Ultimately, however, the marketplace will decide which payment products and services will best meet the needs of households and businesses for reliable, secure, and efficient payments. No matter whether we are discussing existing services, possible new products, or regulatory actions, the Federal Reserve seeks to foster efficiency, integrity, and broad access in the payments system.
Our attention to this area reflects our recognition that a smooth functioning payments system is critical to the smooth functioning of the nation’s economy. BIS Review 31/1998