What is the future of the relationship? Will the growth of electronic payments and issuance of debt instruments necessitate an even deeper relationship?
If and when the time comes when 100 percent of transactions are electronic, will the partnership have a new focus and purpose? DH: I can’t imagine a fundamental change in the relationship looking forward from what we have today. Aspects of it will certainly be changed as the environment changes, but the relationship itself is well-positioned to deal with the future. DG: On that point, when we first talked to the Fed about supporting us on stored-value cards, it was a bit different for all of us. But the more we thought about it, we realized that this is still related to payments and really very much in line with what we’ve been doing. And that’s what will continue to happen: Our missions probably won’t change that much, but the nature of how we perform those missions will make for different products. VZ: Like anyone else, if you can do things at different locations and achieve efficiencies, you try to do that. So, to the extent that we have more opportunities to work more efficiently,
