A monthly newsletter for the FedPayments Improvement Community
Introducing the U.S. Faster Payments Council
The Governance Framework Formation Team launched a new, widely anticipated payments organization – the U.S. Faster Payments Council (FPC). The FPC’s mission is to work with all stakeholders to meet evolving end-user needs by advancing the faster payments ecosystem, driving the emerging faster payments infrastructure toward ubiquity, fostering a high-quality and secure user experience for all and supporting widespread use of faster payments. The FPC is a fee-based organization and is open to all stakeholders in the U.S. payment system.
LEARN MORE (Off-site)
Provide Feedback on Real-Time Interbank Settlement
The Federal Reserve Board of Governors is seeking input through a Federal Register Notice (Off-site) on potential actions the Federal Reserve could take to promote ubiquitous, safe, and efficient faster payments by facilitating real-time interbank settlement of faster payments. Submit your comments by December 14!
Recent Payment Improvement Announcements
Executive Summary of “A View of Payments Security: Trends, Gaps and Vulnerabilities” Available Now
To help inform its next steps to advance payments security, the Federal Reserve commissioned the Boston Consulting Group to conduct secondary research and interviews on U.S. payment system fraud, associated costs, causes and contributing factors. This data source, along with the Federal Reserve Payments Study fraud data announced in October, helps provide a comprehensive overview of payments fraud in the United States, educates the industry on the payments fraud landscape, and points to where additional work is needed. To read the executive summary of the Boston Consulting Group study and learn more, visit the Payments Security page of FedPaymentsImprovement.org.
FedPayments Improvement Community Forum – Meeting Summaries Published
The FedPayments Improvement Community Forum provided an opportunity to collaborate and provide feedback on the latest payments improvement initiatives. Through workshop-style sessions, your industry peers engaged in robust dialogue focused on influencing and guiding the United States’ journey toward a faster, safer, more efficient payment system. Read the meeting summaries today!
Thank you to all FRN Town Hall Attendees
From October 29-November 19, the Fed hosted town halls across the nation to provide an overview of the conceptual approaches presented in the Faster Payments Settlement Assessment Federal Register Notice (Off-site), answer questions about the potential actions outlined and facilitate dialogue with other stakeholders. Thank you to everyone who took the time to attend one of these town halls. You can find the slides used at the event and Esther George’s opening video on our Faster Payments Settlement Assessment page. If you were unable to attend a town hall, you may view a recording of the webinar (Off-site).
Your Voice Matters – Stay Engaged
U.S Faster Payments Council to Host Informational Webinar
Want to learn more about the newly launched U.S. Faster Payments Council (Off-site)? Register today for one of two informational webinars (Off-site)! You will learn about the FPC’s mission, the benefits of membership, and have the opportunity to submit your questions (Off-site) in advance.
Follow FedPayments Improvement on Social Media
Update your FedPayments Improvement Community Profile
To help us better engage with you, we ask that you take a minute to tell us about your industry segment, role and which payment system improvement topics are of interest to you. Visit the Community page today to update your information!
Meet with Federal Reserve Experts at Upcoming Industry Events
- Cyber Threat Sharing Forum: December 12 (Off-site)
- Webinar: The journey towards a faster, safer, and more efficient payments system in the U.S. (Off-site)
Visit our industry events page to learn more and reserve time to speak with Federal Reserve experts.
In The News –
Kansas City Business Journal – October 30, 2018 (Off-site)
Federal Reserve considers biggest change to payments system since 1974
PYMNTS.com – November 13, 2018 (Off-site)
Fed [Industry] Launches New US Faster Payments Council
Bai Banking Strategies – November 13, 2018 (Off-site)
Podcast: Prime payments insights from the Fed
Financial Regulation News – November 14, 2018 (Off-site)
US Faster Payments Council launched by payments industry