Approximately 42 billion checks were written and collected in the United States in 2000. The vast majority of noncash transactions continue to be settled with paper checks, which despite gains in efficiency and speed, still require costly and time-consuming sorting and transportation. An...

It is common knowledge that the Federal Reserve System was originally set up to provide the nation with a stable currency and a sound banking system. Less well known, however, is why the Fed was given an operating role in the nation's payments system. In this article, James N. Duprey and...

Conducted by the Federal Reserve Bank of Atlanta.