Agendas for Action on The Payments Mechanism

نویسنده

  • George W. Mitchell
چکیده

It now appears that coincident to this Conference, or a few days thereafter, a statute creating a Commission on Electronic Funds Transfer will have been adopted by the Congress. That statute will contain an agenda of public interest considerations the Commission shall take into account in its study of electronic transfer systems. The agenda set forth in the Act specifies several areas of potential public concern but does not purport to be inclusive of all relevant issues and interests. Your agenda specializes on the economics of electronic transfer. At the forthcoming annual meeting of the American Bankers Association, the, agenda will focus on competitive issues in payments development. My brief prefatory remarks today are intended to direct your attention to the importance of distinguishing payments issues that have public policy implications from those that are passe, are better left to data-handling technicians, or could be, in a truly competitive environment regarded as private arrangements between businesses and their customers. The idea, for example, that the payments system should have a builtin element which can generate "float" and enables payors to defer actual transfer of funds by such strategems as paychecks delivered on Fridays or the writing of checks on remotely located banks is a relic of non-par banking days and 19th century transportation facilities. If, in fact, a payor needs a brief deferral in charges against his account, both banks and business payees have a variety of arrangements to accommodate him without perpetuating expensive, time-consuming check handling. Other issues of limited public concern are the alternative techniques of electronic transmission and processing and the technical legal rules governing the movement of funds. The only real concern for policy makers in such areas is to be certain that the systems authorized permit equivalent access to public facilities and the ability of participants to use as wide a range of technical resources as possible.

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تاریخ انتشار 2007