Payments Quarterly Bids Farewell

Regional Sales Team Reflects on Changes in the Industry

2005 Regional Sales Map

Fed Contacts

One Era Ends, Another Begins As Payments Quarterly Bids Farewell

Evolution: A process of continuous change from a lower, simpler or worse state to a higher, more complex or better state; growth.

It was created in 1996 as a tool to reach Eighth District bankers with news on financial services. Now, after an eight-year tenure, Payments Quarterly (PQ) will be discontinued and replaced by the Federal Reserve System’s financial services publication, FedFocus.

Before we say farewell to the publication, we thought we’d reflect a bit and share some of the past headlines from the PQ archive to illustrate just how much has happened in the banking industry over the years. These titles reflect how laws have paved the way for financial institutions to open branches from coast to coast; how technology has led to the reduction of costs for financial institutions and the Fed alike; as well as how improved networking has helped the Fed centralize and consolidate its services.

Continuous Change

PQ has chronicled these changes in such articles as “FedACH^SM to Offer Flexibility, Simplicity in 1997,” which was one of the first articles to appear in the publication. And the 1996 article “Good-bye Government Checks; Hello Electronic Payments,” reminds us of the ongoing evolution to safer and more secure payment methods.

When we ran the article, “St. Louis Fed Heads Up Payments Study,” (1999) neither the Fed, nor the banking industry, could have imagined the impact of this study—the first of its kind in 20 years. The story that emerged about two years later confirmed that the number of checks being written nationwide was falling sharply, and was expected to decline over the next decade.

From Paper to Electronics

As the banking industry saw changes from paper to electronic payments, so too did customers who accessed the Fed’s online communication tools. “Weigh Your Options: Piles of Paper or One CD?” (1999) gave customers one way of reducing paper in back-end operations while, “Coming Soon: Cash Ordering Online” previewed another financial services option for Fed customers in 2000.

Eight years ago, FedImage^SM was in its infancy. Check imaging has come a long way since then. A 2002 story read, “FedImage Services Is Here: Get the Picture!” And just last issue PQ featured, “Federal Reserve Banks Are Prepared for Check 21,” signaling another milestone in the financial services industry.

Meanwhile, PQ readers began viewing this very publication online. Over the years, the Fed has communicated with its customers through increasingly sophisticated communication methods, including e-mail notifications and alerts, online webinars and interactive web sites.

Going Global

“Fed Adjusts Account Structure to Accommodate Interstate Branching” was a big story in 1997. In 2001, a PQ headline read, “Check Clearing Service Goes Global.” Just a year later, “One Fed, One System, One Check Platform” chronicled the blurring of customer boundaries—not only of banks themselves, but of Fed customers, too—and the need to consolidate and centralize our services.

In 2003, these boundaries continued to be redefined as bankers in the Fourth District joined the PQ audience when sales staff there joined forces with those of the Eighth District. In the spring of 2004, Charleston zone customers in the Fifth Federal Reserve District joined the PQ family of readers.

Communicating Change

Although this issue marks the final PQ, the full archive of the newsletter will remain online at www.stlouisfed.org/publications/pq/pastissues/default.html. Today, FedFocus is your source for the latest news on the Federal Reserve Bank’s financial services. Each edition keeps you informed about hot topics in the industry and provides insight into the value of Federal Reserve financial services.

To receive regular notification of FedFocus availability, visit www.frbservices.org and click the link “Subscribe to Email Notification” on the lower left-hand side of the home page. Be sure to check the FedFocus box when you subscribe.

The authors and editors of Payments Quarterly have enjoyed sharing the Fed’s perspective of financial services news and keeping you informed of Fed events over the years. As we say good-bye to the PQ era, we wish you the best as the financial services industry continues to evolve.

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