Academic literature on the topic 'Payment intermediation'

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Journal articles on the topic "Payment intermediation"

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Merz, Markus. "Contemporaneous financial intermediation." Digital Finance 3, no. 1 (March 2021): 25–44. http://dx.doi.org/10.1007/s42521-021-00029-3.

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AbstractDigital innovations in banking and payments recently have garnered a great deal of attention. Specifically, distributed ledger technology (DLT) has the potential to fundamentally change the roles and responsibilities of stakeholders in the financial sector. DLT is a novel and fast-evolving approach to record and share data, e.g., payment transactions, among members of a decentralized network. Using transaction cost theory, the paper examines how DLT will change the cross-border payment infrastructure. DLT can reduce the overall transaction costs potentially resulting in the disappearance of correspondent banks.
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Lubis, Alexander, Constantinos Alexiou, and Joseph G. Nellis. "Gauging the Impact of Payment System Innovations on Financial Intermediation: Novel Empirical Evidence from Indonesia." Journal of Emerging Market Finance 18, no. 3 (June 18, 2019): 290–338. http://dx.doi.org/10.1177/0972652719846312.

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In this article, the relationship between innovations in the payment systems and financial intermediation is explored. By focusing on excess reserves and currency demand we provide evidence on the extant transmission mechanism. In this direction, a generalised method of moments (GMM) and vector error correction model (VECM) techniques are applied to a data set collated for Indonesia. We find that financial intermediation is affected by currency demand while we observe a limited role of excess reserves affecting financial intermediation. Credit card payments are found to have a statistically significant effect on currency demand, whereas debit card payments only influence financial intermediation in the long run. In addition, the real-time gross settlement (RTGS) exerts an upward pressure on excess reserves. The findings are of great importance as they provide support to policies that favour payment migration to an electronic platform, particularly that of card-based payment systems. JEL Classification: E42, E58, N25, G21
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Pays, Paul-André, and Fabrice de Comarmond. "An intermediation and payment system technology." Computer Networks and ISDN Systems 28, no. 7-11 (May 1996): 1197–206. http://dx.doi.org/10.1016/0169-7552(96)00076-1.

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Merrouche, Ouarda, and Erlend Nier. "Payment systems, inside money and financial intermediation." Journal of Financial Intermediation 21, no. 3 (July 2012): 359–82. http://dx.doi.org/10.1016/j.jfi.2012.01.002.

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Edelman, Benjamin, and Julian Wright. "Price Coherence and Excessive Intermediation *." Quarterly Journal of Economics 130, no. 3 (May 26, 2015): 1283–328. http://dx.doi.org/10.1093/qje/qjv018.

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Abstract Suppose an intermediary provides a benefit to buyers when they purchase from sellers using the intermediary’s technology. We develop a model to show that the intermediary would want to restrict sellers from charging buyers more for transactions it intermediates. With this restriction an intermediary can profitably raise demand for its services by eliminating any extra price buyers face for purchasing through the intermediary. We show that this leads to inflated retail prices, excessive adoption of the intermediaries’ services, over-investment in benefits to buyers, and a reduction in consumer surplus and sometimes welfare. Competition among intermediaries intensifies these problems by increasing the magnitude of their effects and broadening the circumstances in which they arise. We discuss applications to payment card systems, travel reservation systems, rebate services, and various other intermediaries.
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Mensah, Esi Akyere, Elizabeth Agyeiwaah, and Alexandru O. Dimache. "Will their absence make a difference? The role of local volunteer NGOs in home-stay intermediation in Ghana’s Garden City." International Journal of Tourism Cities 3, no. 1 (March 6, 2017): 69–86. http://dx.doi.org/10.1108/ijtc-08-2016-0018.

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Purpose The purpose of this paper is to examine the role of non-governmental organizations (NGOs) in home-stay arrangements in Ghana’s cultural city, Kumasi, and further assess NGO intermediation of home-stay from home-stay operators’ and international volunteer tourists’ perspectives. Design/methodology/approach A mixture of quantitative and qualitative approaches is used to target three main stakeholders of volunteer tourism including international volunteer tourists, home-stay operators, and local NGOs. Findings There are seven major roles played by volunteer NGOs in the home-stay arrangement. However, from operators’ perspective, NGOs may hinder the economic viability of home-stay through inadequate/low payment. Originality/value The study highlights the unexplored brokerage role of NGOs in volunteer tourism in home-stay intermediation and its implications for sustainable tourism.
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John, Nwani Jemima, Nwaimo Chilaka Emmanuel, Kanu Success Ikechi, and Chinonso Karen Eke. "Cashless Policy and the Nigerian Payment System." INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT 5, no. 6 (2020): 7–28. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.56.2001.

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Before the introduction of the cashless policy by the Central Bank of Nigeria in 2011, the Nigerian economy was heavily cash-oriented in its transaction of goods and services contrary to the global trends. With the aid of paired data samples between 2007 and 2017, this study evaluates the impact of cashless policy on the Nigerian payment system. The operations of a cashless economy were assessed based on the use of Cheques, funds transfer channels and Automated Teller Machines (ATMs). Analysis of data showed that the volume and usage of cheques as a means of financial settlement has failed and was partially replaced by electronic payment systems. Banks are getting more involved in the use of interbank fund transfers rather than a cash settlement. It was also ascertained that the use of ATM’s as a means of financial intermediation is increasing. It is anticipated that the use of ATMs will become even more popular in Nigeria in the near future. To some extent, the outcome of the study has justified the implementation of the cashless policy initiative in Nigeria. However, the innovation and operations of the policy are not without its related limitations. There are various challenges associated with its practice, ranging from poor infrastructural facilities and difficulty in imbibing the e-payment culture due to illiteracy. Other socio-cultural factors that constitute an impediment include celebrations like weddings, birthdays and festivals. On such occasions, Nigerians prefer to ”display or spray raw cash’’ rather than issuing cheques. Thus, more effort needs to be put in place by the regulatory authority to re-orientate the masses and to encourage the use of E–payments channels, cheques, funds transfer options and, owning/ operating of bank accounts. This will give a further boost to the development of the Nigerian payment system.
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Alińska, Agnieszka, and Izabela Czepirska. "The Development of Payment Services as an Example of Disintermediation in the Financial System." e-Finanse 12, no. 2 (June 1, 2016): 60–73. http://dx.doi.org/10.1515/fiqf-2016-0144.

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Abstract The reasons for disintermediation in the financial systems can be found on both sides of supply and demand. This progressing phenomenon is a result of numerous changes in the post-crisis financial sector landscape. In this article, the authors analyse the underlying causes of the shift away from formal financial institutions in the area of financial services as well as present the Polish payment services market as an example of banks’ receding role in the traditional intermediation between market players.
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Demir, Banu, and Beata Javorcik. "Trade finance matters: evidence from the COVID-19 crisis." Oxford Review of Economic Policy 36, Supplement_1 (2020): S397—S408. http://dx.doi.org/10.1093/oxrep/graa034.

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Abstract This study documents a substantial decline in the exports of major trading nations taking place in March 2020. Accounting for product-specific seasonality and annual trends, the data suggest a drop by 38 per cent in France, about a quarter in Turkey and Germany, and 12 per cent in the US, relative to their historical averages. Detailed export data from Turkey, disaggregated by financing terms, show another striking pattern. Flows using bank intermediation which eliminates or reduces the risk of non-payment or non-arrival of prepaid goods, such as letters of credit or documentary collection, appear to have been much more resilient to the current downturn relative to flows using other financing terms. These findings suggest that access to trade finance is vital during times of heightened uncertainty.
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Shchegoleva, Natalia, and Olga Terenteva. "World Monetary System Transformation: the Future for Crypto Currency?" Moscow University Economics Bulletin 2018, no. 2 (April 30, 2018): 75–93. http://dx.doi.org/10.38050/01300105201825.

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Rapid spread of cryptocurrencies and the underlying technologies (blockchain) can transform the global financial system, as cryptocurrency has the potential to become a universal global currency. The article makes the conclusion concerning the timeliness and importance of cryptocurrency legitimization in Russia, which alongside the identified shortcomings contains significant competitive preferences for the banking industry, financial services market as well as for the state, drawing on quality blockchain technology mastering. The paper recommends to clarify the definition of electronic money in the Federal law «On National Payment System» under which a transaction with the cryptocurrency eliminates a third party intermediation. According to the authors, the spread of cryptocurrencies and the use of the blockchain technology will with a high degree of probability result in the transformation of the world monetary system due to the development of cryptoeconomy.
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Dissertations / Theses on the topic "Payment intermediation"

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Csaszar, Johan. "Betalningsförmedling enligt svensk och tysk rätt." Thesis, Linköping University, Department of Management and Economics, 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-2419.

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A majority of the payments that are carried out today are executed through the electronic payment systems. Payments that are executed through these systems are administrated by payment service providers, these providers are, in general, banks. In spite of the socio-economic importance of payments and payment intermediation, there is an uncertainty regarding the legal status of payments and payment intermediation. Some describe payment intermediation as transport of means of payments, while some describe it in terms of claims and intermediation of information. There is, in other words, a need for clarification.

Since the international trade is increasing, more and more payments are made to receivers abroad. The trade with Germany is very important for Sweden.

Therefore, it can be an advantage for Swedish tradesmen, who are involved in businesses with German tradesmen, to know of the differences between Swedish and German law, when it comes to payments and payment intermediation. Also, in international trade, situations can occur that generally do not occur in domestic trade. EC-law must as well be taken into consideration, when discussing international payment intermediation between Sweden and Germany. I have in the thesis described the German legal system, in general features, and I have also made a brief outline of the Swedish international private law regulations that can be applied to a payment intermediation between Sweden and Germany. I have furthermore given a brief description of the relevant EC- regulations and -directives, in order to see to what extent a harmonization has been made, regarding payments and payment intermediation.

One of my conclusions, after having studied Swedish, German and international law, is that when the sender of a payment wants to execute a payment through the payment systems, he gives the sending bank a commission to transfer a certain amount to the receiver. In return, the sender denounces claims towards the bank, equivalent to that amount. The sending bank then gives the receiving bank a commission to credit the receiver’s account. In return, the receiving bank obtains compensation from the sending bank. The commission is final when the correct account has been credited with the correct amount at the correct time by the correct sender. I have further come to the conclusion that the receiver’s claim towards the receiving bank arises already when the receiving bank acquires the commission from the sending bank, and not when the receiver’s account is being credited.

I have thoroughly studied payments and payment intermediation according to both Swedish and German law, in order to see whether there are any differences between the legal systems. I have concluded, that there is a major difference in determining at what point of time a payment has been made, and therefore also whether the sender is in delay with the payment or not. According to Swedish law, the point of time when the receiver’s account is being credited is decisive. According to German law, at first hand, the point of time when the sender gives the commission to the sending bank is decisive. Another important difference is which legal relations the participators have with each other. In Swedish law, this matter has not been closely discussed, while in German law, in harmony with EC-law, the matter has been thoroughly analysed. The legal relations, concerning a payment intermediation, are to be regarded separately. This implies that the sender does not have legal relations with any other participant in the payment intermediation, for instance the receiving bank. I find that this model also is applicable to Swedish conditions.

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Fadhlaoui, Hinda. "Réformes évolutionnistes du système des paiements internationaux : la création de systèmes des paiements supranationaux, une nécessité au regard des défauts du régime monétaire international actuel." Phd thesis, Université de Bourgogne, 2012. http://tel.archives-ouvertes.fr/tel-00869626.

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Au plus fort de la crise, le régime monétaire international se révèle être impuissantlorsqu'il s'agit de limiter la volatilité excessive des taux de change, l'ampleur desdéséquilibres des balances de paiements courants, le développement d'une spéculationeffrénée sur les marchés des changes et l'asymétrie entre pays en excédent et pays endéficit. Cette thèse, qui a eu le mérite d'ouvrir des pistes nouvelles dans lacompréhension des rapports complexes entre les déséquilibres mondiaux et le régimeactuel, a montré que ces déséquilibres sont intrinsèquement rattachés aux défaillances dela structure monétaire internationale. Pour interrompre cette dynamique qui détériore lesdéséquilibres mondiaux, nous proposons que le régime tende vers un système centraliséavec la création d'une monnaie internationale et d'une chambre de compensation. Cettethèse, qui réactualise le plan Keynes, inclut également des dispositions statutaires visant àajuster automatiquement les dettes extérieures aux capacités de paiement des pays. Bienque cette réforme soit une avancée, cette réflexion n'occulte pas les progrès qu'il reste àfaire pour résorber les déséquilibres extérieurs. Pour améliorer l'efficacité et la pérennitédu système des paiements internationaux, il est utile de renforcer la coopération desbanques centrales, notamment dans un contexte marqué par les crises d'endettementextérieur. Dans ce sens, cette thèse montre les opportunités qu'offre la constitution dezones monétaires régionales intégrées dans une union monétaire internationale
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Ghwee, Justen Rene Kok Lye Kendrick David A. Paal Beatrix. "Essays on intermediation, the payments system and monetary policy implementation." 2005. http://repositories.lib.utexas.edu/bitstream/handle/2152/1923/ghweed15592.pdf.

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Ghwee, Justen Rene Kok Lye. "Essays on intermediation, the payments system and monetary policy implementation." Thesis, 2005. http://hdl.handle.net/2152/1923.

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Books on the topic "Payment intermediation"

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McAndrews, James J. Payment intermediation and the origins of banking. [New York, N.Y.]: Federal Reserve Bank of New York, 1999.

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Merrouche, Ouarda, and Erlend Nier. Payment systems, inside money and financial intermediation. The World Bank, 2010. http://dx.doi.org/10.1596/1813-9450-5445.

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Cole, Harold L. Finance and Financial Intermediation. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190941697.001.0001.

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Finance and financial intermediation are central to modern economies. This book covers all of the material a sophisticated economist needs to know about this area. It begins with an overview of financial markets and their operation. It then covers asset pricing for standard assets and derivatives, and analyses what modern finance says about firm behaviour and capital structure. The book covers money, exchange rates, electronic payments methods, and cryptocurrencies. The book then covers financial intermediation. The book then examines the role played by finance and financial intermediation in the Great Recession of the 2000s. After this, the book switches to public finance and government borrowing which is central to major economic events. It examines the incentives to monetize the public debt and its consequences. The book closes with an examination of sovereign debt crises and an analysis of their various forms.
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Book chapters on the topic "Payment intermediation"

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Iwańczuk-Kaliska, Anna. "Bank failures and their implications for payment intermediation in conditions of financialization." In Financialization and the Economy, 83–95. Abingdon, Oxon ; New York, NY : Routledge, 2017. |: Routledge, 2017. http://dx.doi.org/10.4324/9781315281537-6.

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Lluch, Andrea. "The Art of Lending in the Pampas: Commercial Credit and Financial Intermediation in Argentina, 1900–1930." In The Book of Payments, 55–64. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/978-1-137-60231-2_6.

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Geva, Benjamin. "Cryptocurrencies and the Evolution of Banking, Money, and Payments." In Cryptoassets, 11–38. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190077310.003.0002.

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This chapter discusses cryptocurrencies in the context of a historical overview of the evolution of money, banking, and the payment system. The chapter is organized as follows. Section I introduces the topic. Section II addresses money, payment, and payment intermediation. Section III sets out the evolution of commercial banking to facilitate national and global networks for book-based payments. Section IV addresses both electronic banking as a form of payment intermediation and the availability to the public of central bank balances as a challenge to payment intermediation. Section V examines the challenge cryptocurrencies present to state-issued currency, payment intermediation, and the roles of banks in the payment systems. The conclusion points at an irony: even as a challenge to banking, cryptocurrencies emerged as an outgrowth of an enhancement to banking.
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Cole, Harold L. "Moving away from Money." In Finance and Financial Intermediation, 136–52. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190941697.003.0011.

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Hamza, Hichem, and Khoutem Ben Jedidia. "Central Bank Digital Currency and Financial Stability in a Dual Banking System." In Advances in Finance, Accounting, and Economics, 233–52. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-0039-2.ch012.

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The digitization of payment and the development of private digital currencies have constrained central banks to examine the issuance of their own central bank digital currency (CBDC) in order to face the competition of the new peer-to-peer payment system and the decline of cash use. This chapter addresses the topic of CBDC and places the discussion within the context of dual banking intermediation and financial stability. The design of CBDC in term of accessibility, anonymity, interest rate, and payment mechanism depends on the cryptocurrency use and money characteristics regarding the use of cash and deposit. The CBDC Sharia compliant, free of interest or PLS-based, fulfilling money value stability might be a solution. The effects of CBDC on banking intermediation and financial stability depend importantly on the CBDC design and switch significance of banks deposit to CBDC but remain an open question given the pros and cons arguments. In a dual banking system, Islamic banks could limit the disintermediation effect and maintain financial stability under Sharia compliance.
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"demand for producer goods (that is, implements, fertilisers, etc.) was largely left unsatisfied, a fact which eroded the peasants' productive basis. The exchange with the peasantry became conditioned by the following three interlocking phenomena: (1) the reduction in relative and in absolute terms of official marketing of crops as result of the rapid expansion of parallel markets; (2) the galloping inflation of prices in the parallel markets; and (3) the consequent rapid depreciation of the currency and the increased reluctance to accept the metical in exchange for sale of goods. Although the surface appearances of these phenomena were generally recog-nised, the explanation of the underlying mechanisms was by no means clear. The dominant explanation of the problem came from the ministry of internal commerce which was in its day-to-day operation more directly con-fronted with the problem. According to this view the nature of the problem was the withdrawal from the market by the peasantry since money no longer bought goods. Hence, the payment of rural wages and the buying of cash crops channelled a volume of money into the economy far in excess of available pro-ducer and consumer goods directed to the peasantry. Cash balances therefore accumulated over time and the stimulus to further production was blunted. The fact that the supply of commodities destined to be traded with the peasantry was, in terms of value, far in excess of the official marketing of crops was the often quoted proof that peasants simply ran down cash balances to buy goods and did not produce more for exchange. This view often overlooked the impact of the demand springing from the wage bill and, hence, directly equated the difference between the supply of goods to the peasantry and the goods obtained in return with the running down of cash balances accumulated by the peasantry. The problem therefore was seen as one of an excessive volume of money being held in the rural areas: peasants had too much money relative to the available supply of goods. Therefore, they withdrew from the market and preferred to buy up any supplies forthcoming with the money in hand rather than through production. Implicit in this view was a conception of a single circuit of exchange between the state sector and the peasantry in which the state buys with money either cash crops or labour power, and subsequently the peasantry buys consumer and producer commodities from the state sector (with or without the intermediation of private trade). If both parts do not balance in value, idle balances of money will build up in the hands of the peasantry and over time blunt the incentive of production. The preoccupation was thus with the stock of money in the hands of the peasantry (as a measure of frustrated demand) and little attention was paid to its velocity since it was implicitly assumed that these balances remained idle (stuck in the peasants' pockets). Therefore, concerning economic policy, a solution was sought in the direction of neutralising the interference of accumulated balances by linking sale and purchase together. Hence, commodities would be sold to the peasantry only in exchange for the purchase of cash crops. Similarly, state farms would guarantee a certain part of the wage in kind to assure the flow of labour." In The Agrarian Question in Socialist Transitions, 206–7. Routledge, 2013. http://dx.doi.org/10.4324/9780203043493-30.

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