskMan- agement,MergersandAcquisitions,etc.Thebooksfocusonresearchandpractice, andincludeup-to-dateandinnovativestudiesoncontemporarytopicsinbanking thathaveglobalimpactandinfluence. Titlesinclude: YenerAltunbas¸¸¸,BlaiseGadaneczandAlperKara SYNDICATEDLOANS AHybridofRelationshipLendingandPubliclyTradedDebt YenerAltunbas¸¸,AlperKaraandÖzlemOlgu TURKISHBANKING BankingunderPoliticalInstabilityandChronicHighInflation ElenaBeccalli ITANDEUROPEANBANKPERFORMANCE PaolaBongini,StefanoChiarloneandGiovanniFerri(editors) EMERGINGBANKINGSYSTEMS SantiagoCarbó,EdwardP.M.GardenerandPhilipMolyneux FINANCIALEXCLUSION AllessandroCarretta,FrancoFiordelisiandGianlucaMattarocci(editors) NEWDRIVERSOFPERFORMANCEINACHANGINGFINANCIALWORLD ViolaineCousin BANKINGINCHINA FrancoFiordelisiandPhilipMolyneux SHAREHOLDERVALUEINBANKING HansGenbergandCho-HoiHui THEBANKINGCENTREINHONGKONG Competition,Efficiency,PerformanceandRisk CarloGolaandAlessandroRoselli THEUKBANKINGSYSTEMANDITSREGULATORYANDSUPERVISORY FRAMEWORK ElisabettaGualandriandValeriaVenturelli(editors) BRIDGINGTHEEQUITYGAPFORINNOVATIVESMEs MunawarIqbalandPhilipMolyneux THIRTYYEARSOFISLAMICBANKING History,PerformanceandProspects KimioKaseandTanguyJacopin CEOsASLEADERSANDSTRATEGYDESIGNERS ExplainingtheSuccessofSpanishBanks M.MansoorKhanandM.IshaqBhatti DEVELOPMENTSINISLAMICBANKING TheCaseofPakistan MarioLaTorreandGianfrancoA.Vento MICROFINANCE PhilipMolyneuxandMunawarIqbal BANKINGANDFINANCIALSYSTEMSINTHEARABWORLD PhilipMolyneuxandEleuterioVallelado(editors) FRONTIERSOFBANKSINAGLOBALWORLD AnastasiaNesvetailova FRAGILEFINANCE Debt,SpeculationandCrisisintheAgeofGlobalCredit DominiqueRambureandAlecNacamuli PAYMENTSYSTEMS FromtheSaltMinestotheBoardRoom CatherineSchenk(editor) HONGKONGSAR’sMONETARYANDEXCHANGERATECHALLENGES HistoricalPerspectives AndreaSchertler THEVENTURECAPITALINDUSTRYINEUROPE AlfredSlager THEINTERNATIONALIZATIONOFBANKS NoelK.Tshiani BUILDINGCREDIBLECENTRALBANKS PolicyLessonsforEmergingEconomies PalgraveMacmillanStudiesinBankingandFinancialInstitutions SeriesStandingOrderISBN978–1–4039–4872–4 Youcanreceivefuturetitlesinthisseriesastheyarepublishedbyplacingastand- ingorder.Pleasecontactyourbookselleror,incaseofdifficulty,writetousatthe addressbelowwithyournameandaddress, thetitleoftheseriesandtheISBN quotedabove. Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke,HampshireRG216XS,England Payment Systems From the Salt Mines to the Board Room DominiqueRambure and AlecNacamuli ©DominiqueRambureandAlecNacamuli2008 Foreword©GerardHartsink2008 Softcover reprint of the hardcover 1st edition 2008 978-0-230-20250-4 Allrightsreserved.Noreproduction,copyortransmissionofthis publicationmaybemadewithoutwrittenpermission. Noportionofthispublicationmaybereproduced,copiedor transmittedsavewithwrittenpermissionorinaccordancewith theprovisionsoftheCopyright,DesignsandPatentsAct1988,or underthetermsofanylicencepermittinglimitedcopyingissued bytheCopyrightLicensingAgency,SaffronHouse,6-10Kirby Street,LondonEC1N8TS. Anypersonwhodoesanyunauthorizedactinrelationtothis publicationmaybeliabletocriminalprosecutionandcivilclaims fordamages. Theauthorshaveassertedtheirrightstobeidentifiedasthe authorsofthisworkinaccordancewiththeCopyright,Designs andPatentsAct1988. Firstpublished2008by PALGRAVEMACMILLAN PalgraveMacmillanintheUKisanimprintofMacmillan PublishersLimited,registeredinEngland,companynumber 785998,ofHoundmills,Basingstoke,HampshireRG216XS. PalgraveMacmillanintheUSisadivisionofStMartin’sPressLLC, 175FifthAvenue,NewYork,NY10010. PalgraveMacmillanistheglobalacademicimprintoftheabove companiesandhascompaniesandrepresentativesthroughout theworld. Palgrave®andMacmillan®areregisteredtrademarksinthe UnitedStates,theUnitedKingdom,Europeandothercountries. ISBN 978-1-349-30055-6 ISBN 978-0-230-22721-7 (eBook) DOI 10.1057/9780230227217 Thisbookisprintedonpapersuitableforrecyclingandmadefrom fullymanagedandsustainedforestsources.Logging,pulpingand manufacturingprocessesareexpectedtoconformtothe environmentalregulationsofthecountryoforigin. AcataloguerecordforthisbookisavailablefromtheBritishLibrary. LibraryofCongressCataloging-in-PublicationData Rambure,Dominique. Paymentsystems:fromthesaltminestotheboardroom/ DominiqueRambure,AlecNacamuli. p.cm.–(PalgraveMacmillanstudiesinbankingandfinancial institutions) Includesbibliographicalreferencesandindex. 1. Payment. 2. Clearinghouses(Banking). 3. Banksand banking,Central. I.Nacamuli,Alec,1943–II.Title. HG1692.R34 2008 332.1’78—dc22 2008026093 10 9 8 7 6 5 4 3 2 1 17 16 15 14 13 12 11 10 09 08 Toourfamilies ‘In the theory of money, it is curious and worth noting that its usage was first considered progress and that, once it existed, gettingridofitwasconsideredfurtherprogress.’ LéonWalras(1834--1910)Théoriedela circulationetdelamonnaie(1900) Contents ListofFigures xi ListofTables xiii Acknowledgements xiv ForewordbyGerardHartsink xv CommonlyUsedAbbreviationsandAcronyms xvii Introduction xxi PartI TheStructureandEconomicsofPayment Systems 1 TheArchitectureofPaymentSystems 3 1 Introductionandbasicconcepts 4 2 Participantsinapaymentsystem 7 3 Paymentoperations 13 4 Standards 19 5 Efficiencycriteriaforpaymentsystems 20 2 PaymentInstruments 23 1 Characteristicsofpaymentinstruments 23 2 Cash 25 3 Cheques 26 4 Credittransfers 28 5 Directdebits 30 6 Cards 32 7 Paymentchannels 38 8 Statisticsandcomparativetrends 39 3 Cross-CurrencyPaymentsandSWIFT 43 1 Correspondentbanking 43 2 TheSWIFTnetwork 46 3 Thecorrespondentbankingandclearingbusiness 49 4 Remittances 49 vii viii Contents 4 RisksinPaymentSystems,OversightandSecurity 52 1 Analysisofrisksinpaymentsystems 53 2 Riskmanagement 55 3 Regulatoryoversight 62 4 Fraudprevention,securityandantimoneylaundering 63 5 TheRoleofPaymentSystemsintheEconomy 69 1 Theeconomicroleofpaymentsystems 69 2 Paymentsystemsandmoneyvelocity 70 3 Networkeconomics 72 PartII OverviewofCurrentPaymentSystems 6 EuropeanPaymentsandSEPA 77 1 SEPA 77 2 ThePaymentServicesDirective(PSD) 79 3 TheTARGET2RTGSsystem 81 4 Clearingandsettlementmechanisms(CSMs) 86 5 TheEBApaymentsystems 86 6 TheSEPAschemesandframeworks 88 7 BusinessandoperationalimpactofSEPA 91 8 TheUKpaymentsystems 96 7 TheUSPaymentSystems 103 1 Fedwire 104 2 TheFederalReservenationalsettlementsystem 105 3 CHIPS 105 4 TheACHNetwork 107 5 Cheques 108 6 Cards 109 7 Trends 110 8 OverviewoftheUSsecuritiesclearingand settlementsystems 112 8 MajorAsianPaymentSystems 114 1 Paymentandsecuritiesclearingandsettlement systemsinJapan 115 2 PaymentandsecuritiessettlementsystemsinChina andHongKongSAR 121 Contents ix 9 NewEntrants 130 1 Remittanceserviceproviders 130 2 Non-bankissuedcreditcards 131 3 Transportcards 131 4 Mobilephonesandmobilepayments 132 5 Paypal 134 6 Earthport 135 PartIII TheSettlementofTradingActivities 10 TheSettlementofForeignExchangeTradesandCLS 139 1 Thesettlementofforeignexchangetradesand settlementrisk 139 2 CLS 142 3 CLSoperatingproceduresandtimetable 144 4 RiskandliquiditymanagementinCLS 145 5 MarketandbusinessimpactofCLS 146 11 SecuritiesSettlement 148 1 Securitiesclearingandsettlementsystems 149 2 Risksinsecuritiessettlementsystems 150 3 Settlementriskmanagement 151 4 Consolidationofexchangesandtheclearingand settlementlandscape 152 5 TARGET2-Securities 156 PartIV WholesalePayment,CashManagementand TradeFacilitationServices 12 TheRequirementsofCorporations 161 1 Theroleofthetreasurydepartment 162 2 Electronicinvoicing 165 3 Supplychainfinance(SCF) 168 13 CorporateBankingServices 172 1 Electronicbankingandcommunicationchannels 172 2 Reporting,cashmanagementandtreasuryservices 173 3 Electronicinvoicingandsupplychainfinancingservices 174 4 Feesandremuneration 174 5 Selectioncriteria 175
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