UCL logo

UCL Discovery

UCL home » Library Services » Electronic resources » UCL Discovery

A new era in fintech payment innovations? A perspective from the institutions and regulation of payment systems

Chiu, IHY; (2017) A new era in fintech payment innovations? A perspective from the institutions and regulation of payment systems. Law, Innovation and Technology , 9 (2) pp. 190-234. 10.1080/17579961.2017.1377912. Green open access

[img]
Preview
Text
Chiu_The Institutions of Payment SystemsLIT Rev 1.pdf - ["content_typename_Accepted version" not defined]

Download (667kB) | Preview

Abstract

This article analyses the existing institutions and infrastructure for payments. Authoritative settlement based on central bank support is seen as being essential for both large value and retail payment systems; and, in the EU, UK, and US, the importance of regulating for the protection of consumers who use retail payment systems is recognised. In this institutional context, payment innovations (including Bitcoin and distributed ledger or autonomous organisation technologies) are assessed. It is suggested that, while competition at certain levels is likely to bring social benefits through commercial developments, the maintenance of public interest objectives necessarily delineates the scope of competition. While this might limit the disruptive impact of payment innovations, it is argued that, in the light of the public policy needs for a stable and efficient public infrastructure and the social needs of confidence and trust in a predictable and regulated payment system that meets commercial and social expectations such as in consumer protection, this is not necessarily undesirable.

Type: Article
Title: A new era in fintech payment innovations? A perspective from the institutions and regulation of payment systems
Open access status: An open access version is available from UCL Discovery
DOI: 10.1080/17579961.2017.1377912
Publisher version: https://doi.org/10.1080/17579961.2017.1377912
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Payment systems, clearing and settlement, payment innovation, virtual currency, distributed ledger technology, Payment Services Directive
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Laws
URI: http://discovery.ucl.ac.uk/id/eprint/1553175
Downloads since deposit
0Downloads
Download activity - last month
Download activity - last 12 months
Downloads by country - last 12 months

Archive Staff Only

View Item View Item