Download Article

RWP 17-14, November 2017

This paper reports on a research effort by Federal Reserve staff to examine market structure implications in the still‐emerging faster payments market. The analysis and conclusions in this paper are those of the authors and do not indicate official positions of the Board of Governors or Federal Reserve System. Although this paper offers several considerations regarding the U.S. faster payments market, it does not make specific policy recommendations or provide a view on the potential roles, including service provider or otherroles, that the Federal Reserve may play in this market.2 Given the nascent state of the faster payments market, many of the matters discussed in this paper are not yet settled. The paper is intended to provide background and a framework for future dialogue and research in this area.

JEL Classification: G21

Article Citation

  • Rosenbaum, Aaron, Garth Baughman, Mark Manuszak, Kylie Stewart, Fumiko Hayashi, and Joanna Stavins. “Faster Payments: Market Structure and Policy Considerations.” Federal Reserve Bank of Kansas City, Research Working Paper no. 17-14, November. Available at External Link


Fumiko Hayashi

Senior Policy Advisor

Fumiko Hayashi is a Senior Policy Advisor specializing in payments in the Economic Research Department at the Federal Reserve Bank of Kansas City. Since joining the Federal Reser…