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Transitions in Payment Systems

Last week, Fed Chairman Alan Greenspan reflected on the transitions underway in electronic payment systems.

“The markets will undoubtedly shape the use of payments systems,” says Greenspan. “However, there are only a handful of core systems and it is very important that these systems be well designed so that they do not block market innovation.”

The full text of Greenspan’s comments (in an address to Federal Reserve Payments System Development Committee 2003 Conference) is available online.

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