Many people are unaware that there is something called a “payments system”. They only know that they can go anywhere in the United States or the world, pay for an item with something other than cash, have that payment accepted, and have the amount deducted from their account or added to their credit balance with ease. The payments system that makes this complicated process seem easy is a network of institutions, law, and technology that combine to enable consumers and businesses to exchange monetary value. Payments range from the small and simple — fifty cents at a newsstand for the morning paper — to the large and complex — a bank transfers $500 million electronically to multiple banks in the U.S. and overseas.

Complete Report (1.1MB)

Feature Essay:
The U.S. Retail Payments System: Moving to the Future (600K)
by Cathy E. Minehan, Paul M. Connolly, Sally G. Green, Krista M. Shields, and Chandler Perine

Financial Statements (103K)