Feds Form Electronic Partnership

The St. Louis, Kansas City and Chicago Federal Reserve Banks have formed an alliance with the Mid-America Payment Exchange to increase the awareness and use of electronic payments among financial institutions, corporations, nonprofit organizations and consumers.

Known as the Automated Payments Partnership, the alliance is a multiyear effort that will make use of various communication channels to promote electronic payments across Arkansas, southern Illinois, Indiana, southwestern Iowa, Kansas, Kentucky, Missouri, Nebraska and Oklahoma.

The partnership has three main goals:

  • to convince at least 100 companies and 50 nonprofit organizations to begin offering electronic payments;
  • to persuade 200 companies that already offer direct deposit to market it to their employees and customers; and
  • to encourage 40 utility companies to establish joint marketing campaigns for automatic consumer bill payments.

For information on becoming a partner in the campaign, contact Cheryl McCarthy of the St. Louis Fed at (314) 444-8459.

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