4  BIS Review 83/2006  Conclusion In conclusion, the retail payments system will continue to become increasingly electronic even though the exact nature of that system is not yet clear. What is clear, however, is that the Federal Reserve will continue to foster a safe and efficient payments system.
This shift away from paper and toward the electronic processing of payments has significant operational and legal implications that all of us need to ponder. I believe that an ongoing dialogue among payments system participants will help us address, in a balanced and thoughtful manner, these important issues that affect the long-term strategic direction of the U.S. financial system.