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Price Isn't Everything

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What determines the role of the public and private sectors in the nation's payments system? This Economic Commentary examines the transfer and settlement of large-dollar payments, an exercise made timely by recent announcements of two potential innovations. In the public sector, the Federal Reserve has asked for comment on a proposal to open its Fedwire payment network two hours earlier each banking day, at 6:30 am, and to keep even longer hours in the future. In the private sector, The Global Settlement Fund, Inc., has formed a new network for making payments 24 hours a day.

What determines the role of the public and private sectors in the nation's payments system? This Economic Commentary examines the transfer and settlement of large-dollar payments, an exercise made timely by recent announcements of two potential innovations. In the public sector, the Federal Reserve has asked for comment on a proposal to open its Fedwire payment network two hours earlier each banking day, at 6:30 am, and to keep even longer hours in the future. In the private sector, The Global Settlement Fund, Inc., has formed a new network for making payments 24 hours a day.


Suggested citation: Stevens, E.J., 1993. "Price Isn't Everything," Federal Reserve Bank of Cleveland, Economic Commentary, 04.01.1993.

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