Event Summaries

FedPayments Improvement Community Forum

The inaugural FedPayments Improvement Community Forum, hosted in Chicago, IL on October 3-4, 2018, provided an opportunity for all payments industry stakeholders to collaborate and provide feedback on the latest payment system improvement initiatives through keynote speeches and workshop-style sessions.

Read Forum Summary Documents and Presentation Materials

Meeting materials and session summaries are available below; you can also access a copy of the Forum’s final 2018 agenda (PDF).

Download Forum Summary (PDF)

Keynote and Workshop Sessions:

Faster Payments:

Supporting Fast Payments for All (Off-site)
Lael Brainard, Federal Reserve Board Governor
Watch a recording of Governor Brainard’s keynote remarks. (Off-site, YouTube)

Progress on Faster Payments Settlement Assessment (PDF)
An update on Federal Reserve efforts to assess 24/7 settlement or other services to address the future needs of a ubiquitous real-time retail payments environment.
Susan Foley, Senior Associate Director, Board of Governors of the Federal Reserve System

Stakeholder Settlement Needs Workshop
In this two-part workshop, participants shared views on needs related to settlement for faster payments.

Building a Foundation for a Faster Payments Ecosystem: An Update from the Directories and the Rules, Standards, Laws, and Regulations Work Groups (PDF)
In its report The U.S. Path to Faster Payments, the Faster Payments Task Force recommended the formation of several industry work groups to advance its goal of ubiquitous faster payments. Members of two of these work groups – Directories and Rules, Standards, Laws and Regulations – discussed their work output, lessons learned, aspects of constructive industry collaboration and the way forward.

  • Kassi Quimby, Vice President, Federal Reserve Bank of Chicago (moderator)
  • Laura Yens, Counsel, Payment Systems, Alston & Bird
  • Bob Steen, CEO, Bridge Community Bank
  • Jonathan Shiery, Director, Navigant Bradley Wilkes, President/CEO, Open Payment Network
  • Bradley Wilkes, President/CEO, Open Payment Network

Read workshop summary (PDF)

A VIP Preview of the U.S. Faster Payments Council
An exciting milestone in the journey to ubiquitous faster payments is just around the corner as the Governance Framework Formation Team (GFFT) prepares for the formation of The U.S. Faster Payments Council (FPC). Members of the GFFT provided a VIP preview of their work.

  • Lou Anne Alexander, Group President Payments, Early Warning
  • Reed Luhtanen, Senior Director Payments Strategy, Walmart

Payments Security:

Federal Reserve’s Payment Security Strategy Next Steps (PDF)
Today’s news headlines – from data breaches to identity fraud – reinforce the need for continued collective work to advance payment security. Learn more about the Federal Reserve’s proposed next steps for its secure payments strategy as informed by the Secure Payments Task Force, ongoing industry and Federal Reserve input, and third-party research.

Ken Montgomery First Vice President and COO of the Federal Reserve Bank of Boston and Payments Security Strategy Leader for the Federal Reserve System

Fraud Measurement Improvement: An ACH and Wire Discussion (PDF)
Inconsistent fraud definitions challenge the industry’s ability to more effectively communicate and collaborate on targeted fraud mitigation efforts. The Federal Reserve solicited industry input on a proposed collaborative work effort to align the industry on ACH and wire fraud definitions.

  • Jim Cunha, Senior Vice President, Federal Reserve Bank of Boston
  • Andrés Rapela, Assistant Vice President, Federal Reserve Bank of Boston

Read workshop summary (PDF)

Remote Payments Fraud: Authentication Challenges (PDF)
Steady remote payments growth has drawn the attention of fraudsters who take advantage of weak authentication and inadequate security endpoints. Learn more about remote payments fraud mitigation challenges – and opportunities.

  • Marianne Crowe, Vice President, Federal Reserve Bank of Boston (moderator)
  • Christian Wilson, Vice President, Cyber, Fraud and Risk, First Data Corp.
  • Kolin Whitley, Senior Director, North America Risk Group, Visa
  • Reed Luhtanen, Senior Director, Payments Strategy, Walmart

Read workshop summary (PDF)

Synthetic Identity Payments Fraud: Nobody Knows You’re a Dog (PDF)
Synthetic identity fraud is considered to be one of the fastest-growing and hardest-to-detect forms of identity fraud today. Attendees learned more about how it’s used to commit payments fraud, as well as causes, challenges, mitigation and opportunities for industry action.

  • Jim Cuhna, Senior Vice President, Federal Reserve Bank of Boston (moderator)
  • Brian Murphy, Vice President and Policy Director, American Bankers Association for Payments and Cybersecurity
  • Joan Pappas, Senior Vice President, Enterprise Fraud Management and Control – Senior Fraud Policy Analyst, Bank of America
  • Seth Kressin, Senior Fraud Data Scientist, Fraud Analytic Team, Experian

Read workshop summary (PDF)

Payments Efficiency:

ISO 20022 is Here: Are you Ready? (PDF)
This session shared the strategy behind where the industry is at regarding the ISO 20022 messaging standard for ACH, wire and corporates. Attendees discussed the strategies and possibilities ISO 20022 brings to more efficient payments – both domestically and cross-border.

  • Gina Russo, Assistant Vice President, Federal Reserve Bank of New York
  • John Morris, Retail Payments Product Specialist, Federal Reserve Bank of Atlanta
  • Patti Ritter, Senior Payments Consultant, Federal Reserve Bank of Minneapolis

Read workshop summary (PDF)

Let’s Unblock the Chain of Data – Making B2B Payments More Efficient (PDF)
This session provided a lively discussion on opportunities for greater B2B payments efficiency with straight-thru-processing. We solicited attendees’ thoughts on solutions for how we can get more electronic remittance data to enable automated payment application. 

  • Guy Berg, Vice President, Federal Reserve Bank of Minneapolis
  • Magnus Carlsson, Manager for Treasury & Payments, Association for Financial Professionals
  • David Jackson, Managing Director, Marketcy

Read workshop summary (PDF)

International Payments:

Developments in Cross-Border Payments and Opportunities for Industry Collaboration
As the world’s economies have become increasingly interconnected, the need to make and receive cross border payments has become a necessary feature of a national payment system. This session highlighted the evolution of cross border payments, the improvements that have occurred, the technology leveraged to make these improvements possible, and the challenges that still exist today.

  • Shonda Clay, Executive Vice President and Product Manager, Federal Reserve Bank of Chicago (moderator)
  • John Morris, Retail Payments Product Specialist, Federal Reserve Bank of Atlanta
  • Dave Scola, Head of North America, SWIFT
  • Andrew Boyajian, Head of Banking – North America, TransferWise

Payments System Innovations:

Navigating APIs and Data Aggregation
During this session, attendees learned how APIs and data aggregation are working to enhance payments interoperability and end-to-end efficiency. Discussion included how APIs are enabling financial data aggregation and the security risks/considerations payment stakeholders should keep in mind as their own organizations explore these innovations.

  • Andre Reynolds, Vice President, Federal Reserve Bank of Chicago (moderator)
  • Eric Guerrino, Chief Operating Officer, FS-ISAC
  • Eric Dunn, Chief Executive Officer, Quicken
  • Millicent Calinog, Senior Vice President, Wells Fargo

Keynote Speakers