Fed strategy to meet demands of payment system

The Federal Reserve Banks has announced a strategy to accommodate the evolution of the nation's payments system from paper check processing to electronic processing, a development driven by a significant broad-based change in user preference, it said in a press release.

The Reserve Banks' strategy entails launching new products and services to support the implementation of the Check 21 Act in October 2004, as well as streamlining its check-processing infrastructure by discontinuing check

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