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Economic Commentary

Price Isn't Everything

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.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Stevens, Edward. 1993. “Price Isn't Everything.” Federal Reserve Bank of Cleveland, Economic Commentary 4/1/1993.