Stephen Millard, Andrew Haldane, Victoria Saporta

• Introduction Part 1: Payment Systems and Public Policy - Central Banks and Payment Systems: Past, Present and Future. The Core Role of Central Banks in Payment Systems. Challenges for Research in Payments. Payment Economics and the Role of Central Banks Part 2: New Approaches to Modelling Payments - New Models of Old Payment Questions. Optimal Settlement Rules for Payment Systems. The Microstructure of Money Part 3: Current Payment Policy Issues - Wholesale Payments: Questioning the Market-Failure Hypothesis. Central Bank Intraday Collateral Policy and Implications for Tiering in RTGS Payment Systems. Central Banks’ Interest Calculating Conventions: Deviating from the Intraday/Overnight Status Quo. How Should we Regulate Banks’ Liquidity? Part 4: Policy Perspectives on the Future of Payments. The Diffusion of Real-Time Gross Settlement. E-Settlement: Soon a Reality? Real-Time Liquidity Management in a Globally Connected Market. Will Central Banking Survive Electronic Money? Payment Systems and Central Banks: Where are we Now and where will E-Payments take us?

Stephen Millard, Andrew Haldane, Victoria Saporta

• Introduction Part 1: Payment Systems and Public Policy - Central Banks and Payment Systems: Past, Present and Future. The Core Role of Central Banks in Payment Systems. Challenges for Research in Payments. Payment Economics and the Role of Central Banks Part 2: New Approaches to Modelling Payments - New Models of Old Payment Questions. Optimal Settlement Rules for Payment Systems. The Microstructure of Money Part 3: Current Payment Policy Issues - Wholesale Payments: Questioning the Market-Failure Hypothesis. Central Bank Intraday Collateral Policy and Implications for Tiering in RTGS Payment Systems. Central Banks’ Interest Calculating Conventions: Deviating from the Intraday/Overnight Status Quo. How Should we Regulate Banks’ Liquidity? Part 4: Policy Perspectives on the Future of Payments. The Diffusion of Real-Time Gross Settlement. E-Settlement: Soon a Reality? Real-Time Liquidity Management in a Globally Connected Market. Will Central Banking Survive Electronic Money? Payment Systems and Central Banks: Where are we Now and where will E-Payments take us?