Payments Exchange

Where in the World is FedPayments Improvement? June Edition

Just like the Harlem Globetrotters travel the world playing basketball, we travel the world keeping the payments industry informed on the progress of our initiative. By the end of this year, we will have amassed hundreds of industry engagements in the name of payment system improvements. It can be tough to keep up with our busy schedule, but we’ll make it easy by sharing where you can find us this month:

ConferenceDate/TimeSession TitleSpeaker
New York Cash ExchangeJune 1, 2:00 p.m.Strategies for Improving the U.S. Payment System - An Update from the Federal ReservePat Hilt
SWIFT Business Forum NY 2017June 14, 1:15 p.m. Payments Innovation: Recent & Future DevelopmentsSean Rodriguez
ISMG Fraud and Breach SummitJune 21, 12:35 p.m.EMV and the Evolution of Payments Fraud PanelEd O’Neill
ABA Payments ForumJune 23, 9:30 a.m. Developing A Faster Payments System in the United States PanelSean Rodriguez

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.

Opportunity to Provide Feedback on Payment Use Cases

Image promoting the use case survey and encouraging registration for the webinarsThe 180-member Secure Payments Task Force convened by the Federal Reserve to advance the safety, security and resiliency of the national payment system is asking the industry for feedback on a set of payment use cases, which map out the life cycle of a payment.  The payment uses cases are intended to provide a common foundation for the payments industry to understand the landscape as it is today and the associated risks. Each use case includes the unique payment flow overview, payment type operation, overview of security methods and associated risks, inventory of sensitive payment data and associated risks, and overview of standards.

The Secure Payments Task Force is looking for your feedback on how you or others within your organization will use this information as well as how you would prefer to access this material.

Payment Use Cases

  • ACH
  • Card Not Present
  • Card PIN
  • Card Signature
  • Check
  • Contactless
  • Wallet
  • Wire

The Secure Payments Task Force identified areas of focus to address payment security challenges and launched work groups to identify desired outcomes and create resources and/or solutions to address these challenges. The work groups include Payment Identity Management, Information Sharing for the Mitigation of Payment Risk/Fraud, and Data Protection. In the latter part of 2016, these desired outcomes and resource ideas were shared with the payments industry, with 80% of total survey respondents affirming that these resources would provide value to the industry.  This is the first resource the Task Force is seeking industry feedback on related to the work groups desired outcomes and solutions.

Where in the World is FedPayments Improvement? April Edition

In 2016, we conducted nearly 500 presentations at conferences and meetings all around the world and we have no plans of slowing down any time soon! Once again, we’ll be traversing the globe to inform the industry and stakeholders on the state of our initiative. Here’s where you can find us this month:

ConferenceDate/TimeSession TitleSpeaker
Marketing to Millennials for Financial Services Summit April 12, 11:45 a.m.Implementing Faster Payments Solutions to Meet Millennials' ExpectationsKorie Miller
NAPCP Commercial Card and Payment ConferenceApril 12, 3:45 p.m.Faster Payments & the Road Ahead: Faster Payments Task Force & Industry OpportunitiesDan Gonzalez
NAPCP Commercial Card and Payment ConferenceApril 13, 10:15 a.m.Faster Payments & the Road Ahead: Faster Payments Task Force & Industry OpportunitiesDan Gonzalez
ICBA 2017 Strategic IT & Operations ConferenceApril 18, 2:30 p.m.An Update from the Federal Reserve: Faster Payments Task ForceSean Rodriguez
NACHA Payments
Booth 1107
April 24, 10:15 a.m.Update on the Secure Payments Task ForceTodd Aadland
NACHA Payments
Booth 1107
April 25, 4:30 p.m.Update on the Faster Payments Task ForceSean Rodriguez

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.

Third Volume’s a Charm: Check out the Latest Small Business Payments Toolkit

button to download toolkit

The Business Payments Coalition originally released the Small Business Payments Toolkit (PDF) in April of 2015 to further encourage the adoption of electronic business-to-business payments and remittance information exchanges by small businesses. Each volume builds upon the content released in previous volumes with new content and updates made to address the evolving nature of the payments system and the needs of small businesses. Volume 3 (PDF) is reorganized to provide the information you need in easy to find sections, and includes new and updated payments information addressing key topics relevant to small businesses.

Overview of Updates

  • New articles including:
    • Same Day ACH: An Important New Payments Tool for Small Businesses
    • Hot Topics in Payments Fraud
    • A Self-Assessment Quiz Test How Ready Your Small Business Is for Electronic Payments
  • Updates to and reorganization of Volume 2 content
  • New links and valuable information in the Resources section
  • Live links in the Table of Contents – simply hover over your topic of interest and click to get right to the article or page you want

Don’t miss out on all this valuable information! Financial institutions, consultants, small businesses and anyone else interested in learning more about payments should download this free resource (PDF) today.

Where in the World is FedPayments Improvement? March Edition

Spring conference season is gearing up and we’re ready to hit the road and engage with the industry. Four leaf clovers and pots of gold may be tough to find, but FedPayments Improvement is anything but that, so put away your lucky charm, because you won’t need it to find us this spring. Here’s our schedule for March:

ConferenceDate/TimeSession TitleSpeaker
Cash Management Forum 2017March 22, 9:00 a.m.Payments Infrastructure Modernization - Maintaining Security in a Faster WorldTodd Aadland

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. To view our schedule beyond the current month, please visit our industry events page.

Learn how Continued Collaboration Drives Meaningful Change in our Latest Webinar Series

This month we’ll be hosting a webinar series that will go into further detail on the 2016 accomplishments and 2017 plans discussed in our recently released Strategies for Improving the U.S. Payment System – January 2017 Progress Report. Specifically, the webinars will focus on the work-to-date of both the Faster and Secure Payments Task Forces, education and recent developments in support of payments efficiency initiatives and stakeholder engagement opportunities across all strategy efforts.

We will be offering the webinar on two separate dates and times in the month of March:

Webinar 1 – 2017 Progress Report: In Pursuit of a Better Payment System
Date/time: March 15 2:00 p.m. ET
Host: Connie Theien, Senior Vice President and Director, Payments Industry Relations, Federal Reserve System

Webinar 2 – 2017 Progress Report: In Pursuit of a Better Payment System
Date/time: March 29 11:30 a.m. ET
Host: Dan Gonzalez, Vice President, Payments Industry Relations, Federal Reserve System

Find more details on these events and other education offerings as well as previous event summaries and recordings by visiting Fed Events. Ready to join us? Register now and choose either the March 15 or March 29 session.

Two Years, Five Strategies, Continuous Progress: Strategies for Improving the U.S. Payment System Turns Two

As we enter into 2017, it’s hard to believe that it has only been two years since we published Strategies for Improving the U.S. Payment System, our multi-year plan that focuses on end-to-end improvement of the speed, efficiency and security of our country’s payment system. To commemorate another year of substantive industry progress and momentum across the payments industry, the Federal Reserve released a Strategies for Improving the U.S. Payment System – January 2017 Progress Report, which highlights accomplishments as well as plans for 2017.

“The Fed’s priority is to advance improvements that are in the public interest so that consumers and businesses alike have access to efficient, real-time and highly secure payments in the United States,” said Esther George, president and chief executive officer of the Federal Reserve Bank of Kansas City, who is leading the payment system improvement initiatives on behalf of the Federal Reserve “Through a number of collaborative efforts, the industry is making real progress on all fronts and we’re expecting to achieve a number of significant milestones in 2017.”

The progress report details the work-to-date of two payments industry task forces and efforts to enhance payment system efficiency through work on standards, directories and business-to-business payment improvements.

Faster Payments Task Force accomplishments include:

  • Fielded and commissioned an independent assessment of 22 faster payments solution proposals against the Faster Payments Effectiveness Criteria released in February 2016, 19 of which voluntarily progressed through a review by the 500+ participants of the two task forces.
  • Analyzed potential challenges to successful faster payments implementation, focusing on provider interoperability, rules and standards, governance, adoption, safety and security.
  • Today, published part one of a two-part final report that provides a high-level overview of the task force’s background and processes, the payments landscape, and the benefits of faster payments.

Secure Payments Task Force accomplishments include:

  • Launched work to address the industry’s most pressing payment system security issues: identity management, data protection, and fraud and risk information-sharing.
  • Mapped existing identity management practices in end-to-end payment flows in order to identify opportunities for improvements.
  • Defined the guiding principles for protecting sensitive data associated with payments, serving as a foundation for building a more comprehensive data protection framework for industry participants.
  • Inventoried current industry efforts to share information for fraud and risk prevention and mitigation.

Other important accomplishments included in the progress report stem from efforts to enhance payment system efficiency through work on standards, directories and business-to-business payment improvements. In addition, joint efforts with industry participants have accelerated plans to implement the financial messaging standard ISO 20022 for U.S. wire transfer systems and widespread same-day ACH (automated clearing house) settlement.

For a full summary of our 2016 accomplishments and insight on what’s to come in the year ahead, we invite you to read our Strategies for Improving the U.S. Payment System – January 2017 Progress Report.

Engage for Change

To receive communications and invitations to provide input on these initiatives, join the FedPayments Improvement Community. You can also follow us on Twitter to stay up-to-date on the latest events and developments.

Federal Reserve Payments Study Highlights Strong Trends in Card Use

From 2012 to 2015, credit and debit (including prepaid and non-prepaid) card payments continued to gain ground in the payments landscape, accounting for more than two-thirds of all core noncash payments in the United States, according to a Federal Reserve study of U.S. non-cash payments released December 22, 2016. Automated clearinghouse (ACH) payments grew modestly over the same period, and check payments declined at a slower rate than in the past.

The 2016 Federal Reserve Payments Study, which presents 2015 payments data, found that the number of domestic core non-cash payments totaled an estimated 144 billion – up 5.3 percent annually from 2012. The total value of these transactions increased 3.4 percent over the same period to nearly $178 trillion.

For more information, including additional key findings, review the initial data release report. Additional detailed information will be released in 2017 as the results of further analysis become final.

Federal Reserve’s Secure Payments Task Force Survey Extended

The Secure Payments Task Force, conceived in Strategies for Improving the U.S. Payment System (PDF), has been advancing efforts to support the strategy of reducing payment fraud and advancing the safety, security and resiliency of the payment system. Earlier this year, they launched work groups focusing on the following payments security issues:

  • Payment Identity Management
  • Information Sharing for the Mitigation of Payments Risk/Fraud
  • Data Protection

The work group members have been meeting regularly to identify the current challenges, the attributes of a more effective environment, the desired outcomes in each area, and the barriers to implementation.

The Secure Payments Task Force is seeking input from the industry on the solutions outlined as well as potential barriers to implementation. We launched three online surveys to give you the opportunity to weigh-in on how the task force is addressing different challenges related to payment identity management, information sharing for the mitigation of payments risk/fraud and data protection. The surveys will remain open for comment until Wednesday, November 30.

This feedback will help the Secure Payments Task Force identify and promote actions that can be taken by payment system participants to maintain U.S. payment system security that remains very strong, with public confidence that remains high, and protections and incident response that keeps pace with the rapidly evolving and expanding threat environment.

Visit the Secure Payments Task Force Work Group page for more details and take the survey by Wednesday, November 30!

Industry leaders with an interest in payments security are invited to follow or join the Secure Payments Task Force. To learn more, follow our work efforts on Twitter (@fedpayimprove).