Source: European Central Bank (ECB) and the Federal Reserve Bank of Kansas City
Results of a joint study undertaken by staff at the European Central Bank (ECB) and the Federal Reserve Bank of Kansas City to document and analyse non-banks in the payments system.
The focus is on electronic retail payment services in the European Union (EU) and the United States. The paper adopts a common set of definitions and a uniform analytical framework.
The study has three general objectives: (i) to document the various activities performed by nonbanks in the provision of retail payments services; (ii) to evaluate the role of nonbanks relative to the role of banks; and (iii) to present a preliminary assessment of the implications of the growing role of nonbanks.
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