(c)  What were the failings of technology model in the past? Should the entire banking system have gone in for standardization in critical areas? Today, there is no standardization even of account numbering convention or a common identifier for different types of payments. Are these proving to be hurdles for smooth migration to next level of technology deployment?
We at the Federal Reserve cannot hope to solve all these problems on our own – other policymakers and those in the private sector must do their part – but we must continue to do all that we can to ensure that our policies are helping to guide the country’s return to prosperity in an environment of price stability.