The complexity of this situation has created challenges for businesses as they integrate corporate information systems with electronic payment capabilities, and this complexity has likely slowed the adoption of electronic payments for a wide range of business purposes.
I hope this conference will help underscore the need for businesses, financial institutions, technology vendors, and payments system operators to find common approaches and standards for addressing this issue. Turning to questions of infrastructure, I particularly encourage you to discuss ideas for the future design of the core U.S. electronic payments systems, including those of the Federal Reserve.