In today’s webcast President George and Governor Powell shared insights on the Federal Reserve’s Next Steps in the Payment Improvement Journey and answered questions regarding the Fed’s updated strategies to enhance the speed, safety and efficiency of the payment system from end to end through industry engagement and collaboration.
In the next few weeks we’ll be hosting a FedForum webinar series that will go into further detail on the updated strategies and the nine new tactics the Federal Reserve will employ, in collaboration with industry, to make further progress towards an improved U.S. payment system. Specifically, the webinars will focus on the work-to-date and progress of the Faster and Secure Payments Task Forces and Federal Reserve, the challenges and opportunities in the industry and next steps toward achieving the desired outcomes of the Strategies paper. Look for information coming soon.
The Federal Reserve System is pleased to release Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey (Next Steps), which outlines a series of refreshed strategies and nine new tactics the Federal Reserve will employ, in collaboration with industry, to further progress toward an improved U.S. payment system. Read it now.
Get the details in the paper today and mark your calendar to join Kansas City Fed President Esther George and Federal Reserve Board Governor Jay Powell on Thursday, September 21, for a webcast at 11:00 a.m. ET. They will share views on the Federal Reserve’s plans for near-term collaboration with payments stakeholders to move closer to achieving the desired outcomes articulated in the Strategies paper. Participate in the webcast by submitting a question for President George or Governor Powell.
We welcome your comments and questions about the paper. Which of these refreshed strategies is most important to you? What challenges does the industry face in achieving the desired outcomes? Check out the press release for more information or read the paper and start the conversation here in the comments section.
Fall conference season is gearing up and the Chicago Payments Symposium is a can’t miss event for anyone involved in the payments industry. Symposium attendees can expect to hear informative dialogue on topics such as: the current state of the industry, next generation payments technology, interoperability and more. The two day event, which kicks off September 26 in Chicago, will feature a variety of sessions from a diverse array of speakers who all have their fingers on the pulse of the payments industry. Sessions (Off-site) will include, but are not limited to:
Developing the Faster Payments Ecosystem: Maintaining Collaboration and Momentum
Payments Security and Sustaining Activities
Next Generation Money: Challenges and Opportunities
International Payments Outlook: Challenges and Opportunities
So, if you’re ready to experience thought-provoking key note addresses, interactive panel discussions, collaborative breakout sessions with payments industry leaders and priceless networking opportunities, reserve your seat (Off-site) for the 2017 Chicago Payments Symposium!
With Gordon Werkema set to retire in September, we are pleased to announce that Dave Sapenaro, first vice president and chief operating officer of the St. Louis Fed, will succeed him as Payments Strategy Director. Sapenaro, a 32 year veteran of the Federal Reserve System, has played an instrumental role in our payments initiative from its inception, which will allow him to seamlessly transition into his new role. Federal Reserve Bank of Kansas City President and Chief Executive Officer Esther George had nothing but high praise, noting: “Dave’s leadership experience in many facets of our payments responsibilities and his commitment to the work are exceptional, and I am delighted to have him lead the next phase of our improvement efforts.”
Sapenaro will assume this new position and continue to serve as first vice president and chief operating officer of the St. Louis Fed. As part of his new role, Sapenaro’s responsibilities will include leading the Fed’s strategies related to faster and secure payments as well as stakeholder engagement. He will also continue to collaborate with financial service business leaders to execute the full scope of strategies outlined in the Strategies for Improving the U.S. Payment System paper. “I’m honored to carry these efforts forward and excited to work closely with the many Federal Reserve and industry leaders who have generated very significant momentum toward achieving the desired outcomes,” Sapenaro said. “The Federal Reserve remains committed to collaborating with stakeholders on improvements that deliver safe, ubiquitous, faster payments to American consumers and businesses.”
If you’re a regular attendee of payments industry conferences, then chances are you’ve seen one of our speaking sessions or passed by our booth in the exhibit hall. That’s because we’ve been fixtures at many industry events since the launch of our initiative in 2015. This year will be no different as we have a full slate of conferences on our docket. View the schedule below to see where you can find us this month. We look forward to seeing you!
Breaking Banks with Brett King: Real-Time Payments - When and What's the Point
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.
The Faster Payments Task Force, a group of more than 300 diverse payments industry stakeholders convened by the Federal Reserve System, has published its highly anticipated recommendations for developing and implementing a safe, ubiquitous, faster payments system in the United States.
Leaders from the Faster Payments Task Force announced 10 recommendations that will chart the course for making payments faster and more accessible to everyone. They also highlighted the faster solution proposals, assessed against the task force’s Effectiveness Criteria, and how they represent a broad universe of creative and innovative ways to deliver faster payments. This online event was broadcast live from the Federal Reserve Bank of Chicago and a recorded version is available on FasterPaymentsTaskForce.org.
During the broadcast, industry leaders shared their perspectives regarding the benefits of a faster payment system for businesses and consumers, as well as steps the industry can take to build momentum toward a safe, ubiquitous, faster payments system in the United States.
Faster Payments Task Force leadership participated in a conversation moderated by Sean Rodriguez, the Federal Reserve’s Faster Payments Strategy Leader. Panelists included:
Jan Estep, NACHA – The Electronic Payments Association
In order to fulfill the vision laid out in the Final Report, the Faster Payments Task Force recommends ongoing collaboration and commitment. Go to FasterPaymentsTaskforce.org and get involved by joining our community and showing your support for the path to faster payments in the United States.
It’s almost time! After much anticipation and preparation the Faster Payments Task Force’s The U.S. Path to Faster Payments Final Report Part Two: Call to Action will be released tomorrow, Friday, July 21. We hope you’re just as excited to embrace the future of faster payments as we are. Prior to the big day, we wanted to give you a few quick reminders on how you can prepare for tomorrow:
Don’t worry if you can’t make it, a recording will be made available on the site in the near future
Prepare to download and read The U.S. Path to Faster Payments Final Report Part Two: Call to Action!
As the final hours leading up to the report release tick away, listen to Faster Payments Task Force participant Christina Tetreault discuss how faster payments will benefit you, the consumer, and how the task force was able to take a cacophony of industry voices and turn them into a symphony.
For additional reminders, updates and content stay tuned to the site or follow us on Twitter, YouTube and LinkedIn.
In this day and age, innovation is happening all around us. Whether it’s new medical procedures, alternative energy sources or groundbreaking new smartphone features, legacy technology is constantly being updated and improved. One area that the Faster Payments Task Force believes is ripe for innovation is the U.S. payment system. Enter the Capability Showcase, a platform for the best and brightest minds from the payments industry to showcase their ideas for improvement.
The Capability Showcase, which kicked off in early 2016, was yet another mile marker on the path to faster payments. The showcase aimed at fostering innovation by providing an opportunity for payments solution providers to submit faster payment capabilities for an improved payment system. While capabilities put forth in the showcase are not intended to address all the Faster Payments Effectiveness Criteria, or provide for a complete, end-to-end payments solution, capabilities are meant to address one or more of the Effectiveness Criteria and are intended to serve as a component of an effective end-to-end payments solution. Take a trip down memory lane and review some of the creative, innovative submissions that preceded the full faster payment solution submissions. Also, check back Friday, July 21, to see the full solution proposals unveiled with the release of the Final Report Part Two.
When over 300 industry stakeholders came together in 2015, one of the first questions they sought to tackle was – “What do we need in a faster payments system in the United States?” Through an iterative process, and coordination with the Secure Payments Task Force, the Faster Payments Task Force developed the 36 Effectiveness Criteria. The criteria are a description of stakeholder needs that serve as a guide for innovation in the industry and provided the foundation by which the faster payment solution proposals were assessed. Watch as Jan Estep of NACHA, The Electronic Payments Association, discusses the milestone that is the Effectiveness Criteria and how the criteria set a high bar for future solutions in the United States.
Creating a real-time U.S payments system will take the collaboration of all payments industry participants. Continue to build your knowledge with us this week as we prepare for the release of the Final Report Part Two this Friday, July 21.
What happens when you take an industry leader and catalyst and pair it with diverse collection of passionate payments thought leaders from all different backgrounds and all over the U.S? You get a Faster Payments Task Force working tirelessly and collaboratively to make real-time payments that are secure a reality for both businesses and consumers alike.