Target is a real time gross settlement (RTGS) large value payment network operated by European central banks that … eliminates systemic risk. Euro1 is a privately operated delayed net settlement (DNS) network that reduces substantially systemic … same unit operating costs. This provides an incentive for users to shift payments to the more risky network in normal times …

Target is a real time gross settlement (RTGS) large value payment network operated by European central banks that … eliminates systemic risk. Euro1 is a privately operated delayed net settlement (DNS) network that reduces substantially systemic … same unit operating costs. This provides an incentive for users to shift payments to the more risky network in normal times …

We investigate the role of settlement in a dynamic model of a payment system where the ability of participants to … perform certain welfare-improving transactions is subject to random and unobservable shocks. In the absence of settlement, the … supportable if settlement is introduced. This, however, requires that settlement takes place with a sufficiently high frequency. …

We investigate the role of settlement in a dynamic model of a payment system where the ability of participants to … perform certain welfare-improving transactions is subject to random and unobservable shocks. In the absence of settlement, the … supportable if settlement is introduced. This, however, requires that settlement takes place with a sufficiently high frequency …

payments and payment systems. The elaboration of this publication is an ongoing project, and any suggestion with regard to …

strengthening financial infrastructure. The Committee on Payment and Settlement Systems (CPSS) contributed to this process through …

any settlement which would be more or less on a par with the ‘national average’ in terms of the volume of payments. This … paper presents Hungary’s payments infrastructure (its supply of bank branches, automated teller machines and merchant PoS …

these payments has more than doubled. The infrastructure is critical in facilitating the orderly settlement of payment …The introduction of real-time gross settlement (RTGS) in Australia in 1998 was a major reform to reduce risk in the … Australian payments system. Since its introduction, the value of RTGS payments has grown by nearly 70 per cent and the number of …