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Payment System Technologies and Functions: Innovations and Developments

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Payment systems are the indispensable infrastructure for financial markets and business activities. Every commercial trade and financial transaction is finalized only when the final settlement is made through a payment system. If operational failures would occur in a payment system, preventing smooth transfers of funds, national economies and financial markets would be thrown into extreme confusion and seriously damaged. Therefore, the safety and efficiency of payment systems is incredibly important for national economies and financial systems to function effectively.

Payment System Technologies and Functions: Innovations and Developments is valuable tool for those interested in learning about payment systems, including academics and researchers, graduate and undergraduate students, relevant parties of authority and central banks, and professionals in payment business who need a complete understanding of payment systems. This reference promotes a better understanding of payment systems and encourages progress on enhancing the safety and efficiency of payment systems.

The first feature of this book focuses on the evolutionary trends of payment systems. During the past two decades, payment systems have evolved drastically from simple settlement methods to more highlysophisticated ways of handling payments. One of major factors in causing such an evolution was the progress of information technology (IT). This book analyzes the evolutionary trends of payment systems and presents an in-depth explanation of how these trends led to the reduction of settlement risk and the improvement of settlement efficiency. The background and driving forces for such innovations are also thoroughly discussed.

The second feature of this book puts a spotlight on the functions and mechanisms of payment systems. The functions of payment systems have become very sophisticated and complicated with the help of technological progress. Some mechanisms were invented to support such advanced payment systems, which include frequent netting, offsetting, matching facility and advanced queue management. This book tries to cast light on the importance of such mechanisms that contributed to the evolutionary progress of payment systems.

The third feature of this book comprehensively covers the basic knowledge about payment systems, which includes some definitions concerning payment and settlement, classifications of payment systems, and origins and reduction measures of settlement risk. In addition, the cases study analyses of payment systems in US, EU and Japan as well as the CLS Bank are provided in the second half of the book. These basic and concrete examples are particularly useful for beginners who want an overview of payment systems.

As a whole, this book will hopefully provide a valuable tool for those interested in learning about payment systems (i.e., academics and researchers, graduate and undergraduate students, relevant parties of authority and central banks, and professionals in payment business who need to get a full understanding of payment systems).

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