In particular, it has sought to encourage the players in the payments space to identify potential improvements and to undertake reforms to achieve these. But such  BIS Review 36/2009  1  industry-led reforms have sometimes been difficult to achieve, and so the Reserve Bank has ultimately been required to take a stronger role, including by regulating.
Clearly, at that time, the Federal Reserve’s national reach will no longer be a compelling reason for its operational role. As the Federal Reserve assesses its role in providing retail payment services, it will be important to consider how the circumstances that have provided the rationale for the Federal Reserve’s continuing involvement in retail payments services may have changed.