Nonbanks are becoming increasingly prominent in payments systems around the world. What are the implications of this heightened presence for innovation, competition, and risk? This international conference brought together three principal audiences - industry participants, academics, and public authorities - for an exchange of views and thoughts. The following issues were addressed:
- What activities do banks and nonbanks perform in payments?
- How has rising nonbank participation affected product innovation and market competition in the payments industry?
- Do banks and nonbanks compete on a level playing field?
- Is the current supervisory framework over bank and nonbank payment service providers adequate to control risk?
- What role should public authorities play in overseeing retail payments in light of changing technologies and changing industrial structures?
PDFConference Summary
PDFRichard J. Sullivan
Senior Economist, Federal Reserve Bank of Kansas City
Zhu Wang
Senior Economist
Federal Reserve Bank of Kansas City
PDFWelcome and Opening Remarks
External LinkRichard K. Rasdall, Jr.
First Vice President
Federal Reserve Bank of Kansas City
Session 1: Nonbank Payment Activities: An Overview
PDFPaper
PDFHandout
PDFGeneral Discussion
Authors
PDFSimonetta Rosati
Senior Market Infrastructure Expert
European Central Bank
PDFStuart E. Weiner
Vice President and Director of Payments System Research
Federal Reserve Bank of Kansas City
Session 2: Innovation
PDFPaper
PDFHandout
PDFGeneral Discussion
Author
PDFBronwyn Hall
Professor
University of California, Berkley
Moderator
PDFLee Manfred
Partner
First Annapolis
PDFRemarks
PDFHandout
Panelists
PDFBenjamin Ling | PDFRemarks | PDFHandout
Head of Google Checkout
Google
PDFRene Pelegero | PDFRemarks | PDFHandout
Senior Director of Industry Relations, Strategy and Compliance
Paypal, Inc.
PDFMargaret Weichert | PDFRemarks | PDFHandout
Senior Vice President, Strategy, Innovation and Payments Executive
Bank of America
Luncheon Address: Modernizing Payments: No Pain, No Gain
PDFPaper | PDFGeneral Discussion |
PDFGertrude Tumpel-Gugerell
Member of the Executive Board
European Central Bank
Session 3: Competition: Vertical Integration
PDFPaper | PDFGeneral Discussion |
Author
PDFNicholas Economides
Professor
New York University
Moderator
PDFKenneth Posner | PDFRemarks | PDFHandout
Managing Director
Morgan Stanley
Panelists
PDFMichael A. Cook | PDFRemarks | PDFHandout
Vice President and Assistant Treasurer
Wal-Mart Stores, Inc.
PDFTrey Jinks | PDFRemarks | PDFHandout
Senior Director, Corporate Strategy and Planning
TSYS
PDFPamela A. Joseph | PDFRemarks | PDFHandout
Vice Chair
U.S. Bancorp
Session 4: Competition: Horizontal Integration
PDFPaper | PDFGeneral Discussion
Author
PDFJean-Charles Rochet
Professor
University of Toulouse
Moderator
PDFKen Howes | PDFRemarks | PDFHandout
Director
Edgar, Dunn & Company
Panelists
PDFB.J. Haasdijk | PDFRemarks | PDFHandout
Chairman
Equens
PDFGerard Hartsink | PDFRemarks | PDFHandout
Chairman
European Payments Council
PDFDavid Yates | PDFRemarks
President, Europe, Middle East, and Africa
First Data International
Session 5: Risk
PDFPaper | PDFHandout | PDFGeneral Discussion |
Author
PDFRoss Anderson
Professor
Cambridge University
Moderator
PDFAvivah Litan | PDFRemarks
Vice President and Distinguished Analyst
Garnter, Inc.
Panelists
PDFJean Bruesewitz | PDFRemarks
Senior Vice President
Visa U.S.A.
PDFRoy C. DeCicco | PDFRemarks | PDFHandout
Senior Vice President
JPMorgan Chase
PDFRichard Oliver | PDFRemarks | PDFHandout
Executive Vice President
Federal Reserve Bank of Atlanta
PDFJames Van Dyke | PDFRemarks | PDFHandout
President
Javelin Strategy and Research
Session 6: Central Bank Perspectives
PDFGeneral Discussion
Speakers
PDFPhilip Klopper | PDFRemarks | PDFHandout
Executive Director
De Nederlandsche Bank
PDFPhilip Lowe | PDFRemarks
Assistant Governor
Reserve Bank of Australia
PDFThomas M. Hoenig | PDFRemarks
President and Chief Executive Officer
Federal Reserve Bank of Kansas City