About Us

In Pursuit of a Better Payment System

A U.S. payments system that is safe, efficient, and broadly accessible is vital to the U.S. economy, and the Federal Reserve plays an important role in promoting these qualities as a leader, catalyst for change, and provider of payment services to financial institutions and the U.S. Treasury.

In 2012, Federal Reserve Financial Services refreshed its strategic direction to focus on meeting the evolving needs of payment system users for end-to-end payment speed, efficiency and security, while remaining true to its longstanding financial services mission to foster the integrity, efficiency and accessibility of the U.S. payment system. Since then, the Federal Reserve has worked diligently, collaborating with the industry to conduct extensive research programs and input gathering to inform potential strategies and tactics. The research conclusions and stakeholder feedback have helped the industry collectively develop and offer innovative, reliable payment solutions that help meet payment users’ needs.

The Federal Reserve is committed to continuing to collaborate with payment system stakeholders including large and small businesses, emerging payments firms, card networks, payment processors, consumers and financial institutions to enhance the speed, safety and efficiency of the U.S. payment system.

Payment System Improvement – Consultation Paper

This 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.

Strategies for Improving the U.S. Payment System (01/15, PDF)

This paper presents a multi-faceted plan for collaborating with payment system stakeholders to enhance the speed, safety and efficiency of the U.S. payment system.