Busted: Bankers and The Global Economy

November 6, 2008

Fed Pushes Digital Economy Forward

midnight-clockLike the end time or nuclear clock to midnight, the U.S. Federal Reserve has made another in a series of decisions to support the ramp up of digital processing while cutting back on consumer and business check or draft processing. This small move appears to the average man as an innocuous and unimportant.

check-processingThe Federal Reserve is keeping promises made to streamline operations in the United States for financial transactions for easier tracking and efficiency. Why? Paper check volumes have declined significantly and no longer support the need for four full-service regional sites. Paper check returns will no longer be an option soon as digital copies will be available, referred to as substitute checks. The digital economy has taken another step forward in prominence, ultimately with the goal of connecting the world into a seamless digital global system. ~ E. Manning


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