This book makes a practical contribution to increased understanding of payment system design and management and of the relationship between the payment system and monetary policy.

WASHINGTON—The Treasury Department has agreed to give Elon Musk’s Department of Government Efficiency access to a payment system that distributes trillions of dollars in entitlement benefits ...

The payment system reliably distributes Americans’ tax returns, Social Security benefits, disability payments and federal employees’ salaries. It has historically been off-limits to political ...

we found that a unified payment system is not only feasible, but could be implemented sooner than the timetable outlined in law. As expected, the design would result in major shifts in payments ...