Federal Reserve Next Steps in the Payments Improvement Journey webcast | Summary and Q&A

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September 22, 2017
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Federal Reserve
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Federal Reserve Next Steps in the Payments Improvement Journey webcast

TL;DR

The Federal Reserve discusses its ongoing efforts to improve the efficiency, security, and speed of the US payment system, highlighting the progress made so far and the challenges that lie ahead.

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Key Insights

  • 🪡 The US payment system operates on outdated infrastructure and needs coordinated action for fundamental improvements.
  • 🐎 Collaborative industry initiatives and partnerships with the Federal Reserve are crucial for addressing the evolving demands of speed, safety, and security.
  • 🥳 Significant progress has been made in developing faster payment solutions, with private sector parties actively implementing these initiatives.
  • 🪡 Payment security is a priority, and ongoing efforts are needed to mitigate fraud and maintain public confidence.
  • 💨 The Federal Reserve will pursue enhanced settlement services and assess the need for other capabilities to support faster payments.
  • 🤩 Interoperability, governance frameworks, and education will be key focus areas for driving adoption and ubiquity in faster payments.
  • ✅ Checks will still be relevant in the payment system, and efforts will continue to enhance electronic alternatives.

Transcript

good afternoon and thank you on behalf of the Federal Reserve System for joining us today I'm Dave Sapp enero first vice-president of the Federal Reserve Bank of st. Louis and beginning next month the new payment strategy director for the Federal Reserve System I'm honored to assume leadership of our efforts to improve the end end speed efficiency ... Read More

Questions & Answers

Q: What are the challenges in improving the US payment system?

The US payment system operates on outdated infrastructure, making it slow and inefficient. The large and diverse payments landscape also makes implementing large-scale improvements challenging.

Q: What progress has been made in developing faster payment solutions?

The Faster Payments task force has made significant progress, creating effectiveness criteria, solution proposals, and an action plan for a safe and ubiquitous payment system. Private sector parties are actively designing and implementing faster payment initiatives.

Q: How will the Federal Reserve facilitate industry collaboration?

The Federal Reserve will convene industry workgroups, such as the Interim Collaboration Workgroup, to address key issues and develop industry-led governance frameworks. The Fed will also support industry efforts to enhance payment security.

Q: Will the Federal Reserve provide directory tools for easier access to the payment system?

The Federal Reserve recognizes the importance of directories for achieving ubiquity in faster payment solutions. They will explore providing directory services and enhancements to existing services to support universal access.

Summary & Key Takeaways

  • The Federal Reserve acknowledges the need for coordinated action to improve the outdated US payment system, which operates on decades-old infrastructure.

  • The Faster Payments task force and Secure Payments task force have made significant progress in developing faster and more secure payment solutions.

  • The Federal Reserve outlines a series of tactics, including industry collaboration, governance frameworks, and enhanced settlement services, to further advance payment system improvements.

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