This January marked the five year anniversary of the release of the Strategies for Improving the U.S. Payment System (PDF) paper. Developed in consultation with industry stakeholders, the paper established our collaborative initiative to improve the payment system and has underpinned many of the Federal Reserve’s efforts to date.
What’s happening in U.S. payments these days? Ask the Federal Reserve. In its role as the central bank of the United States, the Fed regularly conducts studies to help policymakers, the industry and the public better understand – and improve – the U.S. payment system. The Fed recently provided new insights on payments methods and trends by publishing not one, not two, but three bellwether studies in December 2019. Here’s a roundup of this research.
In response to industry comments on its Federal Register notice (Off-site), the Board of Governors of the Federal Reserve System has approved modifications to the Federal Reserve Banks’ FedACH® Service, National Settlement Service (NSS) and Fedwire® Funds Service to help facilitate adoption of a later Same Day automated clearing house …
Today, the Federal Reserve System announced it has joined the U.S. Faster Payments Council (FPC) (Off-site) as a founding sponsor. As a member, we’ll actively participate in the FPC’s work to facilitate faster payments in the United States, enabling Americans to securely pay anyone, anywhere, at any time with near-immediate …
On Nov. 14, 2019, Charles Evans, President of the Federal Reserve Bank of Chicago, spoke at the Third Annual Fintech Conference in Philadelphia, hosted by colleagues at the Federal Reserve Bank of Philadelphia. His speech focused on past, present and future innovations to improve the U.S. payment system, and the …
Engaging with payments stakeholders is an important part of the Federal Reserve’s leader catalyst role within the payments industry, and a vital step toward achieving safe, ubiquitous and faster payments in the United States. Some of our best opportunities to hear from industry leaders come from our in-person gatherings. Our …
These days, when we think ‘payments’ we usually think the electronic kind – cards, mobile, online. Roger Replogle, executive vice president and cash product manager in the Federal Reserve System’s Cash Product Office (CPO), thinks about the legacy kind – cash – and its usage within the modern payments environment …
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 …
This Federal Reserve Payments Study (FRPS) 2018 annual supplement (Off-site) updates data on core noncash payment types and systems that support everyday payments by U.S. consumers and businesses. Among the important findings: Card payments continued to show robust growth from 2016 to 2017, collectively increasing 10.1 percent by number and …
The Federal Reserve released its latest payments study fraud report, which details the cost and number of fraudulent payments in the United States. Among the important findings: The 2015 payments fraud rate, by value, was more than 20 percent larger than in 2012, while the 2015 fraud rate, by number, …