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access to both accounts A and B. Even where bank X maintains multiple branches, accounts A and BX may ultimately reside on the single centralized computer CX=Y
It is noted in this section that this process may be mathematically modeled as a discrete-event simulation provision system with feedback loops. When a transaction, say a deposit of a check, is initiated, an electronic stimulus is created and the produced introduced into the system. The stimulus is characterized by the unique identifier of the originating (payee) bank, the distinct identifier of the payer bank, i.e., on which the check is drawn, the dollar amount involved, and a notion of the time at which the transaction is initiated. Evidently, the stimulus is first propagated by the network to the destination bank. Second, the stimulus is processed. That is, if the unrestricted balance of the payer account exceeds the amount of the check, the account is debited and a return acknowledgment is created. [overage or leverage] The acknowledgment is characterized by an approval or denial in the event that the balance is less than the amount of the check, the dollar amount, and the payee bank identifier. This stimulus is then routed back to the originating bank by the network where, in the event of approval, the dollar amount is credited to the payee account. In this process, the stimuli are constituted by discrete pieces of data, namely, deposit, withdrawal, or transfer of a dollar amount. Furthermore, the stimuli are asynchronous, i.e., they are introduced into the system at irregular intervals of time. Where the accounts concerned reside in the same bank, the process is greatly simplified.
At the present time, the check-processing subsystem of the Federal Reserve system is primarily batch-mode [168]. Much of the check-processing through the private networks also utilize the batch-mode operational techniques. In batch-mode, where a transaction, initiated by a user in a region I (as determined by the Federal Reserve) pertains to a payer bank included in a different region, II, the transaction is queued at the originating bank. Then, at a later time, when the banking system is off-line, i.e., closed to the users, the queued transactions are propagated to the appropriate payer banks where they are processed. The primary reason for this mechanism is security and accuracy, as explained later.
Figure 3.99 describes a partial organizational layout of the United States Federal Reserve system which organizes the country into twelve regions and permits each of the twelve Federal Reserve Banks (FRBS) to extend their jurisdiction over the appropriate regions. The FRB in San Francisco serves the banks in California, Utah, Oregon, Washington, and Hawaii while the FRB in New York serves the banks in the state of New York. Thus, as shown in Figure 3.99, the FRB in San Francisco services Wells-Fargo Bank and Bank of America in California while the FRB in Philadelphia caters to the Meridian Bank, Mellon Bank, and Continental Bank. Similarly, the FRB in New York serves Citibank and the Chase Manhattan Bank, while the FRB in Boston extends its jurisdiction over Bank of Boston and Fleet National Bank. The solid lines interconnecting the FRBS represent the lines through which trans- actions are propagated. In Figure 3.99, assume that a user of account A1 at
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access to both accounts A and B. Even where bank X maintains multiple branches, accounts A and BX may ultimately reside on the single centralized computer CX=Y
It is noted in this section that this process may be mathematically modeled as a discrete-event simulation provision system with feedback loops.
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When a transaction, say a deposit of a check, is initiated, an electronic stimulus is created and the produced introduced into the system. The stimulus is characterized by the unique identifier of the originating (payee) bank, the distinct identifier of the payer bank, i.e., on which the check is drawn, the dollar amount involved, and a notion of the time at which the transaction is initiated. Evidently, the stimulus is first propagated by the network to the destination bank. Second, the stimulus is processed.
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destination) at Citibank are initiated at N distinct banks at increasing times tt1, t2tN, respectively, during the current day, the network guarantees that the each Tivi E {1, N} will be routed to Citibank. Even if T, arrives at Citibank prior to T+1, although T, was initiated first, the net result, R, given by RT, is guaranteed to be consistent by the commutative and associative laws of mathematics. It may be noted that a T, may be a deposit in the favor of B; (i.e., T; is positive) or a check drawn on B. (i.e., T is negative) in the favor of another account. If the balance of B, and the net result R are such that all transactions succeed, i.e., none of the transactions fail, then the order of arrival of the Tsvi e {1, N} is unimportant. Where the transitions are, hypothetically, processed in real time, the following scenario may be observed. At an instant of time, due to repeated withdrawals, the account balance for B1 is reduced to zero dollars. Consequently, subsequent withdrawal transactions fail. At a later time, a large sum is credited to B1 and subsequent withdrawal transactions are honored. Furthermore, the net dollar amount of the failed transactions is less than the final account balance of B1. Such a scenario will not be observed given the benevolent nature of the daylight overdraft system supported by the Federal Reserve system and, therefore, the people of the United States.
A benefit of the daylight overdraft system is the possibility of reduced risk to the participating institutions in the event of failure by one of them to settle at the end of the day. However, a limitation of the daylight overdraft system is that, often, the total credit extended by the Federal Reserve system exceeds tens of billions of dollars and occasional glitches, e.g., power failures, compound to create extreme financial risks such as the Bank of New York incident that led to the largest $22.6 billion discount loan window [120]. Perhaps the most notable limitation of the current Federal Reserve system is that it is unable to deliver real-time processing. This manifests in a delay, often arbitrarily imposed by the banks and the network concerned, in the processing of a check. The delay may vary anywhere from one to two days for an intraregion check to a high of six months for international checks. Furthermore, because the FRB in San Francisco maintains account balances for only those banks within its jurisdiction, a difficulty is created when a user of Bank of America tries to access banking privileges through Midlantic Bank during a business trip to New Jersey. This research does not consider the issues of check cashing facilities provided by credit cards to a privileged few, which are based strictly on trust and creditworthiness and not the actual bank balance of the user.
In addition to these limitations, the Federal Reserve system’s concern with the current network is amplified by the following possible scenarios. First, while the transaction volume of ACH electronic payments is expected to in- crease by a factor of 10 over the next 5 years, check transactions are expected to increase by 4% a year, and there is fear that the current system may be incapable of addressing the increase. Second, conceivably, the U.S. Congress, under increasing pressure from users whose businesses experience negative impact due to the payment processing delays, may pass laws mandating real-
