The U.S. payment system is undergoing a remarkable period of change, driven by rapid adoption of technology and evolving end-user expectations. Going forward, opportunity exists to improve speed and efficiency of payments and to maintain payment system safety in the face of escalating threats. The Federal Reserve Banks believe that collaboration and engagement with the industry is the foundation of any enduring strategic improvements to the U.S. payment system.
On September 10, 2013, the Federal Reserve Banks released the “Payment System Improvement – Public Consultation Paper.” (9/10/13, PDF) The paper shares Federal Reserve perspectives on the key gaps and opportunities in the current U.S. payment system and identifies the desired outcomes that close these gaps and capture these opportunities.
Thank you for the wealth of industry input on the “Payments System Improvement – Public Consultation Paper.” You can view all of the nearly 200 written responses received via the “User Submissions” link at the top of the page. The input of payment system providers and end users will help the Reserve Banks as we move to define and prioritize U.S. payment system improvement initiatives that advance the speed, efficiency and security of payments. We will communicate these plans in a paper expected to be published in the second half of 2014.
Please note that it will take some time to synthesize all of the industry input we received into meaningful direction. In the meantime, we will continue to post related updates to this site as they become available, including the results of the tri-annual Retail Payments Study in early 2014. And, we will continue to engage with the industry at a number of Fed and industry forums in 2014 including NACHA Payments 2014, Sibos 2014, the Chicago Payments Symposium, Money2020 and the AFP annual conference.