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U.S. Banks and International Telecommunications (October 1992)

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U.S. Banks and International Telecommunications (October 1992) U.S. Banks and International Telecommunications October 1992 OTA-BP-TCT-100 NTIS order #PB93-116200 GPO stock #052-003-01311-8 Recommended Citation: U.S. Congress, Office of Technology Assessment, U.S. Banks and International Telecommu- nications--Background Paper, OTA-BP-TCT-l00 (Washington, DC: U.S. Government Printing Office, September 1992). For sale by the U.S. Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328 ISBN 0-16-038188-6 Foreword U.S. banks competing in the European market for financial services are among the largest users of international telecommunications networks. Their ability to create innovative financial services and deliver them through public, private, and shared networks provides a competitive edge and allows financial services to contribute strongly to our positive trade-in-services balance. At the same time, however, reliance on electronic systems means increased risk to our national payment system, probably the most serious of the public policy issues related to U.S. banks and international telecommunications. This background paper on U.S. banks is one of several case studies prepared as part of a huger assessment of International Telecommunications Networks and U.S.-European Trade in Services. The assessment, requested by the Senate Committee on Finance and the House Committee on Foreign Affairs, will be completed in the spring of 1993. The case studies focus on exporters of trade in services as users of global networks. This background paper is being released separately from the larger assessment to make it more readily available to those congressional committees whose primary interest is in financial services rather than in telecommunications or foreign trade. &/y M---- ~zfJOHN H. GIBBONS w Director iii International Telecommunications Networks and U.S.-European Trade in Services Advisory Panel John Diebold, Chairman Diebold Institute for Public Policy Studies, Inc. James R. Beniger Gene Kirmmelman Annenberg School of Communications Consumer Federation of America University of Southern California Michael Nugent Mark L. Bigelow Vice President and Associate General Counsel Network Architect, Information Services Citibank, NA Bechtel Corporation Barbara O’Connor Robert Bruce Chairperson Partner Alliance for Public Technology Debevoise & Plimpton California State University Department of Communications Emilio DeLia Deputy Director Reynie U. Ortiz AT&T Vice President for Public Policy U.S. West Steven Flajser Vice President for Space Systems Frances Plude LORAL Newhouse School of Public Communications Kenneth Gordon Michael J. Reilly, Sr. chairman Vice President for External Relations Maine Public Utility Commission Reuters America, Inc. Bruce Greenwald Tony Rutkowski Department of Economics Vice President Columbia University School of Business SPRINT J. Donald Karmizin Marie-Monique Steckel Vice President, Management Information Systems President United Airlines France Telecom, Inc. NOTE: OTA appreciates and is grateful for the valuable assistance and thoughtful critiques provided by the advisory panel members. The panel does not, however, necessarily approve, disapprove, or endorse this background paper. OTA assumes full responsibility for this background paper and the accuracy of its contents. iv U.S. Banks and International Telecommunications OTA Project Staff John Andelin, Assistant Director, OTA Science, Information, and Natural Resources Division James W. Curlin, Program Manager Telecommunication and Computing Technologies Program Project Staff Vary Coates, Project Director Todd LaPorte, Analyst Mark Young, Research Analyst Administrative Staff Liz Emanuel, Office Administrator Karolyn St. Clair, PC Specialist JoAnne Young, Secretary Contractor Marjorie Greene, Consultant v Reviewers and Contributors AT&T Ejner Petersen Washington Office Head of Foreign Exchange Department Denmarks National Bank Gary L. Bacher Senior Vice President Edward J. Regan Global Communications Vice President Babcock Fulton Prebon (USA), Inc. Manufacturers Hanover Trust Co. Robert Crandall Michael J. Reilly Brookings Institution Senior Vice President External Relations Jacques de Larosiere Reuters America, Inc. Le Gouverneur Banque de France Sylvester Rosen Vice President Marjorie Greene Citicorp/Citibank Financial Consultant Tony Saunders William Hawley Soloman Brothers Center Director of International Government Relations New York University Citicorp/Citibank Martha Scanlan John Lane Assistant Director Shearson Lehman Division of Research and Statistics Ian W. Macoy Board of Governors of the Federal Reserve System Federal Representative Elinor Solomon American Bankers Association Department of Economics Dan W. Muecke George Washington University Vice President Charles R. Taylor Technology Strategic Planning Executive Director Bankers Trust Co. The Group of Thirty P. Michael Nugent Consultative Group on International Economic Vice President and Associate General Counsel and Monetary Affairs Citibank, NA Thomaso Padoa-Schioppa Vice Director General Banca d’ Italia vi Contents Page CHAPTER 1. FINANCIAL SERVICES AND GLOBAL MARKETS . 1 Overview . .. .. .. .. .. .. ... ... ...OOOO .Ooo”O””OQ.””OOOO”OO”O”O” 0000 ”00*+”0 1 New Markets Bring New Issues . .1 Technology and Competitiveness . .4 CHAPTER 2. NETWORKS FOR FINANCIAL SERVICES . 7 Private Networks . ● . 7 Public Networks . ● *....*.. .**”””””” ““”””” 9 Shared and Value-Added Networks . 10 The Changing Balance . .. 12 CHAPTER 3. IMPLICATIONS OF NEW TECHNOLOGIES AND SERVICES . 15 Integrated Services Digital Networks . 15 Other New Developments . .. ..............+”.””””””” ““””””””’ 16 Questions of Standards Development . .17 CHAPTER 4. THE DISAPPEARING BOUNDARY: FINANCIAL SERVICES AND TELECOMMUNICATIONS SERVICES . 19 Banks and Resale of Network Capacity . 19 New Kinds of Competition . ............”””””. .“””” 19 Electronic Data Interchange . .. 22 Electronic Trading Networks . 24 CHAPTER 5. INTERNATIONAL ISSUES . .27 Dual Regulation . .. .. ”” ””. ”””*oo 27 GATT Negotiations . .*****””” ““”” 28 Transborder Data Flow Issues . .. 29 Lack of International Monitoring and Oversight . 30 Data Security and Reliability Issues . 31 Payment System Risks in Shared Financial Networks . 33 Implications of Electronic Funds Transfer for Monetary Policy . 35 Boxes Box Page 2-A. The Largest U.S. Banks and Their Private Networks . 8 2-B. Private Networks in Other Financial Industries. 9 2-C. Examples of the Use of International Telecommunications Networks by Foreign Banks . ● 11 2-D. Citicorp Moves Into Electronic Services . .12 4-A. Reuters, Ltd.: A Global Information Services Vendor . 21 5-A. The Currency Crisis . .36 Table Table Page l-l. The Ten Largest U.S. Banks (Year-End 1991) . 1 Chapter 1 Financial Services and Global Markets Overview Table l-l—The Ten Largest U.S. Banks (Year-End 1991) A global marketplace for financial services has developed. It was made possible by international Total assets telecommunications networks and liberalization or Bank ($ billions) Citibank, NA. $216.9 deregulation of banking and financial markets. It a Chemical Banking . 138.9 was made necessary by the burgeoning of world Bank of America, NT&SA . 115.5b trade. Until the late 1980s, U.S. banks, enjoying the Nationsbank. 110.3C Morgan Guaranty Trust Co.. 103.5 advantages of superior information technology, Chase Manhattan Bank, NA.. 98.2 were eager to compete in the new global market. Security Pacific National Bank. 76.4 Now some U.S. banks are withdrawing from over- Bankers Trust Co. 64.0 Wells Fargo Bank . 55.5 seas activities, closing many or all of their overseas First Chicago Bank . 49.0 branches and subsidiaries. Some of this withdrawal aCombined with Manufacturers Hanover Trust Company, previously the may be temporary, and some results from rationaliz- fifth largest bank, in 1991. bsubsequently merged with Security Pacific National Bank, which will make ing activities or accommodating changes in Euro- it the second largest bank, with total assets of $191.9 billion. C pean laws, regulations, or business conditions (i.e., A 1991 merger of North Carolina National Bank and C&S/Sovran banks. by consolidating facilities).l In other cases, under SOURCE: Rivka Nachoma, researcher, in the Financial Times, Section Ill, the pressure of strong competition from European May 20, 1992. Based on company reports. and Japanese ‘‘universal banks,’ American banks financial institutions are currently reassessing the are controlling costs and safeguarding their returns comparative advantages of private vs. public com- by concentrating on domestic markets. There has munications networks in light of new telecommuni- long been a widespread belief that international cations technologies and services. The results are banks suffer a disadvantage in domestic markets often hybrid systems, with a mix of services, compared with local firms that are closely identified providers, and managers. U.S. banks increasingly with a single community.2 In addition, the full see the need for close cooperation with telecommu- internationalization of financial services is still nications providers to support their overseas activi- inhibited by domestic and foreign government ties. Cooperation is, however, complicated by in- regulations, the high cost of international operations, creasing competition between the two industries. and differences in business culture among nations. Technological advantages may not be sufficient to offset the caution instilled by current economic and New Markets
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