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Payment systems convergence
Journal of Payments Strategy & Systems,
3
(1),
6-16
(2009)
Abstract
This paper explores the convergence trends of payment systems over the last 35 years and describes the impact that regulators and market forces have had on their design. Initially focused on pure domestic needs, payment systems now need to be more attuned to global interoperability. The needs of all participants in the payments ecosystem, from corporate to the unbanked, influence the design of payment systems. Banks are faced with the challenge to keep up with these emerging requirements as well as offer their customers end-to-end automation of the payments chain and insulate their customers from these changes
Keywords: ACH; electronic funds transfer; ISO 20022; mobile; payments
The full article is available to subscribers to the journal.
Author's Biography
Michael Knorr is Head of Payments & Liquidity Management at the Wells Fargo Financial Institutions Group (FIG), where he manages payment and liquidity risk as well as operational deposits for FIG Global Payments Services. He is a member of various industry groups, including the SWIFT Payments Market Practice Group, US Cash and Trade, and the High-Value Payments Plus working group. Michael holds an MBA from Indiana University and an undergraduate degree from the University of Duisburg.
