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Electronic funds transfer (EFT) systems include a wide range of computer-based payment systems and sources that substitute electronic and digital transfers for movements of cash and paper checks. A few years ago some people were predict ing that EFT would replace paper money and coins entirely and that we would soon be a "checkless" and' 'cashless" society. Such sweeping changes have not occurred, but a slower evolution is clearly underway. Although checks, cur rency, and coin are likely to be here for many years to come, EFT is becoming an established part of our worldwide payment transfer system, and the implications and consequences of this technology are real. They include: • Alterations in personal finance and in the process of purchasing and paying for consumer goods and services. • Changes in the structure of financial and retail organizations and their mode of interaction in the marketplace. • Modifications in the flow of funds in our society and in the interactions among economic institutions. • Alterations in the prospects for invasion of personal privacy, perpetration of fraud and theft, and violation of antitrust regulations. • Changes in the regulatory and competitive balance among the numerous financial institutions in the United States. Such alterations foretell important impacts on people and society. Benefits are forthcoming, but the costs will also be real.
Wire Transfer was written by the experts who helped developed the United Nations Model Law on International Credit Transfers, Federal Reserve Regulation J and Uniform Commercial Code Article 4A. It explains and analyzes in clear and comprehensive language the issues, laws and policies relating to the legal and business aspects of funds transfer.
This book makes a practical contribution to increased understanding of payment system design and management and of the relationship between the payment system and monetary policy. The authors of the twelve papers included in the book are central banking experts from around the world who draw on their experiences in providing technical assistance to the central banks of the countries of the former U.S.S.R.
Role of Blockchain Technology in IoT Applications, Volume 115 in the Advances in Computers series, reviews the latest information on this topic that promises many applications in human life. According to forecasts made by various market research/survey agencies, there will be around 50 Billion connected devices (IoT) by 2020. Updates in this new release include chapters on the Technical Aspects of Blockchain and IoT, Integrated Platforms for Blockchain-Enablement, Intersections Between IoT and Distributed Ledger, Blockchain and Artificial Intelligence: How and Why Combining These Two Groundbreaking Technologies, Blockchain Applications in Health Care and Opportunities and Advancements Due to New Information Technology Frameworks, and more. Explores blockchain technology research trends in secured device to device communication Includes updates on secure vehicular communication (VANET) using blockchain technology Provides the latest on secure IoT communication using blockchain technology Presents use cases of blockchain technology in healthcare, the food chain, ERP and other emerging areas
This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.