Workshop on Promoting the Use of Electronic Payments: Considering Future Requirements
The Chicago Fed hosted its second payments conference entitled, Can Existing Networks Meet Future Needs?, October 10–11, 2000. Conference speakers were payment industry leaders who provided an insider's perspective on the necessary success factors for electronic supply chain and epayments integration.
- What lessons about the business case, incentives, technology, the law, and country-specific factors should we take away from international experiences with electronic payments?
- What are the implications for business practices and public policy?
- What do online trading communities require from payment services, and what role will services like escrow, customer service and dispute resolution play?
- Will fundamentally new payment products be required or will innovations leverage current payment infrastructures?
- What is the market potential for electronic bill payment? How important will services such as online billing, aggregation, "pay anyone," customer service and service level guarantees be for reaching this potential?
- How do different vendors' offerings and business models compare from a consumer, biller and financial institution perspective?
- How will consumer protection policy need to evolve? How will vendor and biller business practices need to evolve? How will the back-end clearing and settlement systems need to evolve?
- What are the implications of online markets for business-to-business commerce, and how is technology changing the way commercial and financial firms are relating to one another (e.g., payments, procurement, credit, liquidity etc.)?
- What lessons have automotive industry leaders learned in terms of the business case and key requirements for online markets and online payments? What are they looking for in the future?
- What has been learned from past trading community implementations, and what are the implications for how technology platforms will evolve? What is needed from corporations, vendors and financial institutions in leading this migration?
- How significant is the online security challenge? Where is it most significant? How are corporations and financial institutions responding?
- How much can industry expect emerging and mainstream technologies to do in assuring trust? How might these technologies evolve in the future?
- What are the implications of the migration towards open standards for online security?
- How have the laws relating to electronic payments evolved to where they are today?
- What work is currently underway in the legal community relating to consumer protection, privacy and intellectual property policy?
- Who is involved? Why is it important? What should private and public sector leaders be thinking about going forward?