Payments Exchange

Fall 2018 Progress Report Now Available: Payment Improvements Continue to Gain Momentum

We are pleased to announce the release of our Fall 2018 Progress Report (PDF)! The report highlights the important work we’ve completed in collaboration with the industry and next steps we’re taking toward the desired outcomes for speed, security, efficiency, international payments and collaboration as outlined in the Strategies for Improving the U.S. Payment System (PDF) paper. We encourage you to review the progress report and think about how your organization can engage with us in our journey toward a better payment system for the future.

Some of the exciting accomplishments and next steps include:

Speed

  • Accomplishment: Reached a major milestone in the Fed’s Settlement and Service Provider Assessment with the release of a Federal Register Notice that seeks public comment on potential actions the Federal Reserve could take to facilitate real-time interbank settlement of faster payments
  • What’s Next: Engage with stakeholders and encourage feedback on the Federal Register Notice through the public comment process, which will be critical to informing the assessment and determining a course of action

Security

  • Accomplishment: Sponsored secondary research and consulted with several industry stakeholders to identify payments fraud causes and contributing factors to help inform the Fed’s next steps for industry collaboration to improve payment security
  • What’s Next: Engage the industry to further Federal Reserve and industry understanding of trends, vulnerabilities and fraud mitigation strategies related to remote payments, the use of synthetic identities, and emerging payments

Efficiency

  • Accomplishments:
    • Supported the Business Payments Coalition in publishing the paper, Simple Remittance Requirements (PDF), which defines data needs for simple remittance information that can be easily adopted by small to medium businesses
    • Conducted a series of webinars and in-person road shows in support of the proposed Fedwire® Funds Service migration to the ISO® 20022 messaging format standard
  • What’s Next:
    • Continue research by the Business Payments Coalition work group to explore availability of APIs for small business accounting software that could enable greater adoption of electronic payments
    • Continue the series of online webinars to educate customers and vendors about the proposed ISO 20022 implementation plans for the Fedwire Funds Service and ACH tools in the marketplace to support integration in the network

International

  • Accomplishment: Engaged payment industry stakeholders at the FedPayments Improvement Community Forum on developments in cross-border payments and opportunities for industry collaboration
  • What’s Next: Continue work to assess the FedGlobal® ACH strategy for potential future service border payments

Collaboration

  • Accomplishment: Hosted the inaugural FedPayments Improvement Community Forum where more than 250 members of the FedPayments Improvement Community engaged in dialogue on faster payments updates, as well as developments in payments security, efficiency, innovation and cross-border.
  • What’s Next: Share information and key takeaways from the FedPayments Improvement Community Forum with all Community members

To see a detailed summary of all accomplishments and next steps, check out the full version of the Fall 2018 Progress Report (PDF) and stay engaged in our payments improvement initiatives by joining the FedPayments Improvement Community.

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