Month March 2024

Payments

The Global Card Network: How a Tokyo coffee shop trusts an Ohio credit union (The 4-Party Model)

A coffee shop in Tokyo accepts a Visa card issued by a small credit union in Ohio. The barista has never heard of the credit union. The credit union has never heard of the coffee shop. There is no direct…

Core Banking

The Giant Settlement Bathtub: How Banks Net Out Millions of Transactions Into a Single Reserve Wire

Imagine a normal Tuesday in the US financial system. Millions of people wake up, pay electric bills, receive paychecks via direct deposit, and send money to friends. On the surface, it appears to be a chaotic volume of individual payment…