It is a pleasure to welcome you all to this annual conference hosted by the Board for the first time in more than a decade. The payments system is changing, and the agenda for the next two days indicates that this year's conference will tackle a number of topics that are central to this evolution. The Fed plays multiple important roles in the payments system. We provide key services directly to a broad set of commercial banks, credit unions, and to the U.S. Treasury. We maintain accounts for these entities, transfer funds electronically, collect checks, and distribute currency. We also supervise certain financial ... (full story)