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payments, new entrants and business models are challenging incumbents, and governments are investigating if and how they should step into the payments space. This report examines the importance of cross-border payments in facilitating global commerce, and the steps policymakers can take to ensure
effective faster payments solutions in the United States. Acting primarily as a catalyst, the Federal Reserve has encouraged and supported payment stakeholders in coming together in a collaborative effort to understand how to progress toward payment improvements in a complex economic environment. This report
Payment systems facilitate the exchange of goods and services for money and, as such, enable the economy to function. A payment system is a set of rules and processes for transferring money. A payment involves sharing and verifying instructions (e.g., How much?
The Global Payment Systems Survey (GPSS) was launched for the first time in 2007. This tool has assisted authorities and policy makers worldwide in making meaningful cross-country comparisons and assess progress in national payments system development and has facilitated dissemination of best practices.
Definition – the process of transmitting, reconciling, and in some cases, confirming transactions prior to settlement and potential netting. Bilateral.
The World Bank cross-border payments TA approach is premised on the foundational work on payment system development. In the last 15 years, the World Bank has supported payment systems reforms in 120 countries through a range of financing and technical advice products and services.
Payment aspects of financial inclusion – April 2016 1 Foreword In recent years, a number of reports have been prepared by organisations on financial inclusion, a topic whose importance is increasingly being recognised. However, few of these reports have addressed what may be called the “payment aspects” of financial inclusion.
