Where in the World is FedPayments Improvement? June Edition

Just like the Harlem Globetrotters travel the world playing basketball, we travel the world keeping the payments industry informed on the progress of our initiative. By the end of this year, we will have amassed hundreds of industry engagements in the name of payment system improvements. It can be tough to keep up with our busy schedule, but we’ll make it easy by sharing where you can find us this month:

ConferenceDate/TimeSession TitleSpeaker
New York Cash ExchangeJune 1, 2:00 p.m.Strategies for Improving the U.S. Payment System - An Update from the Federal ReservePat Hilt
SWIFT Business Forum NY 2017June 14, 1:15 p.m. Payments Innovation: Recent & Future DevelopmentsSean Rodriguez
ISMG Fraud and Breach SummitJune 21, 12:35 p.m.EMV and the Evolution of Payments Fraud PanelEd O’Neill
ABA Payments ForumJune 23, 9:30 a.m. Developing A Faster Payments System in the United States PanelSean Rodriguez

We regularly attend events to discuss improvements to the U.S. payment system with payment system stakeholders. This collective and collaborative approach is key to implementing enduring strategic improvements to the U.S. payment system. If we have a booth at an industry event, please stop by or reserve time to speak with Federal Reserve experts and to view our schedule beyond the current month, please visit our industry events page.

Where in the World is FedPayments Improvement? April Edition

In 2016, we conducted nearly 500 presentations at conferences and meetings all around the world and we have no plans of slowing down any time soon! Once again, we’ll be traversing the globe to inform the industry and stakeholders on the state of our initiative. Here’s where you can find us this month:

ConferenceDate/TimeSession TitleSpeaker
Marketing to Millennials for Financial Services Summit April 12, 11:45 a.m.Implementing Faster Payments Solutions to Meet Millennials' ExpectationsKorie Miller
NAPCP Commercial Card and Payment ConferenceApril 12, 3:45 p.m.Faster Payments & the Road Ahead: Faster Payments Task Force & Industry OpportunitiesDan Gonzalez
NAPCP Commercial Card and Payment ConferenceApril 13, 10:15 a.m.Faster Payments & the Road Ahead: Faster Payments Task Force & Industry OpportunitiesDan Gonzalez
ICBA 2017 Strategic IT & Operations ConferenceApril 18, 2:30 p.m.An Update from the Federal Reserve: Faster Payments Task ForceSean Rodriguez
NACHA Payments
Booth 1107
April 24, 10:15 a.m.Update on the Secure Payments Task ForceTodd Aadland
NACHA Payments
Booth 1107
April 25, 4:30 p.m.Update on the Faster Payments Task ForceSean Rodriguez

We regularly attend events to discuss improvements to the U.S. payment system with payment system stakeholders. This collective and collaborative approach is key to implementing enduring strategic improvements to the U.S. payment system. If we have a booth at an industry event, please stop by or reserve time to speak with Federal Reserve experts and to view our schedule beyond the current month, please visit our industry events page.

Third Volume’s a Charm: Check out the Latest Small Business Payments Toolkit

button to download toolkit

The Business Payments Coalition originally released the Small Business Payments Toolkit (PDF) in April of 2015 to further encourage the adoption of electronic business-to-business payments and remittance information exchanges by small businesses. Each volume builds upon the content released in previous volumes with new content and updates made to address the evolving nature of the payments system and the needs of small businesses. Volume 3 (PDF) is reorganized to provide the information you need in easy to find sections, and includes new and updated payments information addressing key topics relevant to small businesses.

Overview of Updates

  • New articles including:
    • Same Day ACH: An Important New Payments Tool for Small Businesses
    • Hot Topics in Payments Fraud
    • A Self-Assessment Quiz Test How Ready Your Small Business Is for Electronic Payments
  • Updates to and reorganization of Volume 2 content
  • New links and valuable information in the Resources section
  • Live links in the Table of Contents – simply hover over your topic of interest and click to get right to the article or page you want

Don’t miss out on all this valuable information! Financial institutions, consultants, small businesses and anyone else interested in learning more about payments should download this free resource (PDF) today.

Where in the World is FedPayments Improvement? March Edition

Spring conference season is gearing up and we’re ready to hit the road and engage with the industry. Four leaf clovers and pots of gold may be tough to find, but FedPayments Improvement is anything but that, so put away your lucky charm, because you won’t need it to find us this spring. Here’s our schedule for March:

ConferenceDate/TimeSession TitleSpeaker
Cash Management Forum 2017March 22, 9:00 a.m.Payments Infrastructure Modernization - Maintaining Security in a Faster WorldTodd Aadland

We regularly attend events to discuss improvements to the U.S. payment system with payment system stakeholders. This collective and collaborative approach is key to implementing enduring strategic improvements to the U.S. payment system. If we have a booth at an industry event, please stop by or reserve time to speak with Federal Reserve experts. To view our schedule beyond the current month, please visit our industry events page.

Learn how Continued Collaboration Drives Meaningful Change in our Latest Webinar Series

This month we’ll be hosting a webinar series that will go into further detail on the 2016 accomplishments and 2017 plans discussed in our recently released Strategies for Improving the U.S. Payment System – January 2017 Progress Report. Specifically, the webinars will focus on the work-to-date of both the Faster and Secure Payments Task Forces, education and recent developments in support of payments efficiency initiatives and stakeholder engagement opportunities across all strategy efforts.

We will be offering the webinar on two separate dates and times in the month of March:

Webinar 1 – 2017 Progress Report: In Pursuit of a Better Payment System
Date/time: March 15 2:00 p.m. ET
Host: Connie Theien, Senior Vice President and Director, Payments Industry Relations, Federal Reserve System

Webinar 2 – 2017 Progress Report: In Pursuit of a Better Payment System
Date/time: March 29 11:30 a.m. ET
Host: Dan Gonzalez, Vice President, Payments Industry Relations, Federal Reserve System

Find more details on these events and other education offerings as well as previous event summaries and recordings by visiting Fed Events. Ready to join us? Register now and choose either the March 15 or March 29 session.

Two Years, Five Strategies, Continuous Progress: Strategies for Improving the U.S. Payment System Turns Two

As we enter into 2017, it’s hard to believe that it has only been two years since we published Strategies for Improving the U.S. Payment System, our multi-year plan that focuses on end-to-end improvement of the speed, efficiency and security of our country’s payment system. To commemorate another year of substantive industry progress and momentum across the payments industry, the Federal Reserve released a Strategies for Improving the U.S. Payment System – January 2017 Progress Report, which highlights accomplishments as well as plans for 2017.

“The Fed’s priority is to advance improvements that are in the public interest so that consumers and businesses alike have access to efficient, real-time and highly secure payments in the United States,” said Esther George, president and chief executive officer of the Federal Reserve Bank of Kansas City, who is leading the payment system improvement initiatives on behalf of the Federal Reserve “Through a number of collaborative efforts, the industry is making real progress on all fronts and we’re expecting to achieve a number of significant milestones in 2017.”

The progress report details the work-to-date of two payments industry task forces and efforts to enhance payment system efficiency through work on standards, directories and business-to-business payment improvements.

Faster Payments Task Force accomplishments include:

  • Fielded and commissioned an independent assessment of 22 faster payments solution proposals against the Faster Payments Effectiveness Criteria released in February 2016, 19 of which voluntarily progressed through a review by the 500+ participants of the two task forces.
  • Analyzed potential challenges to successful faster payments implementation, focusing on provider interoperability, rules and standards, governance, adoption, safety and security.
  • Today, published part one of a two-part final report that provides a high-level overview of the task force’s background and processes, the payments landscape, and the benefits of faster payments.

Secure Payments Task Force accomplishments include:

  • Launched work to address the industry’s most pressing payment system security issues: identity management, data protection, and fraud and risk information-sharing.
  • Mapped existing identity management practices in end-to-end payment flows in order to identify opportunities for improvements.
  • Defined the guiding principles for protecting sensitive data associated with payments, serving as a foundation for building a more comprehensive data protection framework for industry participants.
  • Inventoried current industry efforts to share information for fraud and risk prevention and mitigation.

Other important accomplishments included in the progress report stem from efforts to enhance payment system efficiency through work on standards, directories and business-to-business payment improvements. In addition, joint efforts with industry participants have accelerated plans to implement the financial messaging standard ISO 20022 for U.S. wire transfer systems and widespread same-day ACH (automated clearing house) settlement.

For a full summary of our 2016 accomplishments and insight on what’s to come in the year ahead, we invite you to read our Strategies for Improving the U.S. Payment System – January 2017 Progress Report.

Engage for Change

To receive communications and invitations to provide input on these initiatives, join the FedPayments Improvement Community. You can also follow us on Twitter to stay up-to-date on the latest events and developments.

Federal Reserve Payments Study Highlights Strong Trends in Card Use

From 2012 to 2015, credit and debit (including prepaid and non-prepaid) card payments continued to gain ground in the payments landscape, accounting for more than two-thirds of all core noncash payments in the United States, according to a Federal Reserve study of U.S. non-cash payments released December 22, 2016. Automated clearinghouse (ACH) payments grew modestly over the same period, and check payments declined at a slower rate than in the past.

The 2016 Federal Reserve Payments Study, which presents 2015 payments data, found that the number of domestic core non-cash payments totaled an estimated 144 billion – up 5.3 percent annually from 2012. The total value of these transactions increased 3.4 percent over the same period to nearly $178 trillion.

For more information, including additional key findings, review the initial data release report. Additional detailed information will be released in 2017 as the results of further analysis become final.

The Coalition Expands its Mission

It has now been five years since the Remittance Coalition was formed and since its founding, the Coalition has experienced tremendous growth and evolution (and they’re not done yet!). As part of its anniversary, the Remittance Coalition will henceforth be known as the Business Payments Coalition. Along with its new name, the Business Payments Coalition has also broadened their mission statement beyond remittance to encompass overall payments efficiency.

“Since it was formed as the Remittance Coalition five years ago, the Business Payments Coalition has evolved into a nationally respected organization that champions B2B payments efficiency and security. It is a true model of industry collaboration, with hundreds of active and effective volunteers from a wide variety of organizations including businesses of all sizes and types, banks, standards development organizations, consultants, software and technology vendors, and many others. By creating and publishing standards and technical reports, identifying ‘best practice’ business processes and promoting their use, educating about payment and remittance standards, and advocating ways to overcome barriers to straight-through processing, the Coalition has made real progress in achieving its goal of improving the efficiency of B2B payments across the end-to-end process.”

Claudia Swendseid
Senior Vice President
Federal Reserve Bank of Minneapolis
Founding Member, Business Payments Coalition (formerly the Remittance Coalition)

You can expect to see more progress from the Business Payments Coalition as work groups drawn from over 550 Coalition members continue to work toward increasing the efficiency of B2B payments by all types and sizes of U.S. businesses.

Join the Business Payments Coalition

Participation in the Coalition is free and open to any individual or organization interested in the Coalition’s objectives. Register now! You will receive a welcome packet, be added to the Coalition distribution list and be invited to participate in specific Coalition initiatives that may interest you.

Want to Learn More?

Review the Frequently Asked Questions (FAQs) or send an email to business.payments.smb@mpls.frb.org.

Can the United States Develop a Standard, Ubiquitous Business to Business (B2B) Electronic Invoice & Processing Platform?

Explore the possibility by reading the U.S. Adoption of Electronic Invoicing: Challenges and Opportunities paper release by the Payment, Standards and Outreach Group of the Federal Reserve Bank of Minneapolis.

In keeping with the desired outcome of end-to-end efficiency detailed in the Strategies for Improving the U.S. Payment System paper, the main goal of  U.S. Adoption of Electronic Invoicing: Challenges and Opportunities  is to consider the development and implementation of a standard, ubiquitous B2B electronic invoice and processing platform in the U.S. similar to those that have been developed in other countries. The paper also highlights:

  • Opportunities for businesses to:
    • Gain efficiencies and reduce costs by more broadly adopting e-invoicing
    • Expand into other areas of the financial supply chain
    • Reduce payment risk and late fees
  • Societal benefits from a reduction in paper invoices
  • Challenges stemming from a lack of:
    • Information technology resources to implement change
    • A compelling individual business case among smaller businesses
    • Common, unified standards or translation software to facilitate change
    • Industry-led coordination, collaboration and leadership to develop a strategy for change

Download the full version of U.S. Adoption of Electronic Invoicing: Challenges and Opportunities paper today!