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SCOPE payroll plan eyed by bank group and employers
An employer may feed payroll tapes to a bank computer to credit deposits automatically. Tapes for employees with other banks would go to the Federal Reserve clearing house and then to designated banks. Employees can demand a paycheck and receive a statement of deductions as now. The plan aims to cut cash handling and is expected to meet initial resistance. Five years to reach 8 percent payroll adoption. Capricorn text appears as stray horoscope with no connection to the item.
MENTIONED IN THIS ARTICLE
Federal Reserve iBank Clearing House
Federal Reserve
Russ Fenwick