So, as the Federal  BIS central bankers’ speeches  1  Reserve System plans for its second century, I would say that the importance of two-way communication is a key lesson from the System’s first century. In order for the Fed to continue to be effective, it needs to communicate its policy decisions transparently to the public.
In the check service, the Reserve Banks are presenting an increasing number of checks electronically (ECP currently represents about 14 percent of Fed check collection volume), are introducing a wider array of check image services, and are developing pilot programs to learn more about ECP.