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Payment Systems

The Federal Reserve works to promote a safe, efficient, and accessible system for U.S. dollar transactions.

<p>Federal Reserve Financial Services logo, 1992 (via <a href="https://fraser.stlouisfed.org/title/466/item/530598?start_page=9">FRASER</a>)</p>

Federal Reserve Financial Services logo, 1992 (via FRASER)

 

Last updated September 25, 2024

Essays in This Theme

Automated Clearing House Payments - The Federal Reserve began operating an electronic payment Automated Clearing House system in the 1970s to provide a substitute for paper checks.

Cash Services - The Federal Reserve System issues and distributes the nation’s currency

Check Payments - Congress charged the Federal Reserve with using the nationwide scope of its operations to improve the check payments system

Electronic Point-of-Sale Payments - In the early 1970s, the Fed considered building infrastructure for credit cards and other electronic point-of-sale payments that were still in development, such as debit cards.

Fedwire - Since 1915, the Federal Reserve has operated a wire payment system, known today as Fedwire