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The Payments System in Transition with image of conference logo
Hosted by the Federal Reserve Payments System Development Committee
October 29-30, 2003    Washington, DC

Keynote Speech
   Alan Greenspan
   Vice Chairman
   Roger W. Ferguson, Jr.

As the U.S. payments system relies increasingly on electronic payments, payments system stakeholders face strategic opportunities and challenges in developing new services and in providing for an efficient clearing and settlement infrastructure.

This conference provided an opportunity for key providers and users of payments services to discuss these opportunities and challenges and to debate their recommendations for the payments systems of the future.

The Board of Governors of the Federal Reserve System established the Payments System Development Committee in July 1999. The committee serves as a forum for the analysis of technological and market trends, provides a mechanism for consultation with payments system providers and users, and advises the Board and other Federal Reserve System officials on medium- and long-term public policy issues relating to consumer, government, and corporate payments.
In particular, the committee seeks to work collaboratively with the private sector to help identify barriers to innovation in the payments system, identify strategies to enhance the long-term efficiency of existing U.S. payments systems, and develop strategies for transition to the next generation of electronic payments.