Payments choice and infrastructure continue to evolve, potentially affecting how the Federal Reserve supports the safety and efficiency of our payment system. The Board of Governors of the Federal Reserve System has issued a request for information on questions related to the current use and future of Federal Reserve Financial Services Check Services.
The Federal Reserve Banks have been important providers of check services, processing millions of checks deposited by financial institutions every day. The Federal Reserve recognizes that changes to its Check Services could affect a range of stakeholders, including individuals, businesses, banks, processors and check service providers.
Current trends in check use reflect declining check volumes, increasing availability of alternatives and rising levels of fraud – so the Federal Reserve has requested comment on strategies for the future of the Reserve Bank’s Check Services.
In order to understand the impact of Check Services on stakeholders and how to best support them, input is requested on multiple questions, including:
- Current use of Check Services and impacts from possible changes
- Expected evolution of check use over time
- Willingness to incur costs or make additional investments to continue to use checks
- Considerations for the Federal Reserve’s role in check collection and processing services
This is not a request for comment on a proposed action. For more information, review the Board’s press release (Off-site).