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| List of Figures | |
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| List of Tables | |
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| Acknowledgements | |
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| Foreword | |
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| Commonly Used Abbreviations and Acronyms | |
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| Introduction | |
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| The Structure and Economics of Payment Systems | |
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| The Architecture of Payment Systems | |
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| Introduction and basic concepts | |
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| Participants in a payment system | |
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| Payment operations | |
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| Standards | |
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| Efficiency criteria for payment systems | |
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| Payment Instruments | |
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| Characteristics of payment instruments | |
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| Cash | |
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| Cheques | |
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| Credit transfers | |
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| Direct debits | |
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| Cards | |
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| Payment channels | |
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| Statistics and comparative trends | |
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| Cross-Currency Payments and SWIFT | |
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| Correspondent banking | |
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| The SWIFT network | |
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| The correspondent banking and clearing business | |
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| Remittances | |
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| Risks in Payment Systems, Oversight and Security | |
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| Analysis of risks in payment systems | |
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| Risk management | |
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| Regulatory oversight | |
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| Fraud prevention, security and anti money laundering | |
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| The Role of Payment Systems in the Economy | |
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| The economic role of payment systems | |
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| Payment systems and money velocity | |
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| Network economics | |
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| Overview of Current Payment Systems | |
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| European Payments and SEPA | |
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| SEPA | |
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| The Payment Services Directive (PSD) | |
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| The TARGET2 RTGS system | |
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| Clearing and settlement mechanisms (CSMs) | |
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| The EBA payment systems | |
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| The SEPA schemes and frameworks | |
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| Business and operational impact of SEPA | |
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| The UK payment systems | |
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| The US Payment Systems | |
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| Fedwire | |
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| The Federal Reserve national settlement system | |
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| CHIPS | |
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| The ACH Network | |
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| Cheques | |
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| Cards | |
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| Trends | |
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| Overview of the US securities clearing and settlement systems | |
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| Major Asian Payment Systems | |
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| Payment and securities clearing and settlement systems in Japan | |
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| Payment and securities settlement systems in China and Hong Kong SAR | |
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| New Entrants | |
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| Remittance service providers | |
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| Non-bank issued credit cards | |
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| Transport cards | |
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| Mobile phones and mobile payments | |
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| Paypal | |
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| Earthport | |
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| The Settlement of Trading Activities | |
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| The Settlement of Foreign Exchange Trades and CLS | |
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| The settlement of foreign exchange trades and settlement risk | |
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| CLS | |
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| CLS operating procedures and timetable | |
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| Risk and liquidity management in CLS | |
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| Market and business impact of CLS | |
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| Securities Settlement | |
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| Securities clearing and settlement systems | |
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| Risks in securities settlement systems | |
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| Settlement risk management | |
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| Consolidation of exchanges and the clearing and settlement landscape | |
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| TARGET2-Securities | |
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| Wholesale Payment, Cash Management and Trade Facilitation Services | |
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| The Requirements of Corporations | |
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| The role of the treasury department | |
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| Electronic invoicing | |
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| Supply chain finance (SCF) | |
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| Corporate Banking Services | |
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| Electronic banking and communication channels | |
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| Reporting, cash management and treasury services | |
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| Electronic invoicing and supply chain financing services | |
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| Fees and remuneration | |
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| Selection criteria | |
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| Banks and the Payments Business | |
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| The Banks' Back Offices | |
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| Payment processing and STP | |
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| Departments involved | |
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| Operations | |
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| IT systems | |
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| Payments as a Business for Banks | |
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| Payments within banks' overall strategy | |
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| The economics and profitability of payments services | |
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| Organization and governance | |
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| Development of an enterprise-wide payments strategy | |
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| The Future | |
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| Where is the Payments Industry Going? | |
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| Instruments | |
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| Payment systems architectures, schemes, standards and operators | |
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| Risk and fraud management | |
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| Governance and oversight | |
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| Settlement of financial markets trading | |
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| Regional developments | |
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| Corporate banking | |
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| New entrants | |
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| Operations | |
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| Revenue shifts and shrinkage | |
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| Conclusion | |
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| Appendix | |
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| Notes | |
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| Bibliography and Useful Websites | |
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| Glossary | |
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| Index | |