The Historical Development of Payment Systems from Cash to Negotiable Instrument - Research Paper Example

First Last Number 26 November Trace the Historical Development of Payment Systems from Cash to Negotiable Instruments to Electronic Funds Transfer and Debit Cards INTRODUCTION In the present scenario, globalization is an important phenomenon that has increased the interdependence of business units. Additionally, this phenomenon has led organizations to conduct their businesses in the internationally with minimal amount of barriers. Correspondingly, in order to undertake the business operations in the international market payment system is an important factor that encourages the businesses to boost their trading activities and think in a global manner. In addition, to globalization has also transformed the technological aspects related to payment systems for the business transactions (Economy Watch, “Global Economy”) In this regard, organizations and inhabitants are able to undertake the operations nationally as well as in a global context with better efficiency and effectiveness. The transactions include transfer of goods and/or services, investment and fund among others. Thus, in the modern day context numerous transactions take place on a daily basis. These transactions deal with acquisition of financial assets, goods and other services. In this regards, a well defined payment system significantly aids to recognize as an important function in order to eliminate the fictions in the trading environment (BSP, “What is a payment system?”). Payment system comprises of various instruments, banking procedures along with the interbank transfer of funds to regulate the transfer of funds both nationally and internationally environment. Banking transaction between the parties is an important medium in the developed economy for making payments. Besides, the payment system is an important part of the economic and financial infrastructure. The effective functioning of the payment system enables the transaction to be completed safely and within the time. Moreover, the payment system is highly affected due to the high exposure of risk to the parties to the contract. Thus, the consideration of the proper security measure in order to control the feature of payment system is also very important to mitigate the risk related to it (CPSS 431-449) Correspondingly, the payment system allows the buyers and sellers to complete the transaction in very safe and timely manner in electronic forms. In this regard, it can also be affirmed that the payment system is the key determinant of financial markets to settle the trading agreements that include government securities, stocks, foreign exchange, commercial paper and bonds among others. Likewise, there are various risks attached to the payment system that include credit, liquidity, settlement and operational among others. The payment instrument varies from nation to nation, some common payment instruments include, commercial papers, bonds, cheques, credit and debit cards, electronic money that makes convenient for the trades to trade in smoother and efficiently (CPSS 431-449). THESIS STATEMENT Correspondingly, the paper highlights the changing dimension of the payment system in the international trade activities. Besides, the paper explores the development, implication and reason behind the payment systems from cash to negotiable instruments to electronic funds transfer and debit cards. HISTORICAL DEVELOPMENT OF PAYMENT SYSTEMS Traditionally, the barter economic system was followed for trading goods and/or services between the nations. According to this approach, nations traded in goods in which they had a competitive advantage with respect to other goods. However, this system of exchange was highly complicated to derive the actual monetary value of the trade. Thus, a standard system was devised and eventually countries have developed respective currencies for trading purpose. This traditional payment system was undertaken through transfer of goods in exchange of goods, which was difficult to quantify the actual value of money in respect of the payment. The tradition payment system owed various limitations such as high security concern, applicability, efficiency, trust and high usage cost for customers and traders (Jacob, Mantel and Wells 1-4). The payment system in the economy highly affected the relationship between the government and the suppliers. With the significant reforms in the payment system, the concept of barter system dissolved with the evolution of cash as the measure of payment of transaction between the parties to the contract. Thus, the development of payment systems, especially in the US is largely influenced by the diversified factors. One of the key dimensions of enhancement of the payment systems was the availability of various financial intermediaries that were specialized in providing the payments, clearing and settlement activities (Shy 1-23). These financial intermediaries were involved in awide range of services that included the interbank activities. Moreover, the federal bank of the country has undertaken a series of interbank payment services. Subsequently, with the high availability of the increasing development in the payment instruments as well as mechanisms of the settlement measures has helped to discharge the obligations of payment among the financial institutions and various traders. Moreover, the various financial instruments have different characteristics, including cost, convenience, availability and settlement of transactions (CPSS 431-449). In addition, the continuous innovation has significantly led to the development of advance instruments and payment systems that are highly relied on the electronic means and mechanism. Unlike the other mentioned factors, the growing complexities in the US financial markets are also the important measure that led the development of new payment systems through putting high reliance of the inhabitants on the banking sector along with the money and capital markets and other financial markets to meet their financial needs. In the conventional payment system, cash is regarded as the key measure to meet the financial requirement of the traders. Unlike the cash, the negotiable instruments were later developed to meet the drawbacks of cash in the payment system such as high level of liquidity in order to provide more convenient in the payments for goods and services. Additionally, negotiable instruments are developed to harmonize the commercial transaction in various states, the ‘Article 4A of the Uniform Commercial Code’ that was legalized by the federal government is an example towards promoting the use of negotiable instruments in commercial activities. The major drawback of the traditional payment system is that the cash is highly liquid, which has been mitigated with the evolution of the negotiable instruments. Besides, the negotiable instruments are easily transferable instrument that guarantees cash payment either on the demand or in future. Moreover, the Articles 3 and 4 of the UCC govern the use of negotiable instruments such as cheque, promissory note and the bill of exchange among others (West 101-150). Likewise, due to the mechanism of easily transferable between the parties, negotiable instruments so far are recognized as the alternative payment system over the cash payment. Negotiable instruments due to several characteristics facilitate the transmission of business transaction as a substitute to cash. This represents the claim that it provide an easy transfer the funds without holding the amount in the liquid form. This mechanism allows the holder the right against the claim regarding the underlying value in the negotiable instruments. Growing advancement in the electronic funding system is the reason behind the decline in the use of negotiable instruments (CPSS 431-449; Sienkiewicz 1-12). The origin of electronic fund transfer in the US can be traced back to the implementation of first automated teller machine (ATM) in the mid 1960’s, which was capable performing various sophisticated tasks including fund transfer, deposits and dispense of cash through the use of debit cards. In this regard with the introduction of first ATM, the US financial institutes enter into the era of Electronic Fund Transfer (EFT) payment system. EFT utilizes the computer and technology of telecommunication in processing the large amount of transaction in a very reliable manner (Sienkiewicz 1-12). Thus, it is not referred as any product rather it is a new era of process that mitigates the pitfalls associated with the earlier payment systems. This payment system uses the advance electronic networks rather than the cash or the cheques that were used in the transactions earlier. During the development of the EFT system in the US, it was divided into two types that included wholesale and consumer (CPSS 431-449). Wholesale EFT was applied in the financial institutions for the transfer of large-dollar electronic funds. On the other hand, consumer EFT networks enabled to undertake the electronic payment services for the small-dollar transactions. Historically, the key reform in the EFT payment system networks was the introduction of ATM and its associated access cards. Later, the debit card system established as proprietary systems, which are highly prevalent in the current environment. The debit cards are owned by the various banks and other payment processor. While the introduction of the EFT and other payment system networks help to stabilize the economies. Thus, the inhabitants started to discover that their debit cards held by them to access the funds at various financial institutions locally without holding the cash (CPSS 431-449). However, during the initial reform stage, the debit cards had limited access, due to various limitations related to its expansion across the states. In this regard, the revocation of the various restrictions over the expansion of the EFT and the debit card networks have significantly lifted the reform leading to growth in the use of cards in the different geographic locations. Since minimal cost is incurred in the installation of payment getaway terminals, the service has been expanded with the major boost in the volume of transactions. Thus, the US payment system has undergone rapid expansion and growth over the years, coupled with the transformation of products and industry. Besides, few dramatic changes have been noticed in the EFT and debit card industry as well (Shy 1-23; Sienkiewicz 1-12). Correspondingly, the development of payment system from cash to the card system have various limitations as well. State and Federal decrees, policies and case laws have also undergone significant reform in order to strengthen the payment system in the US. The legal principles have been implemented through considering the various aspects of the payment systems and its methods, both in paper-based and electronic form. Several laws are put into practice in relation to the payment activities in the various aspects that directly affects the consumers. Besides, at the state level the UCC has been established to govern the commercial and financial activities, including financial institutes and securities market activities. UCC articles that are applicable in the payment system includes Article 3, which is related to negotiable instruments and Article 4A regarding the fund transfer activities. The development of EFT and debit card payment systems have led to promulgation both the EFT article 4A along with the federal law, i.e. Truth in Lending Act and the EFT Act along with other related regulation in the various dimensions. Moreover, during the year 2010, congress established Dodd-Frank Wall Street Reform and Customer Protection Act to empower the new federal policies and strengthen the commercial and banking regulations (West 101-150). PAYMENT SYSTEM UNDER UCC The following payment system in recognized under UCC. Cash. Cash payment is only been accepted if the cash is paid at filing office. Checks. Checks is payable in the amount to be filled by filing office, but the amount should not exceed the authorized limit Automatic Clearing House (ACH) Payment. The filing office can debit amount in the checking as well as savings accounts of remitter, if they provides account details Prepaid account. Remitter can open account for the pre-payment of filing fees through written request for which the filing office issue account number that can be used by the remitters Debit and/or Credit cards. Payment through debit cards and credit cards that has been issued by the approved issuers is also recognised under UCC. Issuer shall provide the card holder with the card number, expiration date as well as security code. Nevertheless, the payment cannot be made until the issuer confirms the payment (John, “Administrative Rules of the Delaware Secretary of State Division of Corporations”) REASONS FOR THE DEVELOPMENT The development process of the payment systems from the traditional mechanism in the US has taken place due to various diversified factors. The prior reason behind the development is the establishment of various financial intermediaries capable of receiving making payments, clearing activities in the nation. Moreover, these financial intermediaries have the ability of carrying out a wide range of activities that include the localized associated banks involved in cheque clearing services for the associate members, ATM to point of sales activities over the wider networks across the nation. Besides, innovation of card mechanisms is the key reason behind the radical transformation in the payment system. Likewise, the introduction of the legal framework in the payment systems as well as its structure also facilitated in the increasing governance of the financial institutions engaged in various payment services. The variety of financial instruments as well as settlement methods is capable of discharging the payment obligation of various financial institutes. Correspondingly, these financial instruments have the different characteristics, which suffice the growing requirements of inhabitant’s through providing a wide range of services (CPSS 431-449). On the other hand, the EFT has the capability of carrying or discharging the fund in the electronic forms, which eliminates the drawback in the tradition payment mechanisms while providing significant aid to the traders and society at large. Moreover, through the advancement in the technology and growing bulk transactions that were undertaken earlier through the paper based instruments i.e. cash and cheque have been transformed and carried out through the Automated Clearing House (ACH), ATM and POS networks. In addition, innovation and competition promoted continuous introduction of new instruments and systems that highly relied on the electronic means. The increasing income of people over the years has further augmented the needs for improved payment system (CPSS 431-449; Kokkola, “The Payment System”). Consequently, initiatives towards the development of the national payment system have been highly influenced due to the financial, environmental, public policy factors and economic factors. In this regard, the demographic, geographic along with the various social factors were the key environmental forces that led development initiatives through increasing the potential demand among the inhabitants. The key factor involving the reform in the industrial infrastructure, including the telecommunication and the transportation featured towards the need of improved payment system capabilities. The principal market factors of the economy, including the level of economic growth, distribution of wealth, education as well as the skills and the industrial infrastructure along with the widespread enhancement of technology are few factors behind the growth of the payment system. Moreover, the key determinants, including the reforms in the commercial, industrial and financial sectors, particularly in the field businesses and banking systems contributed towards the changing trend of the payment systems (Kokkola, “The Payment System”). Apart from above mentioned factors, reforms in the payment system were associated with high availability and choices of the financial instruments, the relevant benefits, low level of cost involvement, interoperability among the different networks, lower risk along with the availability of high level of security mechanism. Likewise, changing demand of the financial institutions with respect the equitable access towards the services, low network participation cost, demand for fast and convenient payment, settlement and clearing mechanism are the key factor behind the development varied payment systems. Thus, the high demand of transparency, efficiency and lower risk among the customers and service provider are the key elements behind the improvement over the traditional payment system. Apparently, this demand of new instruments and better payment system have led to the development of the non-cash payment instruments worldwide through the introduction of electronic card payment systems (CPSS 431-449; Kokkola, “The Payment System”). In the context of the advancement in the technology, the service providers have also felt the need of enhancement in the opportunity towards generating increased revenue through implementing the measure that led them to reduce the cost and risk related to the payment system. In order to achieve this, service providers introduced new technologies through the utilization of advanced information processing, improving the telecommunication and payment instruments. Moreover, introduction of ATM, EFT, POS as well as an online payment system along expansion in the banking and non banking service providers, the new financial instruments for the payment evolved. Moreover, increasing awareness and knowledge regarding the payment system and its risk along with the rising requirements of financial institutions in the economy also contributed towards the enhancement in the payment system (CPSS 431-449). Thus, a gradual enhancement of the financial activities, payment instruments and mechanism in the economy was witnessed. Moreover, the factors such as reforms in the infrastructure, interrelationships, securities, foreign exchange and telecommunication have facilitated in better processing in the payments with the high level of access of the inhabitants. Development of regulatory measures with regard to national payment system served as effective regimes of the federal government to strengthen the market practice stabilized the organised markets, which altogether are responsible for the development of different types of payment systems in the US (CPSS 431-449; Kokkola, “The Payment System”). IMPLICATIONS Money is a key medium of exchange and the principal component that help to strengthen the financial and monetary system of the nation at large. Thus, in this regard the payment system is the mechanism through which the money is transferred from the buyers to the sellers. With respect to the development of payment systems from the cash to negotiable instrument to ETF and card system have both positive and negative implications for the economy. On the one hand, this reform led to the creation of financial institutions while, it also have had the effect on the flow of black money in the economy. The reform in the payment system includes development of law, practices and facility of transfer payments. Payment being the integral part of trading processes, the emergence of the modern payment system has created the new financial need in the economy that cannot to entitle to be fulfilled by the traditional payment system (CPSS 431-449). In this regard, various financial intermediaries come up with the advanced financial instruments through recognizing the interests of the parties and explored various electronic payment systems and the issues that are related to the traditional electronic payment system. Card Payment System, Electronic Cash System, Electronic Cheque System and Smart Cards have emerged into the market as a result of continuous reforms in the payment system and their related drawbacks. These payment systems have a number of requirements in terms of acceptability, cost, security, anonymity, convenience, control, and traceability. In the conventional or traditional payment system, payment and settlement involved direct and indirect interaction of buyer-to-seller in the transfer. This payment mechanism has the various limitations in terms of various aspects that led to the introduction of negotiable instruments in the payment and settlement processing network. The limitation that is held in the process of the cash payment system is that the buyers have to directly interact with the sellers for the non-cash payment mechanisms. The rapid expansion in the commercial transaction that requires high flexibility in the payment process has led to the introduction of alternative mechanisms in which the traders often demand for the future payment than the immediate payment. Thus, the introduction of negotiable instruments has the positive implication, especially in terms of transfer of payments from one person to another. The negotiable instrument reduces the need of liquid money, which ultimately led to minimize the circulation of money in the market. Moreover, these instruments take place in the form of ordinary contract. Besides, it is highly flexible to use in the future period (Singh 18-40). Cheques, promissory notes, bills of exchange among others, are the commonly used negotiable instruments that consist of written order and not the involvement of direct cost by the drawer in respect to the drawee to pay the certain amount. The major differences in the conventional payment mechanism and negotiable instruments are that payment could be made in a future period of time (Lewis and Resnicoff 9-28). Moreover, with the changing scenario, the US payments system have undergone major changes in which cheques and the period of negotiable instruments are replaced by the electronic forms of payment. Additionally, in this regard, a few dramatic changes have been noticed with the introduction of ATM and debit cards. The card system due to the numerous advantages over conventional payment systems such as negotiable instruments, installation of ATMs has witnessed rapid expansion in the nation. The expansion of ATM was around 9.3% on the yearly basis during the period from 1983 to 1999, which has significantly accelerated to 15.5 % in the recent years. Most of the reforms have taken place due to wider expansion of the financial intermediaries in the different location. In this regard, the reforms in the payment system have the numerous economic as well as public policy issues, which include concentration in the market, vertical integration and economies of scope, pricing, access, and risk (Hayashi, Sullivan and Weiner 69-88). Market Concentration. The growth and expansion in the activities of ATM and debit cards have the various advantages that affect the economies of scale. This system of payment has proven to be beneficial as it increases the value of scale. However, the major drawback is regarding the possible risk of the increasing growth of the financial service providers that may result in the excessive market power over the some firms leading to an increase in the prices (Hayashi, Sullivan and Weiner 69-88). Vertical Integration and Economies of Scope. Development of payment systems has also increased the service scope related to the payment processing, acquiring networks and providing additional payment services (Hayashi, Sullivan and Weiner 69-88). Pricing. The prices in the initial period of reforms associated with the EFT and the debit card transactions were the key challenging issues for the various financial intermediaries. Additionally, with eradicating the norms and issues for the EFT and the debit card providers have benefitted in the significant discounts to the different merchants. Thus, consumers notice various surcharges over the online transactions. These differences and lowering of fees on the debit cards encouraged the customers to relay over the electronic payment system (Hayashi, Sullivan and Weiner 69-88). Access. The key implication of the reform in the payment system is that economy has the wider access of consumers, financial institutions and merchants (Hayashi, Sullivan and Weiner 69-88). Risk. Development of the payment systems has also resulted in reforming the establishment of rules and regulations in order to mitigate the risks associated with the new instruments. Moreover, the has become important for the national government to have the governance over the financial activities to provide a high level of protection to the consumer, control over the risks and limit the fraudulence activates (Hayashi, Sullivan and Weiner 69-88). Apparently, in this regard the during the last few decades with the development of payment system, the Article 1, 2, 3, 4, 4A, 5, 8 and 9 have been implemented and revised to strengthen payment process. Article 1 covers general provisions, Article 2 sales, Article 3 for the negotiable instruments and Article 4A relates to the fund transfers. With respect to the challenges and risks associated with advancement in technology along with the globalization, the commercial laws have also been frequently revised in terms of the national and international rules. Each of this code covers the statutory regulation that governs the relationship of individual and business in the commercial trading activities. Moreover, the differences in the international environment and its uniform rules have led to the differences in the payment system across the different States which has led to the creation of the UCC. Thus, the UCC is the collection of legal rules regarding the business and commercial activities. It was created by the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI). It enables the business activities highly efficient through placing uniform rules across all states in the US (Warren and Walt 50-55). DETERMINATION OF CASH TO BECOME OBSOLETE During the last few decades, there has been continuous advancement in the payment systems where cash as a key variable in the payment is being replaced with cashless payment systems. This system has significantly led to the major revolution in the payment system. In the current scenario, payment through the cash is continuously declining with the emended development in cashless transactions in the manner people used to pay for the goods and services. In this regard, global statistics revealed that the international payment transaction has noticed huge dropout in the cash transaction just because of the different payment system reforms. Moreover, it has been anticipated that the cash transaction may become obsolete, as more payments will become electronically directed. The cashless payment systems are highly efficient way that brings numerous benefits through enhancement of security to the inhabitants. Additionally, the security is one of the important facets of the several businesses and individuals. Moreover, the cashless environment reduces the involvement of cash with fewer overheads. Furthermore, along with the high level of security benefits, it also offers a limited number of paperwork in the transactions while lowering the aspects of fraud and reduces the involvement of risk of losing the money in the transaction (Burge “Is Cash Becoming Obsolete?”). Correspondingly, the digitalization of the payment system has gained huge popularity while the traditional payment mechanism is gradually getting diminished. Payment is the key determinate in the trading environment while cash plays a major role as the settlement of transactions. Nevertheless, with the advancement in the e-commerce and card system is considerably changing the outlook of people over the cash. This has also led the various business organizations to refuse the acceptance of cash as the payment means in their transaction. In the modern day context, cash is obsolete, as people often being involved in utilizing the advanced payment mechanism i.e. debit cards. This allows the people to access their funding through their card. This advanced version works on the mechanism that it checks account of the users, which facilitates them to utilize this card in the trading activities. This trend in the payment system has significantly shifted focus of majority of corporations as these corporations are now involved in employing the electronic means in their payment system. Moreover, the majority of citizens not only in the US, but also in the other parts of the world are utilizing the payment mechanism through the help of the cards. In this regard, the study revealed that average inhabitants of the US are carrying lesser than $50 in the form of the cash. Debit cards and the other payment cards have presented a high level of convenience with ease of access to the funds that they hold in their accounts (Burge “Is Cash Becoming Obsolete?”). According to the study of Chen, (2012) cash will be completely replaced with new forms of payment system such as cards by 2020 and the key reason behind this related to the widespread utilization of electronic forms of money in the transaction through the use of online and mobile payments. During the year 2013, transactions of around 50 billion were conducted by the means of debit cards, which was one-third higher than the other means of payment systems including cash. According to the report of the Business Insider there has been a dramatic rise in the electronic payment system over the cash transaction in the year 2013 (Hoelzel “Debit Cards Take By Far the Largest Share of Non-Cash Transactions in The U.S”). US Non-Cash Transaction (Source: Hoelzel “Debit Cards Take By Far the Largest Share of Non-Cash Transactions in the U.S”) Thus, the non cash transactions as compared to the cash transactions are accelerating at a significant pace. In this regard, in the US during the 2009, the combination of all the cash transactions was amounted to just the 30% of all the non-cash transactions. (Source: Quora “In the future, will physical cash become obsolete?”) Consequently, it can be advocated that at around one of the three inhabitants in the US are utilizing the Smartphone as the payment method along with 38 % in the overall nation uses their phone in order to purchase products and/or services. Thus, in most of the developed as well as developing nations are utilizing the modern mechanism as the payment system. However, in this regard, the cash is the ultimate mechanism for the small traders and merchants and there is no involvement of any third party in the cash transaction, which depicts that cash, is still as an important mechanism for most of the traders and individuals. Hence, it is important to any economy to continually upgrade the payment system in the changing dimension. Nevertheless, this advance system undoubtedly has the noteworthy feature than the cash, but will not obsolete the importance of traditional payment systems, though it will certainly minimize the utilization of the same (Chen “4 Reasons We Need Cash”). CONCLUSION AND RECOMMENDATIONS Conclusion. From the above analysis and discussion, it can be ascertained that the phenomenon of globalization has facilitated financial intermediaries, people and nations at large to conduct business and trading activities with the advance payment system. An increase in the global trading activities, the interdependencies between various businesses throughout the world has grown largely and in order to meet the international norms, development of new payment system has been continuously witnessed. In this regard, technology and advancement of service providers at large have unarguably led to the changes in the payment system through mitigating the issues and drawbacks in the traditional system. It can be ascertained that electronic payment has significantly provided an increased level of freedom to the individuals in making the payment in various aspects, unconventional locations and time. In this context, it can be apparently observed from the study that EFT systems, credit cards and debit cards are the key payment systems. Besides, the trading activities conducted in the foreign exchange market are rapidly developing the new payment systems, which is highly influenced by the advancement in the financial instruments. In certain scenarios, it has been noticed that the advancement in the payment system activities prevailing in a nation, has resulted in radical transformation. In this regard, cash is replaced with the negotiable instruments due to high level of liquidity, which is again replaced with the EFT and debit cards. The factors, including security, liquidity, transparency as well as the economic reform are the key factors behind the reform in the payment system. It is quite important that the financial intermediaries as well as regulatory bodies to adopt certain key measures to mitigate the issues surrounding the payment systems. Recommendations. In order to reduce impact of an advance payment system, different techniques need to be implemented by the different financial intermediaries regarding the financial instruments to minimize and the adverse impact through creating a high level of awareness regarding the advantage and disadvantage of payment system to the individuals. Moreover, the US government and various regulatory bodies of a nation needs to tighten its UCC Codes, which would significantly be helpful to further strengthening the payment system. The strategies of the government, such as effective use of security, proper guidance measures and policy would help in eradicating the issues in the payment system. It is expected that these measures will certainly aid in reducing the negative influence of the commercial trading in the economy to a great extent (King, Kuenzel, Stone and Knight 760-800). Works Cited Burge, Brendan. Is Cash Becoming Obsolete? 2010. Web. 26 Nov. 2014. “What is a payment system?” BSP. n.d. Web. 26 Nov. 2014. Chen, Tim. 4 Reasons We Need Cash. 2012. Web. 26 Nov. 2014. “Payment systems in the United States.” CPSS. 2003. Web. 26 Nov. 2014. “Global Economy.” Economic Watch. 2010. Web. 26 Nov. 2014. Hayashi, Fumiko, Richard Sullivan and Stuart E. Weiner. “A Guide to the ATM and Debit Card Industry.” Payments System Research Department (2003): 1-129. Print. Hoelzel, Mark. “Debit Cards Take By Far the Largest Share of Non-Cash Transactions in the U.S.” 2014. Web. 26 Nov. 2014. John, G. Administrative Rules of the Delaware Secretary of State Division of Corporations. 2014. Web. 26 Nov. 2014. Jacob, Katy, Brian J. Mantel, and Kirstin E. Wells. 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