Washington (Oct. 30, 2003) -- In a speech to a Federal Reserve conference on the future of payment systems, Fed Chairman Alan Greenspan said that he believes electronic images instead of paper checks will lead to important financial industry changes, and he strongly supports a new law allowing this to move forward.

President George W. Bush this week signed a check-clearing act that will go into effect October 2004. It has financial institutions and banks looking closely at developing new ways for consumers and businesses to make transactions.

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