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  • Just as we rely on our circulatory system

  • to carry blood through our body and keep us healthy, the United States has a

  • system to keep money moving

  • and keep the economy healthy. It's called the payments system.

  • It's important for Americans to feel confident about the payments system.

  • That's one reason the Federal Reserve was charged with making sure that our

  • monetary circulation system

  • stays in good shape. How does the Fed do that? We maintain accounts,

  • process checks, and electronically transfer funds.

  • The Fed also distributes and receives currency and coin, and keeps currency in

  • good condition and

  • in circulation to make sure that we can keep up with the public demand.

  • Every day, millions of transactions, valued in the trillions of dollars

  • are handled between sellers and purchasers of goods like umbrellas,

  • services like plumbing, or financial assets like stocks and bonds.

  • The Fed has been working hard for the past 100 years

  • to keep this monetary circulation system healthy. To do this,

  • we watch over different kinds of payments: wholesale payments

  • that transfer large sums of money between banks and businesses,

  • Treasury payments that include government payments like social security

  • and U.S. savings bonds, and retail payments that transfer smaller value funds

  • between consumers and businesses. As consumers, we're most interested in retail payments,

  • so let's focus on those. Retail payments can cover anything from making a car

  • insurance payment that's

  • automatically debited from your account to paying your bills online

  • to using your debit card or credit card to purchase

  • ice cream or a new dress. The Fed's National Retail Payments Office,

  • called the RPO, is headquartered in Atlanta. The RPO

  • deals with most of the nation's spending money that's held in checking accounts.

  • Throughout the 20th century, paper checks were one of the most common ways

  • for people to make

  • retail payments. In the year 2000, the Federal Reserve System

  • had 45 check processing centers around the country.

  • Planes had to transport those checks every night to get them to their correct

  • locations for processing. All that changed when the Fed led the charge to

  • pass the Check 21 Act,

  • a 21st-century law allowing a picture of a paper check

  • to act as legal documentation showing that the check had actually been paid.

  • Check 21 drastically reduced the need for paper checks;

  • so much so that the only one of those 45 Fed check processing centers

  • exist today. The amazing thing? In a little more than a decade,

  • this monumental transformation of the retail payments system

  • happened with virtually no disruption to the U.S. payments system,

  • its customers, or its businesses. There have been many changes to the payments

  • system

  • over the years, and the Fed has kept things pumping along smoothly,

  • but the future brings lots of new challenges. Today,

  • technology is changing quickly; online payments are becoming the standard.

  • We need to make sure they stay secure and efficient. That's why the Atlanta Fed

  • started an internal think tank called

  • the Retail Payments Risk Forum, or RPRF,

  • to convene a range of experts to think about security issues,

  • law enforcement, the banking community, payment providers like credit card

  • companies,

  • and economists. Together these partners learn all they can about the demands of

  • online security.

  • And while these experts don't have all the answers, they anticipate what kind of

  • challenges

  • are coming up next, both here in the United States and across the globe.

  • By keeping an eye on what's going on worldwide with payment security,

  • by anticipating what changes technology will bring, and by taking care of the

  • largest payments system in the world, the Federal Reserve

  • will continue to help keep America's economy going strong. To learn more about

  • this

  • and other topics, visit our website at

Just as we rely on our circulatory system


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B1 中級 美國腔

美聯儲解釋支付系統 (The Fed Explains the Payments System)

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    蕭宏榮 發佈於 2021 年 01 月 14 日