Friday, January 22, 2010
The Fed's 2010 payment research underway
The Federal Reserve has undertaken research to get a better handle on numbers and values of checks and electronic payments moving through interbank payment systems.
The 2010 Payments Study, the Fed's fourth such project since 2001, will consist of three separate research efforts to estimate the number, dollar value and composition of noncash payments by U.S. consumers and businesses, based on financial institution data reports.
Data collection and analysis is being coordinated and implemented by the 12 Federal Reserve Banks, with assistance from payment experts at Global Concepts and McKinsey & Co.
Discerning trends
Previous payment studies by the Fed Banks have pointed to a continued decline in check usage, while card, automated clearing house and other electronic payments have been growing.
"The Fed's 2010 Payments Study is a continuation of an ongoing effort by the Federal Reserve System to measure trends in noncash payments in the United States," said Richard Oliver, Executive Vice President at the Federal Reserve Bank of Atlanta, and one of the leading authorities on payments within the Fed System. "These studies underscore the ongoing evolution of check electronification while providing additional insight to help industry participants plan for the future."
Results of the research are expected later in 2010, probably in December, based on past experience.
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