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Finance and Credit
 

The influence of institutional factors on the formation and development of the U.S. payment system

Vol. 21, Iss. 42, NOVEMBER 2015

PDF  Article PDF Version

Received: 16 July 2015

Accepted: 26 August 2015

Available online: 12 November 2015

Subject Heading: INTERNATIONAL PAYMENT MECHANISMS

JEL Classification: 

Pages: 61-66

Romanova A.V. Ulyanovsk State University, Ulyanovsk, Russian Federation
a_romanova@bk.ru

Subject The article examines the elements and institutional structure of the U.S. payment system, defines the factors influencing its development, and investigates problems and prospects for its further evolution.
     Objectives The objective is to reveal the impact of internal and external factors on the development of the U.S. payment system, including its institutional structure and payment facilities employed.
     Methods I applied economic and statistical methods to analyze the factors influencing the currency circulation, the U.S. payment system and its elements formation.
     Results The research shows that the current U.S. payment system has an extensive institutional structure and elaborated legal framework, which enables to use modern payment facilities based on both traditional and electronic means of payment. I have considered the role of the FRS in regulating, organizing and making payments among all the members of the system.
     Conclusions The following factors have a dominating influence on the U.S. payment system development: numerous financial intermediaries operating in the market that provide payment, clearing and calculation services; a special legal framework to regulate its payment activity together with the structures handling the financial institutions; variety of payment instruments and mechanisms to regulate financial commitments between financial institutions and their customers. In addition, development of payments via mobile communication operators enhances competition in this sphere.

Keywords: payment system, regulation, FRS, Federal Reserve System, payment instruments

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