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