Responding to the declining number of paper checks, the Federal Reserve System has restructured its check processing infrastructure, pointing out the continued slide in paper check volume and accompanying growth in electronic payments.

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Contrary to expectations, the growth rate of total ACH payments handled by private and public processors has been slowing, not increasing. Such payments will never materially supplant checks until certain legal and institutional changes are made.

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The Emerging Payments Research Group (EPRG) at the Federal Reserve Bank of Boston sponsored a new conference, “Consumer Behavior and Payment Choice: How and Why Do Consumers Choose Their Payment Methods?” on October 27–28, 2005, at the Boston Fed. The conference brought together a diverse...