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The Federal Reserve and You, Version 2.0

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Chapter 5: The Payments System

In this chapter, discover the Federal Reserve’s important role in the nation’s payments system. Over the past 20 years, the nation’s payments system has evolved from a system that relied heavily on paper checks to today’s system, which makes extensive use of electronic payment mechanisms such as the automated clearing house. Find out more about the Federal Reserve’s role in the provision of cash services and the important role that the Federal Reserve’s FedWire service plays as the backbone of the nation’s financial system.

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