The paper analyses the severity of gridlocks in interbank payment systems operating on a real time basis and evaluates by means of simulations the merits of a gridlock resolution algorithm. Data used in the simulations consist of actual payments settled in the Danish and Finnish RTGS systems

This publication primarily presents economic research aimed at improving policymaking by the Federal Reserve System and other governmental authorities. Any views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve

Payment system is a set of arrangements made for the purpose of discharg-ing obligations assumed by economic agents in their economic transactions. There are two basic ingredients of payments systems: they are settlement (or fund transfer) arrangements, and netting (or clearing) arrangements. Net-

Many proposed payment systems allow the payer to remain anonymous during a transaction. However, this unconditional privacy protection could be misused by criminals, e.g. for blackmailing or money laundering. With a fair payment system, anonymous payments are still possible, but the anonymity can

We study two dynamic models of payments systems. The ...rst is a deterministic model with spatial separation where we consider alternative payments systems institutions and their implications for allocation and welfare. A payments system with period-by-period settlement in outside money improves

Electronic commerce and electronic business greatly need new payment systems that will support their further development. To better understand problems and perspectives of the electronic payment systems this article describes a classification and different characteristic aspects of payment

for-value systems that are increasingly used for settlement of securities transactions. Public interest in issues relating to both the economic efficiency and financial risks in all types of payment and settlement systems has continued to increase in recent years. Payment system reform

This paper will focus on one of them, a protocol meant for credit card payments over the web, Secure Electronic Transaction (SET), but will begin by generally categorizing electronic payment systems and consider their security requirements.

This paper describes a practical proposal for a secure electronic payment system protecting privacy. It uses the concept of anonymous accounts and offers payer's anonymity as an add-on feature to existing EFTPOS systems.

kind of payment system) robust? We describe some recent systems engineering experience which may berelevant --- the successful introduction of cryptology to protect pre-payment electricity meters from token fraud. These meters are used by a number of utilities from Scotland to South Africa