While the committee has not reached detailed final conclusions, it is clear that the Federal Reserve can best ensure the safety and effectiveness of the nation’s payments system by continuing to provide its existing retail payment services for checks and ACH, and we will so BIS Review 88/1997  -6-  recommend.
We agree with a recurring theme at the forums that there would likely be significant disruptions in the payments system if the Federal Reserve withdrew, with little net societal benefit. Currently, the banking industry is trying to grapple with a variety of technological issues, an effort that is requiring a great deal of resources.