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- W13849798 abstract "Last month, ABA President James Culberson appointed a task force to study the legal and regulatory issues surrounding the evolving payment system. It's an important effort for the simple reason that while some banks may consider the payment system to be banking's domain, it a domain with few remaining walls. The walls that are still in place are mainly the statutory provisions that grant banks and thrifts the authority to offer demand deposit accounts and to maintain reserve accounts with the Federal Reserve for clearing and settlement purposes. But these provisions are hardly exclusive: settlement can and does occur outside the Fed system, and numerous checklike products have existed for years outside of Thus a host of nonbank players has gained a foothold in the business of payments--often assisted in this by banks themselves (the clearing of share drafts, for example). New forms of payment such as smart cards and electronic cash will only exacerbate this situation. Much at stake here. While it would be untrue to say that banking controls the payment system, it true that the payment system has been and continues to be a fundamental part of In its deliberations, the task force would do well to look back to the speeches of one of the most prominent players in the payment system arena--D. W. Hock. Dee Hock ran Visa and National BankAmericard Inc., its predecessor, for about 15 years until his retirement in 1985. He was an outspoken, erudite, and forceful visionary who led Visa to world-wide prominence. In some ways, Hock was well ahead of his time, which why his words of 10 and even 20 years ago are still worth reviewing. In a 1981 speech to the European Financial Marketing Association annual conference, for example, he addressed the issue of what constitutes banking. Based on his reading of the Oxford English Dictionary, Hock defined bank as An institution engaged in the custody, exchange, loan or issue of anything used and relied upon as a measure of value and a medium of exchange. Money today, he also said, is merely guaranteed alpha/numeric data. He went on to explain that many organizations, not just commercial banks, can meet the functional, if not the legal, definition of bank. Companies like Merrill Lynch and American Express are obvious examples, said Hock, but even more significant are such commercial organizations as airlines, oil companies, national and multinational retailers, entertainment conglomerates, and wire services. These companies (or their industries) have developed telecommunications systems of great sophistication for such purposes as ticketing, inventory control, purchasing, and dissemination of news. …" @default.
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- W13849798 date "1996-03-01" @default.
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- W13849798 title "Can Banks Compete and Cooperate" @default.
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