Visa U.S.A., the New York Clearing House Association, and the Arizona Automated Clearing House Association plan to begin testing in the next few weeks a link that will allow member banks to transfer funds directly, bypassing the Federal Reserve System.

The test, which will link the nation's largest private automated clearing house systems, will begin once legal agreements are ironed out later this month. Several banks from each organization are expected to take part, but the banks have not yet been chosen.

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