The Federal Reserve banks have announced plans to conduct a comprehensive study this year of check and electronic payments in the U.S.

The study would follow up on similar studies the Fed conducted in 2001, 2004 and 2007. It would estimate the number, dollar value and composition of U.S. retail noncash payments.

"These studies underscore the ongoing evolution of check electronification, while providing additional insight to help industry participants plan for the future," said Richard Oliver, an executive vice president at the Federal Reserve Bank of Atlanta, in a press release Wednesday.

The banks plan to work with McKinsey & Co.'s Global Concepts office to conduct the study, and expect to release results late this year.