Payments Systems in the U.S.
A Guide for the Payments Professional
By: Carol Coye Benson, Scott Loftesness
About This Book
"Payments Systems in the U.S." is a comprehensive description of the systems - (cards, checks, cash, ACH, etc.) that move money between and among consumers and enterprises in the U.S. In clear and lively writing, the authors explain what they systems are, how they work, who uses them, who provides them, who profits from them and how they are changing. Anyone working in the payments industry - or needing to use payments products - can benefit from understanding this. The second edition updates information on card, ACH, and check systems, as well as providing perspective on developments in emerging payments.
AI Overview
"Payments Systems in the U.S.: A Guide for the Payments Professional" is a comprehensive book written by Carol Coye Benson and Scott Loftesness, published by Glenbrook Partners. Here is a detailed overview of the book:
Key Themes
- Comprehensive Review of Payments Systems: The book provides an in-depth examination of the systemically important payments systems in the U.S., including cards, checks, ACH (Automated Clearing House), wires, and cash.
- Evolution and Functionality: It explains how these payment systems work, their historical evolution, who uses them, who provides them, and who profits from them.
- (getting) Changing Landscape: The book discusses how these payment systems are changing, including updates on recent innovations and regulatory changes.
- Industry Terminology: It includes a glossary of industry terminology to help readers understand the complex world of payments.
Plot Summary
The book is structured to cover various aspects of the payments industry:
Introduction and Overview:
- Provides a broad introduction to the payments systems in the U.S., including their models, volumes, functions, and domains.
Core Systems: Checking:
- Covers the history and background of checking systems, including the development of clearing houses, automation through MICR and sorters, and imaging.
- Discusses roles and the value chain, pre-image clearing environments, image clearing, ownership and regulation, check use and trends, check economics, and major providers.
Core Systems: ACH:
- Examines the history and background of the ACH system, roles and the value chain, ACH settlement, ownership and regulation, uses of the ACH system, ACH products, trends, and major providers.
Core Systems: Cards:
- Explores the history and background of card systems, including going public, card types and brands, roles and the value chain, enabling technology and standards, card use and trends, regulation, network economics and interchange, card issuance (credit and charge cards, debit cards, prepaid cards), card acquiring, and card risk management.
Core Systems: Cash:
- Discusses cash volumes, cash production and supply, cash acceptance, cash deposit, ATMs and ATM networks, cash regulation and risk management, and major providers.
Core Systems: Wire Transfer:
- Covers wire transfer volumes, uses and purposes, the value chain, wire transfer regulation and risk management, economics, and major providers.
Perspectives on Payments: System Users:
- Examines the perspectives of consumers, merchants, billers, and enterprises on the use of payment systems.
Perspectives on Payments: Systems Providers:
- Looks at the perspectives of banks, networks, processors, and payments services providers.
Payments Innovation:
- Introduces the concept of payments innovation, discusses the nature of change in the payments industry, and explores where innovation happens. It also covers regulatory influence, building blocks for payments innovation, and achieving success in payments innovation.
Glossary and Index:
- Includes a comprehensive glossary of industry terminology and an index for easy reference.
Critical Reception
The book has received positive reviews from industry professionals:
Bill Harris, CEO of Personal Capital: "Without question, the best overview of the payments industry. Essential for payments professionals."
Susan Ehrlich, CFO of Simple and Board Member of BECU: "Glenbrook’s deep knowledge of payments comes through loud-and-clear and easy-to-read. This is the go-to resource for understanding payments systems."
Michael Manchisi, President of Mastercard Payment Transaction Services: "A clear and concise explanation of the payments industry—useful for all payments professionals."
The third edition of the book has been praised for its updated information, addition of a chapter on payments innovation, and inclusion of a glossary of industry terminology, making it a valuable resource for anyone in the payments industry.