Central Banking

Philly Fed payments VP wins promotion

Arun Jain, a vice president at the Philadelphia Federal Reserve's retail payments department, will become a senior vice president after nearly 30 years of working within the Fed system.

Jain, who is responsible for all aspects of cheque operations including processing, receipt, settlement, and delivery of electronic and paper checks, will handle the consolidation of the Fed system's processing operation, which is to become an all-electronic system.

Jain joined the Fed in 1979, working for the