New on FedPayments Improvement

Opportunity to Provide Feedback on Payment Use Cases

The 180-member Secure Payments Task Force convened by the Federal Reserve to advance the safety, security and resiliency of the national payment system is asking the industry for feedback on a set of payment use cases, which map out the life cycle of a payment.  The payment uses cases are intended to provide a common foundation for the payments industry to understand the landscape as it is today and the associated risks. Each use case includes the unique payment flow overview, payment type operation, overview of security methods and associated risks, inventory of sensitive payment data and associated risks, and overview of standards.

The Secure Payments Task Force is looking for your feedback on how you or others within your organization will use this information as well as how you would prefer to access this material.

Payment Use Cases

  • ACH
  • Card Not Present
  • Card PIN
  • Card Signature
  • Check
  • Contactless
  • Wallet
  • Wire

Review the payment uses cases for more details and complete the Payment Use Cases Industry Survey by Friday, May 12.

The Secure Payments Task Force identified areas of focus to address payment security challenges and launched work groups to identify desired outcomes and create resources and/or solutions to address these challenges. The work groups include Payment Identity Management, Information Sharing for the Mitigation of Payment Risk/Fraud, and Data Protection. In the latter part of 2016, these desired outcomes and resource ideas were shared with the payments industry, with 80% of total survey respondents affirming that these resources would provide value to the industry.  This is the first resource the Task Force is seeking industry feedback on related to the work groups desired outcomes and solutions.

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