After the hype: e-commerce payments grow up

On June 18, 2003, the Payment Cards Center of the Federal Reserve Bank of Philadelphia and the Electronic Commerce Payments Council (eCPC) of the Electronic Funds Transfer Association co-hosted a workshop forum to explore areas of mutual interest related to the proliferation of e-commerce payments. This was the second event jointly sponsored by the groups. ; The first forum, “The Future of e-Commerce Payments,” which was held in June 2002, focused on the possibilities ahead, as various electronic payment channels displace paper checks as a primary payment form. The more recent forum, “After the Hype: e-Commerce Payments Grow Up,” continued the dialog, emphasizing recent economic and marketplace realities that impact ecommerce payments innovation, acceptance, and maturation. ; Participants and speakers included Federal Reserve staff and industry leaders.Electronic commerce

Will online bill payment spell the demise of paper checks?

Over the past several years, the emergence and adoption of electronic payment instruments have acutely affected check usage. This transition has been especially evident at the point of sale as debit and credit cards have become pervasive. Today, the rapid growth of online bill payment looks to threaten checks’ last redoubt. However, bill payment technology is still in its adolescence; the interplay of many stakeholders in the industry, including technology firms, banks, billers, payment cards, and customers, has led to rapid, unscripted innovation in just a few years. This paper quantifies some of the trends in the industry while addressing the interests and impact of the market’s prime movers in an effort to determine to what extent the displacement of checks will continue.Electronic funds transfers ; Checks ; Internet banking

An investigation of cash management practices and their effects on the demand for money

The observed shift in statistical demand-for-money relationships during the mid-1970s was once thought to reflect an unexplainable change in behavior. More recently, economists have recognized that the conventional regressions inadequately represented the demand for money. Specifically, the standard models overpredicted money demand during the 1970s since they failed to capture the effects of sophisticated cash management techniques. In “An Investigation of Cash Management Practices and Their Effects on the Demand for Money,” Michael Dotsey examines ways of augmenting the conventional models to overcome this problem. By looking at the causes of changes in cash management practices, Dotsey finds four variables related to cash management, which he tests for ability to explain the mid-1970s shift in a standard regression explaining the demand for money. Each of the proxies reduces the instability of the equation. Indeed, one such proxy, the number of electronic funds transfers over the Federal Reserve’s wire system, captures the entire shift in the conventional model in the 1970s.Money

The effects of cash management practices on the demand for demand deposits

During the mid-1970s standard regressions explaining the demand for money underwent a well documented shift. This shift was largely attributed to the adoption of a more sophisticated methods of cash management practices by firms. ; A version of this work was published in the Federal Reserve Bank of Richmond's Economic Review, 1984, Vol. 70, No. 5Money

Multi-perspective requirements engineering for networked business systems: a framework for pattern composition

How business and software analysts explore, document, and negotiate requirements for enterprise systems is critical to the benefits their organizations will eventually derive. In this paper, we present a framework for analysis and redesign of networked business systems. It is based on libraries of patterns which are derived from existing Internet businesses. The framework includes three perspectives: Economic value, Business processes, and Application communication, each of which applies a goal-oriented method to compose patterns. By means of consistency relationships between perspectives, we demonstrate the usefulness of the patterns as a light-weight approach to exploration of business ideas

The role of Federal Reserve banks in the Federal Reserve System

Presentation at the Annual Global Student Investment Forum - R.I.S.E. VI (Redefining Investment Strategy Education) University of Dayton, Dayton, Ohio, March 30, 2006Federal Reserve banks

Computer Abuse: The Emerging Crime and the Need for Legislation

Advancements in computerization and the growing use of computers in business, government, education, and the private sector has resulted in the expanding potential for criminal infiltration. The problems of computer crime are in great part attributable to the shortcomings of our criminal laws, which were written long before there was knowledge of computer crimes. Moreover, there is a reluctance of our legal establishments to adapt to the new technology\u27s potential harm. This Note urges that new federal legislation be passed as a means to counteract future computer crimes