Electronic Funds Transfer Association and the Federal Reserve Bank of Philadelphia Will Co-Host Electronic Benefits Transfer Conference

Business Wire, Sept 1, 2004

HERNDON, Va. and PHILADELPHIA -- Two-Day Event Will Assess the Impact of Electronic Benefits Transfer (EBT) on America's Communities and the U.S. Payment System

The Federal Reserve Bank of Philadelphia and the Electronic Funds Transfer Association will co-sponsor a symposium on the impact of Electronic Benefits Transfer systems on America's communities and the U.S. payment system.

Electronic Benefits Transfer, or EBT, is the use of electronic payment cards to replace checks or other negotiable paper instruments issued by government to eligible recipients.

The Federal Reserve's Payment Card Center and the Electronic Funds Transfer Association's EBT Industry Council, are organizing the event. Information for the event is as follows:

WHAT:          "Assessing the Impact of Electronic Benefits Transfer
               on America's Communities and the U.S. Payment System"

WHEN:          September 20-21, 2004

WHERE:         Federal Reserve Bank of Philadelphia
               Ten Independence Mall
               Philadelphia, Pennsylvania, 19106-1574

CREDENTIALS:   Bob Bucceri
               (610)918-1161
               bobbucceri@efta.org

About the Federal Reserve Bank of Philadelphia

The Federal Reserve Bank of Philadelphia is responsible for the Third Federal Reserve District, which covers eastern Pennsylvania, southern New Jersey, and the state of Delaware. Like all Reserve Banks, the Philadelphia Fed has a large and varied constituency, including depository institutions, local businesses, consumers, investors, educators, and community groups.

URL: http://www.phil.frb.org

About the Electronic Funds Transfer Association

For more than 25 years, EFTA (www.efta.org) has championed the development of the electronic payment systems and commerce industry and provided a unique forum for the exchange of ideas and information across disciplines. EFTA members include financial institutions, hardware/software providers, government agencies, information processors and switches, ATM owners, consultants, Internet and e-commerce technology firms, and retailers. Membership is open to all individuals and firms operating in the payments arena.

URL: http://www.efta.org

About the Payment Cards Center

The mission of the Payment Cards Center is to provide meaningful insights into developments in the payment cards industry that are of interest not only to the Federal Reserve but also to the industry, other businesses, academia, policymakers, and the public at large. The Center carries out its mission through an agenda of research and analysis as well as forums and conferences that encourage dialogue incorporating industry, academic, and public-sector perspectives.

About the EBT Industry Council

The EBT Industry Council (http://www.efta.org/ma_ebtic.htm) is the nation's oldest trade group promoting the use of electronic payment card technology for the delivery of government benefits and services. Its members include government agencies, technology companies, manufacturers, transaction processors and ATM networks.