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The Changing Retail Payments Landscape: What Role for Central Banks?
 The conference was held at the Federal Reserve Bank of Kansas City, November 9-10, 2009, in Kansas City, Missouri. | Retail payments systems around the world have entered a period of dramatic change. This conference explored the changing retail payments landscape and assessed the extent to which central bank payments policies should correspondingly be altered. The conference brought together three principal audiences – industry participants, policy makers, and academics – for an exchange of views and thoughts. Questions addressed included: How do payments markets differ from other markets? How do consumer preferences impact industry outcomes? Are payments markets sufficiently competitive and safe? If not, what private and public policies would be beneficial? Should central bank policies to ensure smoothly-functioning payments systems be adapted in light of the dynamic changes underway? More specifically, what role should central banks play as operators and overseers in the retail payments system of the future. |
| Foreword Contributors | Thomas M. Hoenig President and Chief Executive Officer, Federal Reserve Bank of Kansas City
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| Conference Summary | Bruce Summers Former Director, Federal Reserve Information Technology |
| Keynote Address | |
| Keynote | General Discussion | | |
Keynote Address | Dan Hesse Chief Executive Officer, Sprint Nextel Corporation |
| Session 1: The Changing Retail Payments Landscape: An Overview | |
| | Paper | Commentary | General Discussion | | |
Author | Harry Leinonen Advisor to the Board, Financial Markets and Statistics, Bank of Finland |
Discussant | Tony Hayes Partner, Oliver Wyman Group |
| Session 2: Determinants of Consumer Payments Usage | |
| | Paper | Commentary | General Discussion | | |
Author | Marc Rysman Associate Professor of Economics, Boston University |
Discussant | Kylie Smith Manager, Payments Policy, Reserve Bank of Australia |
| Session 3: Economics of Payments Markets | |
| | Paper | Commentary | General Discussion | | |
Author | Sujit Chakravorti Senior Economist, Federal Reserve Bank of Chicago |
Discussant | Dennis Carlton Professor of Economics, University of Chicago |
| Session 4: Implications of the Changing Payments Landscape for Competition and Efficiency of Retail Payments Systems | |
| | Panel Discussion | General Discussion | | |
Moderator | Wiebe Ruttenberg Head of Market Integration Division, DG Payments and Market Infrastructure, European Central Bank |
Panelists | Matthew Bennett Director of Economics, UK Office of Fair Trading |
| Gwenn Bézard Co-founder and Research Director, Aite Group | |
| Dickson Chu Vice President of Global Product and Experience, PayPal | |
| Adam Levitin Professor, Georgetown Law School | |
| Session 5: Implications of the Changing Payments Landscape for Integrity of Retail Payments Systems | |
| | Panel Discussion | General Discussion | | |
Moderator | Mark Greene Chief Executive Officer, FICO |
Panelists | Cathy Allen Chairman and Chief Executive Officer, The Santa Fe Group |
| Daniel Eckert Senior Vice President, HSBC Card and Retail Services | |
| Paola Masi Head of Payments Division, Bank of Italy | |
| James Van Dyke President, Javelin Strategy and Research | |
| Session 6: The Future Role of Central Banks in Retail Payments: The Central Bank as Operator | |
| | Paper | Commentary | General Discussion | | |
Authors | Richard Oliver Executive Vice President and Retail Payments Product Manager, Federal Reserve Bank of Atlanta |
| Stuart E. Weiner Vice President and Director of Payments System Research, Federal Reserve Bank of Kansas City | |
Discussant | Joshua Peirez |
| Session 7: The Future Role of Central Banks in Retail Payments: The Central Bank as Overseer | |
| | Paper | Commentary | General Discussion | | |
Authors | Ron Berndsen Head, Oversight Department, De Nederlandsche Bank |
| Bouke Buitenkamp Overseer Retail Payments, Oversight Department, De Nederlandsche Bank | |
| Jonathan Williams Director of Strategic Development, Experian Payments | |
| Session 8: Conference Wrap-Up | |
| | Paper | General Discussion | | |
Conference Wrap-up | Bruce Summers Former Director, Federal Reserve Information Technology |
Conference Attendees