FedPayments Improvement Pulse – April, 2018

A monthly newsletter for the FedPayments Improvement Community

APRIL’S HIGHLIGHTS

Read the Spring 2018 Progress Report

Our spring progress report is now available, outlining the latest efforts to achieve the five desired outcomes.
LEARN MORE (PDF)

Draft Faster Payments Governance Framework Released for Feedback

How can the United States achieve ubiquitous, faster payments? A collaborative industry group moved one step closer to the answer with the release of a proposed faster payments governance framework, the U.S. Faster Payments Council.
LEARN MORE

Travel the Journey of the Payment Lifecycle

The Secure Payments Task Force published Payment Lifecycles and Security Profiles, which are educational materials outlining the lifecycles, security characteristics and relevant laws and regulations for the most common payment types.
LEARN MORE (Off-site)

RECENT PAYMENTS IMPROVEMENT ANNOUNCEMENTS

Share Feedback on the Draft Faster Payments Governance Framework

A new faster payments governance framework proposal – the U.S. Faster Payments Council – is in its final design stages and available for feedback through June 22. Visit FedPaymentsImprovement.org for more information on the proposed U.S. Faster Payments Council, and to provide your feedback via an online survey.

Download the Spring Progress Report

Our spring progress report (PDF) will help you quickly get up-to-speed on the latest efforts to achieve the five desired outcomes related to speed, security, efficiency, international payments and collaboration. These five desired outcomes continue to reflect the shared vision of the Federal Reserve and a broad spectrum of payment system stakeholders in the United States. We invite you to download the spring progress report (PDF), review the important work completed this past year and learn how you can engage as these initiatives progress.

Learn How Payments Work – Read the Payment Lifecycles and Security Profiles

The Secure Payments Task Force published the Payment Lifecycles and Security Profiles (Off-site) on SecurePaymentsTaskForce.org (Off-site). The profiles are educational materials for eight of the most common payment types and provide perspectives related to: the lifecycles of the most common payment types, covering enrollment, transaction flow and reconciliation; security methods, identity management controls and sensitive data occurring at each step in the payment lifecycles; relevant laws, regulations and other references as well as challenges and improvement opportunities related to each payment type.

Federal Reserve Selects The Boston Consulting Group for Fraud Study

The Federal Reserve began work in March on a new study that will measure fraud and associated costs in the U.S. payment system and identify the causes and contributing factors to fraud. The study is part of the Federal Reserve’s ongoing effort to improve and support payment security throughout the industry, as outlined in the Federal Reserve Next Steps in the Payment Improvement Journey (PDF) paper released last year. For more information, read the press release in its entirety.

What’s Next for E-invoice

Noted in the Federal Reserve Next Steps in the Payments Improvement Journey (PDF) paper, work to support greater end-to-end efficiency for business payments continues to move forward. Shortly following the paper publication, the Business Payments Coalition published the Catalog of Electronic Invoice Technical Standards in the U.S. (PDF) with the purpose of laying the foundation for the U.S. market for selecting an invoice standard to accelerate the adoption of electronic invoicing by U.S. businesses.

Your Voice Matters – Stay Engaged

Coming Soon – Faster Payments Governance Framework Feedback Webinars

In addition to the survey, we will be hosting webinars that offer another opportunity for you to provide feedback on the draft faster payments governance framework. Stay tuned for more information on how to register!

Payment Lifecycles and Security Profiles Webinars Coming This Spring

Watch for an invitation to join one of our webinars to learn how your organization can utilize the Payment Lifecycles and Security Profiles (Off-site) found on SecurePaymentsTaskForce.org (Off-site).

Prepare for Implementation

The Federal Reserve Banks have designed an educational outreach program to increase awareness of their ISO® 20022 fimplementation initiative for the Fedwire® Funds Service and the expected changes. Visit the Fedwire Funds Service ISO 20022 Implementation Center (Off-site) to review your options and register for webinars and in‑person sessions customized to meet your needs.

Meet with Federal Reserve Experts at Upcoming Industry Events

NACHA PAYMENTS Conference: April 29 – May 2 (Off-site)

  • After the Handshake: The Business Woman’s Networking Dilemma
  • B2B Payments in the Long Tail
  • Facilitating the Electronification of Check Collection and Return
  • Federal Reserve Town Hall
  • Real-Life Improvements in Corporate Electronic Payments
  • Same Day ACH: A Glimpse into the Future
  • Strategies to Advance U.S. Payment Safety, Security and Resiliency
  • Update on the U.S. Path to Real-Time Payments
  • Winning the War on CNP Fraud

NACM Credit Congress and Expo: June 10 – 13 (Off-site)

  • The U.S. Path to Faster Payments

Visit our industry events page to learn more and reserve time to speak with Federal Reserve experts.

In The News

PYMTS.com – 4/25/18

Framework Bows For US Faster Payments Council (Off-site)

Payments Journal – 4/25/18

A Next Step for Faster Payments in the U.S. (Off-site)

Finextra – 4/24/18

Draft US Faster Payments Council governance framework released (Off-site)

Bank Info Security – 4/5/18

The Future of Secure Payments (Off-site)

American Banker – 4/3/18

Behind the Fed’s effort to squeeze out payments fraud (Off-site)

PYMNTS.com – 3/16/18

Fed Task Force Releases Payment Lifecycles and Security Profiles (Off-site)

Banking Exchange – 3/2/18

Fed pay security effort ends and begins (Off-site)


Visit our industry articles page to see more.