Fed Issues Paper Announcing Plan to Improve U.S. Payment System (Jan. 27, 2015)
The Federal Reserve this week issued a new report, “Strategies for Improving the U.S. Payment System,” outlining a plan to enhance the overall speed, safety and efficiency of the nation’s payment system with collaboration from payment industry participants including businesses, payment card networks, processors, payment technology firms, consumers and financial institutions. In the 58-page paper, the Fed explains its plan to establish a task force to advise the Fed on ways to reduce payment fraud and advance the safety, security and resiliency of the payment system. The plan builds on the Fed’s previous studies exploring gaps in the existing payment system and opportunities to improve it.
The Fed’s plan aims to find new approaches to implement safe, ubiquitous and faster payments; specific goals include working on standards, directories and B2B payment improvements, along with enhancing services the Fed currently supports for same-day ACH payments, payments risk management and settlement. “This plan reflects the contributions and commitment of thousands of payment system participants who shared their expertise and perspectives during the past 18 months,” Esther George, president of the Federal Reserve Bank of Kansas City and a member of the Federal Reserve’s Financial Services Policy Committee, said in a release. Fed leaders will host a Webcast on Jan. 29 to discuss details of the plan, with additional seminars slated for Feb. 4 and 10. Registration is available now for all events.
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