FedPayments Improvement Community
1. What is the FedPayments Improvement Community?
The FedPayments Improvements Community is a group of more than 4,000 industry leaders who are interested in engaging in efforts to improve the U.S. payment system. Members have the opportunity to tailor their engagement by indicating which initiatives and topics are of interest to them and engaging when and how they wish. Additionally, members are notified of opportunities to participate in work groups as they are established and to provide feedback regarding work group and/or Fed-sponsored work efforts. FedPayments Improvement Community engagement opportunities include an ala carte menu of online communication and interaction, webinars, and periodic in-person events.
2. Is the FedPayments Improvement Community new?
No, the FedPayments Improvement Community has been in existence since 2013 and received updates on payments improvement efforts and provided input on industry-led deliverables, such as the Faster Payments Effectiveness Criteria. Following the September 2017 release of Federal Reserve Next Steps in the Payments Improvement Journey (PDF) the FedPayments Improvements Community has been undergoing enhancements focused on increasing awareness of payments initiatives, enabling flexible engagement opportunities, and providing mechanisms for remaining engaged and tracking ongoing related efforts.
3. Why was the FedPayments Improvement Community created?
The Federal Reserve believes that industry collaboration is the foundation of any enduring strategic improvements to the U.S. payments system. As such, the FedPayments Improvement Community was created to help promote transparency, provide regular communication, and give members opportunities to provide feedback regarding work group and/or Fed-sponsored work efforts.
4. What happens after signing up for the FedPayments Improvement Community?
Once you sign up for the FedPayments Improvement Community you will receive a confirmation email that validates your email address and also invites you to update your profile as needed. Once you validate your email you will join more than 4,000 industry leaders who are interested in engaging in payments improvement efforts in the United States. You will also start to receive regular communications related to the FedPayments Improvement Community, such as the monthly FedPayments Improvement Pulse newsletter.
5. How do I update my FedPayments Improvement Community profile?
You can use the Self Service Portal to enter your email address and receive an email listing your current information on file with the option to modify your profile.
6. How much does it cost to join the FedPayments Improvement Community?
The FedPayments Improvement Community is free and open to all interested stakeholders and represents a continuation of transparent, inclusive, and effective engagement.
7. How much time do you expect each FedPayments Improvement Community member to set aside in order to participate?
Expected time commitment is up to member’s discretion. The FedPayments Improvement Community allows you to tailor your engagement by indicating which initiatives and topics are of interest to you, and engaging when and how you wish.
8. Does the FedPayments Improvement Community have a diverse membership like the former Faster and Secure Payments Task Forces?
Yes, similar to the former task forces, the FedPayments Improvement Community is guided by a desire for inclusion of diverse stakeholder perspectives. Additionally, when the Faster and Secure Payments Task Forces concluded their work efforts, task force participants were transitioned to the FedPayments Improvement Community
Today, the FedPayments Improvement Community has over 4,000 members representing financial institutions, merchant and business end users, consumer interest groups, nonbank payment service providers and networks, government users, regulators, industry trade associations, and more. We will continue to broadly promote the FedPayments Improvement Community at industry conferences, on social media, and in communications to drive membership and raise awareness.
9. How many people can participate in the FedPayments Improvement Community?
There is no limit on the number of members in the FedPayments Improvement Community and more than one representative per organization is permitted to join. We are committed to an inclusive approach to the FedPayments Improvement Community to help ensure the perspectives of all U.S. payment system participants are considered.
10. Is a participation agreement required to join the FedPayments Improvement Community?
No, a participation agreement is not required to join the FedPayments Improvement Community.
11. Will the FedPayments Improvement Community meet in-person?
Yes, the first in-person meeting, the FedPayments Improvement Community Forum will take place in downtown Chicago this October.
12. What is the objective of the FedPayments Improvement Community Forum?
The FedPayments Improvement Community Forum will provide FedPayments Improvement Community members with an in-person opportunity to collaborate and provide feedback on the latest payment system improvement initiatives. Consisting of workshop style sessions, the FedPayments Improvement Community Forum is an opportunity to influence and guide the United States’ journey toward a faster, safer, more efficient payment system.
13. Can more than one person from an organization attend the FedPayments Improvement Community Forum?
Yes, the FedPayments Improvement Community Forum is open to all members of the FedPayments Improvement Community.
Faster and Secure Payments Task Forces
14. Where can I get more information on the task forces and work groups referenced in the Strategies for Improving the U.S. Payment System paper?
- The Federal Reserve announced open registration for the Faster Payments Task Force and Secure Payments Task Force on March 16, 2015. Over the course of the past three years, the task forces contributed to improving the U.S. Payment System by determining areas of concern for payment efficiency and security, establishing work groups to focus on identifying key challenges and opportunities, and publishing several payments industry tools.
- The Faster Payments Task Force published its Effectiveness Criteria and Final Report: The U.S. Path to Faster Payments (Part 1 & Part 2). The Secure Payments Task Force published its database of Information Sharing Data Sources and set of Payment Lifecycles and Security Profiles.
- While the Faster Payments Task Force concluded its efforts in Summer 2017 and the Secure Payments Task Force concluded its efforts in Spring 2018, you may still visit their respective websites (Faster; Secure) to review their work and see how else you can support efforts.