September 11 And The U.S. Payment System

Topics:
Strategic Management Tools
Tags:
Bank,
Finance,
Financial Services,
Operational Accounting,
Payment,
Payment System
Source:
International Monetary Fund

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Overview: From the executive summary: ‘The events of September 11 posed unprecedented challenges to the operation of the dollar payment system in New York. In its broadest definition, the payment system is a network of banks, central banks, securities firms, service providers, and industry-owned utilities that ensures both the smooth transfer of funds for business and financial transactions and the timely settlement of securities transactions. At its core are the two principal wholesale payment systems, their bank participants, the government securities settlement systems operated by the US Federal Reserve System, and two principal clearing banks. For its liquidity and risk management, as well as its transaction flow, the payment system depends on well-functioning financial markets and an extensive communications network.’ The paper examines this issue in detail.

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Format: HTML | Date: Mar 2002 | Pages: 1

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