The Federal Reserve continues to generate momentum toward the desired outcomes outlined in the Strategies for Improving the U.S. Payment System (PDF) paper released in 2015 and built upon in the 2017 Next Steps in the Payments Improvement Journey (PDF) paper. The Spring 2019 Progress Report (PDF) released today provides an update on the latest efforts toward the desired outcomes and presents next steps and ongoing work that will contribute to making payments faster, more secure and more efficient.
The Federal Reserve conducted nearly 100 presentations in 2018 at domestic and international conferences and engaged in a wide variety of one-on-one meetings and touchpoints with payments industry stakeholders. Additionally, the Fed hosted the inaugural FedPayments Improvement Community Forum to provide rich engagement opportunities for stakeholders. It drew more than 300 diverse Community members from across the payments ecosystem to engage in dialogue about current efforts and opportunities to improve the U.S. payment system. To build on the success of the Forum, the Fed will host Community Forum Roundtables in 2019 to connect with Community members and raise awareness for payments improvement initiatives.
Other initiatives highlighted in the Progress Report include:
- Releasing a Settlement Assessment Federal Register Notice outlining potential Federal Reserve actions to facilitate real-time interbank settlement.
- Establishing the Fed-led Fraud Definitions Work Group to develop a more consistent and holistic view of terminology used to describe ACH, wire and check payments fraud.
- Soliciting submissions for a Business Payments Coalition ISO® 20022 Capabilities Directory for financial institutions and service providers to publicize their capabilities for business end-users.
For a detailed summary of more accomplishments, and to hear about our next steps, check out the full version of the Spring 2019 Progress Report (PDF). To stay informed on future progress towards improving the U.S. payment system and ensure that you receive updates and information as it becomes available, please join the FedPayments Improvement Community.