The Chicago Fed hosted its fifth payments conference entitled, Innovations, Incentives and Regulation: Forces Shaping the Payments Environment, May 18–19, 2005. This conference explored recent trends in the adoption of payment technologies along with the underlying market forces shaping the payments environment. The conference addressed questions such as: What emerging innovations have the greatest potential to improve the payment system? Why have certain payment innovations been successful while others have not? How does the current legal and regulatory framework affect the adoption of efficient payment mechanisms?