Card-Based Remittances: A Closer Look at Supply and Demand

Analyzes the supply and demand for card-based transfers among Latin American and Caribbean immigrants sending remittances. Outlines card features and fee structures, and examines usage by country of origin, legal status, location, and card type

After the financial crisis: the future of payment innovations

The Federal Reserve Bank of Chicago hosted its tenth annual Payments Conference, Payment Innovations in the Wake of the Financial Crisis, on May 20–21, 2010, to discuss emerging trends within the payments industry and new regulation following the financial crisis.research on health and health care policy.Financial crises ; Payment systems

Competitive forces shaping the payments environment: what's next?—a conference summary

Technological innovations have enabled numerous payment methods to proliferate in the market. As a result, payment providers have to address concerns about pricing, infrastructure, and regulatory standards. To discuss these and related issues, the Chicago Fed hosted its seventh payments conference on May 10–11, 2007.Payment systems

Exploring the new face of retail payments (special issue)

At the Chicago Fed’s 2011 Payments Conference, held on May 19–20, participants discussed how changes in consumers’ behavior in the wake of the financial crisis and recession can translate into opportunities and challenges for both traditional and nascent payment providers. They also focused on the impact of payment innovations and new consumer protection regulations.Payment systems

Assessing the landscape of payments fraud

The Federal Reserve Bank of Chicago will host its eighth payments conference on June 5–6, 2008. The conference will highlight threats to the security of the payments system and explore solutions to those challenges. This article previews issues that will be covered at the conference.Payment systems ; Fraud

Payments fraud: perception versus reality - a conference summary

The authors highlight key issues from the presentations, keynote addresses, and open floor discussions at the Federal Reserve Bank of Chicago's eighth annual Payments Conference. The conference's agenda appears at the end of this article.Fraud ; Payment systems

Evaluating the potential of immediate funds transfer for general-purpose payments in the United States

Immediate funds transfer (IFT) is a convenient, certain, secure, and low-cost means of electronically transferring money between bank accounts with no or minimal delay in receivers’ receipt and use of funds. Yet IFT is not widely available in the U.S. This article summarizes discussions on the potential for IFT in the U.S. held at the Symposium on Immediate Funds Transfer for General-Purpose Payments, sponsored by the Federal Reserve Bank of Chicago, on September 7, 2011.Payment systems

Financial behavior. Outcomes measurement tool: personal circumstances & needs – debt and finance.

Developed to assess the current state of financial literacy or general financial situations of participants. This survey consists of 19 questions that can be administered as a pre-post assessment. For short programs that occur once for a full day or less this survey will help assess the current state of financial literacy or general financial situations of participants. Short programs should consider asking participants to complete the survey in advance of participating in the workshop. Longer programs that consist of multiple sessions over a period of time should ask participants to complete the survey before and after completing the program to assess changes in participant's financial behaviors

Reinvestment Alert 21: Impacts of CDFIs in Illinois: A Case for an Improved Illinois Fund for Invest

Illinois is home to an active and established community development financial institution (CDFI)industry with a successful track record of providing financial services in economically disadvantagedmarkets and underserved communities. CDFIs stimulate the local economy by creating jobs, building housing, and leveraging private resources for reinvestment. CDFIs include nonprofit loan funds, credit unions, community banks, small business lenders, and venture capital funds. Although diverse in corporate structure, CDFIs share the common mission of providing affordable financing options that broaden access to capital. CDFIs offer services with rates, terms, and products tailored to meet their clients' needs. While the young industry is very successful, CDFIs need new sources of capital in order to expand. In January 2003, Illinois became the fourth state in the nation to enact a law creating a comprehensive state-based program—the Illinois Fund for Investment and Development—(IFID) to support the CDFI industry. However, IFID is currently unfunded. This Alert serves to advocate for funding for IFID in order to assist the vital CDFI industry in Illinois. CDFIs offer a range of customized and innovative financing options to businesses, individuals, nonprofits, and religious institutions facing barriers in obtaining access to traditional sources of capital. Examples of innovative financial products include venture capital funds providing start-up capital in the form of equity investments to entrepreneurs desiring to create new businesses; community banks offering individuals and businesses affordable checking and savings accounts or providing commercial loans; loan funds providing financing for affordable housing development and community institutions; and small or micro business lenders providing financing for the creation or expansion of businesses. In addition to financial services, CDFIs provide extensive training and targeted technical assistance to help clients meet their financial goals. Technical assistance services offered by CDFIs include business counseling, strategic planning, financial management, homebuyer training, asset management, and training seminars. The mission of the new public-private partnership known as IFID is to enhance the capacity of Illinois' CDFI industry through the following mechanisms:· Creating new CDFIs throughout Illinois· Expanding CDFI services and markets· Attracting more public-private partnerships in community economic developmen

Payments pricing: who bears the cost? - a conference summary

As consumers and merchants increasingly adopt electronic payments, the pricing of these services has generated substantial scrutiny by public authorities around the world. To discuss these developments and related issues, the Federal Reserve Bank of Chicago hosted its ninth annual Payments Conference on May 14–15, 2009.Payment systems