Announcements, Faster Payments, Payments Efficiency, Payments Security

Federal Reserve Publishes Strategies for Improving the U.S. Payment System

The Federal Reserve System is pleased to release Strategies for Improving the U.S. Payment System, a multi-faceted plan for collaborating with payment system stakeholders to enhance the speed, safety and efficiency of the U.S. payment system. Read it here (PDF).

Read the paper today, then join Kansas City Fed President Esther George and Federal Reserve Board Governor Jay Powell on Thursday, January 29, for a webcast, accessible via (Off-site), at 1:00 p.m. ET.  They will share views on the Federal Reserve’s vision for the future U.S. payment system and plans for collaborating with stakeholders to achieve improvements. Submit a question for President George or Governor Powell.

In addition, we’ll host FedForum teleseminars on February 4 and 10 to present an overview of the strategies and a question-and-answer session.

We welcome your comments and questions about the paper. Which of these strategies are most important to you? What challenges does the industry face in achieving the desired outcomes? Read the paper and start the conversation here, in our new Payments Exchange blog.

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Been a payment professional for nearly 10 years ! thanks for taking the initiative to make this happen, especially “real time payments” as this is much needed, like in Europe. Besides that, I also see that the changes proposed are far reaching and grass-roots, like “Sender does not need to know the bank account number of the recipient”. There is a lot of Compliance and Risk issue that would need to be addressed here for anyone to use. Systems like PayPal addressed this, but they act as an intermediary. I am sure infrastructure changes are well supported, and would love to see how banks can accommodate these recommendations

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