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.
PDF2009 Conference Proceedings
PDFForeword
Thomas M. Hoenig
President and Chief Executive Officer
Federal Reserve Bank of Kansas City
PDFBruce Summers
Former Director
Federal Reserve Information Technology
PDFDan Hesse
Chief Executive Officer
Sprint Nextel Corporation
PDFSession 1: The Changing Retail Payments Landscape: An Overview
PDFPaper | PDFCommentary | PDFGeneral Discussion |
Author
PDFHarry Leinonen
Advisor to the Board, Financial Markets and Statistics
Bank of Finland
Discussant
PDFTony Hayes
Partner
Oliver Wyman Group
PDFSession 2: Determinants of Consumer Payments Usage
PDFPaper | PDFCommentary | PDFGeneral Discussion |
Author
PDFMarc Rysman
Associate Professor of Economics
Boston University
Discussant
PDFKylie Smith
Manager, Payments Policy
Reserve Bank of Australia
PDFSession 3: Economics of Payments Markets
PDFPaper | PDFCommentary | PDFGeneral Discussion
Author
PDFSujit Chakravorti
Senior Economist
Federal Reserve Bank of Chicago
Discussant
PDFDennis Carlton
Professor of Economics
University of Chicago
PDFSession 4: Implications of the Changing Payments Landscape for Competition and Efficiency of Retail Payments Systems
PDFPanel Discussion | PDFGeneral Discussion
Moderator
PDFWiebe Ruttenberg
Head of Market Integration Division, DG Payments and Market Infrastructure
European Central Bank
Panelists
PDFMatthew Bennett
Director of Economics
UK Office of Fair Trading
PDFGwenn Bézard
Co-founder and Research Director
Aite Group
PDFDickson Chu
Vice President of Global Product and Experience
PayPal
PDFAdam Levitin
Professor
Georgetown Law School
PDFSession 5: Implications of the Changing Payments Landscape for Integrity of Retail Payments Systems
PDFPanel Discussion | PDFGeneral Discussion
Moderator
PDFMark Greene
Chief Executive Officer
FICO
Panelists
PDFCathy Allen
Chairman and Chief Executive Officer
The Santa Fe Group
PDFDaniel Eckert
Senior Vice President
HSBC Card and Retail Services
PDFPaola Masi
Head of Payments Division
Bank of Italy
PDFJames Van Dyke
President
Javelin Strategy and Research
PDFSession 6: The Future Role of Central Banks in Retail Payments: The Central Bank as Operator
PDFPaper | PDFCommentary | PDFGeneral Discussion
Authors
PDFRichard Oliver
Executive Vice President and Retail Payments Product Manager
Federal Reserve Bank of Atlanta
PDFStuart E. Weiner
Vice President and Director of Payments System Research
Federal Reserve Bank of Kansas City
Discussant
PDFJoshua Peirez
Group Executive, Innovative Platforms Global Products and Solutions
MasterCard Worldwide
PDFSession 7: The Future Role of Central Banks in Retail Payments: The Central Bank as Overseer
PDFPaper | PDFCommentary | PDFGeneral Discussion
Authors
PDFRon Berndsen
Head, Oversight Department
De Nederlandsche Bank
PDFBouke Buitenkamp
Overseer Retail Payments, Oversight Department
De Nederlandsche Bank
PDFJonathan Williams
Director of Strategic Development
Experian Payments
PDFSession 8: Conference Wrap-Up
PDFPaper | PDFGeneral Discussion
Conference Wrap-up
PDFBruce Summers
Former Director
Federal Reserve Information Technology