Concerned about the payment system's readiness for the "EFT 1999" mandate, the Treasury Department is pushing the Federal Reserve System to develop a low-cost electronic data interchange service.

Under that mandate, signed into law by President Clinton last year, most federal payments will have to be converted into electronic funds transfers by Jan. 1, 1999.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.