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⍰ ASK What impact did the Federal Reserve have on electronic payment systems in the U.S.?

The Federal Reserve which came in 1913, significantly influenced electronic payment systems in the U.S. As the central banking system, it regulated and shaped the financial landscape.

Over time, the Federal Reserve introduced the Automated Clearing House (ACH) system in the 1970s, transforming electronic fund transfers and promoting electronic payments.

The Federal Reserve's oversight ensured stability and security in electronic payment systems. Initiatives like real-time payment systems modernized and sped up electronic transactions.
 

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