FEDERAL RESERVE BANKS ANNOUNCE RESTRUCTURING SCHEDULE CHANGES AS ELECTRONIC CHECK PROCESSING CONTINUES TO ACCELERATE

US Fed News Service, Including US State News | March 31, 2008 | Copyright

The Federal Reserve Bank issued the following news release:

The Federal Reserve Banks today announced modifications to the schedule for previously announced check processing infrastructure changes as consumers and businesses continue the shift from using paper checks toward electronic payments and as financial institutions rapidly adopt electronic check processing.

In June 2007, the Federal Reserve Banks selected Philadelphia, Cleveland, Atlanta, and Dallas as regional check processing sites that are expected to provide a full range of paper check processing services and receive processing ...

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