The Federal Reserve Bank of Philadelphia has created a department to research any and all cards that could potentially be used in financial transactions.

The idea for such a think tank had been kicking around the Philadelphia Fed for about a year and finally came to fruition last week, when Peter Burns was named to head the Payment Cards Center as vice president and director. He has more than 20 years’ experience in financial services and spent the last four years as managing director for the University of Pennsylvania’s Wharton Financial Institutions Center.

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