In addition to identifying strategies for enhancing the long-term efficiency of the retail payment systems, it also identifies barriers to innovation and works to address those barriers where possible. The committee is active in monitoring developments in payment markets and has sponsored workshops and forums that encourage focused discussions with the private sector.
Our current activities include efforts to reduce legal and regulatory barriers to payment innovation, examine future clearing and settlement systems to support electronic commerce, assess our role in helping to set standards, and find ways to use new technologies to collect checks more efficiently.