Philadelphia Fed's Santomero on 21st C banking

In a speech on 'Banking in the 21st Century' given on 27 March, Anthony Santomero of the Federal Reserve Bank of Philadelphia said a new law this year will make it more efficient for banks to process the growing number of electronic payments, even as old paper cheques will be around for a while.

Santomero said the law, called Check 21, will help speed the use of electronic checks and payments and help banks save as much as $2 billion on check processing costs. The law is to take effect in

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