As highlighted in the Strategies for Improving the U.S. Payment System (PDF), published in January 2015, the Federal Reserve will achieve greater end-to-end efficiency for domestic and cross-border payments. Although the Federal Reserve’s role for each of the supporting strategies listed below will initially be limited to that of leader/catalyst, the role could expand to that of service provider in the future, depending on the outcome of early phases of work.
The Federal Reserve will pursue the following strategies to achieve greater end-to-end efficiency for domestic and cross-border payments:
- Develop an implementation strategy for the application of the ISO® 20022 standard to U.S. payment transaction
- Accelerate adoption of secure electronic business-to-business (B2B) payments
- Develop technologies and rules that foster greater interoperability for person-to-person (P2P), person-to-business (P2B) and small business B2B payment directories