Payment Systems: Design, Governance and Oversight - Risk Books
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Payment Systems: Design, Governance and Oversight

Edited By Bruce J. Summers


At a time of unprecedented interest in financial market infrastructures and increasing recognition of their critical role from central bank governors, ministers of finance and executives in key market participants, Payment Systems: Design, Governance and Oversight will serve as a guide to the state of the art for public policy towards payment systems.

A Central Banking Publications Book

Publish date: 27 Dec 2012

Availability: In stock

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Payment Systems: Design, Governance and Oversight

Book description

To produce this handbook for those who oversee, operate and use payment systems, editor Bruce J. Summers draws on his three decades of experience in payment systems at the Federal Reserve and as a consultant for the World Bank, International Monetary Fund and central banks and brings together authors with practical industry experience from around the world.

Contributions from:

Joaquin Bernal, Central Bank of Colombia; Ron Berndsen,The Netherlands Bank; Hemant Baijal, formerly The World Bank; Wilko Bolt, The Netherlands Bank; Sujit Chakravorti, The Clearing House; Terry Goh, Monetary Authority of Singapore; Philipp Haene and Robert Oleschak, Swiss National Bank; Richard Heckinger, Federal Reserve Bank of Chicago; Daniel Heller, Swiss National Bank; Esmond Lee, Hong Kong Monetary Authority; Ricardo Medina-Alvarez, Bank of Mexico; Harish Natarajan, The World Bank; Knut Sandal, Norges Bank; G. Srinivas, Reserve Bank of India; Larry Sweet, Federal Reserve Bank of New York; Harry Newman, SWIFT; Carlo Tresoldi, SIA; and John Trundle, Euroclear.

The role of payment and settlement systems in mitigating financial risk and ensuring financial stability during the recent economic crisis followed by initiatives to increase their use in the OTC markets for credit default swaps have become headline news in the financial press.  Further, the efficiency and safety of retail payment systems now command attention due to the prominence of the consumer sector in modern economies (for example, an estimated US$225 billion in non-cash retail payments are made each day in the United States alone).

Public sector overseers have adopted a broad system-wide perspective that relies on official guidance as well as regulation to achieve public policy goals for safety, effectiveness, and efficiency.  Their official guidance includes international standards for the design and operation of payment and settlement systems promulgated by the Bank for International Settlements.  The timeliness of this book is underscored by the BIS announcing a comprehensive review of the international standards in February 2010.

Book details

Book 9781902182728 / eBook 9781902182773
Publish date
27 Dec 2012
155mm x 235mm

Editor biography

Bruce J. Summers

Bruce J. Summers was National Product Manager for Fedwire and ACH, and served as Deputy director at the Board of Governors for payment system policy and oversight of the banking services and IT activities of the 12 Federal Reserve Banks. He has contributed to the international initiatives of central banks through the BIS and to the work of the Fund and World Bank. He retired from the Fed in 2007 as Director of Federal Reserve Information Technology and now consults on payment systems and technology management.

Table of contents

Masaaki Shirakawa

Editor’s preface

About the editor

List of contributors

List of abbreviations


Payment system design and public policy
Bruce Summers

The importance of financial market infrastructures
Daniel Heller

The interbank money market and its underpinning infrastructure
Terry Goh

Securities markets: a European central securities depository perspective
Marc Robert-Nicoud

Derivatives markets
Richard Heckinger

Foreign exchange, systemic risk and central bank strategy
Mandy Lam

Trade repositories
Richard Heckinger

The importance of the general purpose payment system
Jonathan Williams

Payments systems for individuals, corporates and governments
Carlo Tresoldi

Innovation in retail payments
Hemant Baijal and Harish Natarajan

Central bank payment services
Sean O’Connor


The governance of payment systems: a UK blueprint
Paul Smee

Access to central bank accounts and services for payment systems
Joaquin Bernal

The importance of payment system standards
Harry Newman

Pricing in retail payment: a public policy perspective on pricing of payment cards
Wilko Bolt and Sujit Chakravorti

Purpose of oversight
Lawrence Sweet

Organising the oversight function
Knut Sandal

Payment and settlement systems oversight: methods and tools
Ron Berndsen

Risk management in payment systems
John Trundle


Twenty-five years of Swiss Interbank Clearing: a review
Philipp Haene and Robert Oleschak

Foreign currency payment systems in Hong Kong
Esmond Lee

SEPA: the design, management and supervision of the euro payments market
Gerard Hartsink

Mobile payments innovation, financial inclusion and oversight: an Indian perspective
G. Srinivas

Oversight as catalyst for innovation in Mexico
Ricardo Medina-Alvarez


"This well-timed book offers illuminating perspectives for not only central bankers but also a wide range of readers who are interested in the integrity of payment and settlement systems. I have no hesitation in calling this book a tour de force.”
Masaaki Shirakawa, Governor, Bank of Japan

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