Fed publishes next steps for improving US payments system
The Federal Reserve has published Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey.The paper identifies updated tactics the Fed will pursue to help improve the speed, safety and efficiency of the U.S. payment system, a press release said.
The paper is a follow-up to the Fed's 2015 publication, Strategies for Improving the U.S. Payment System, which called for the commitment of all payment industry stakeholders to achieve five desired outcomes focused on speed, security, efficiency, international payments and collaboration.
The new paper presents refreshed strategies and nine new tactics the Federal Reserve will employ, in collaboration with payment system stakeholders, to help achieve payment system improvements.In addition to the tactics described in the paper, the Federal Reserve will continue working to enhance its existing services and to advance ongoing initiatives.
"Our 2015 paper laid out ambitious goals for the U.S. payment system that will require the sustained commitment of the Federal Reserve and the industry to achieve," said Esther George, president and CEO of the Federal Reserve Bank of Kansas City and sponsor of the payments improvement initiative. "Thanks to the collective efforts of hundreds of payment system stakeholders during the past two years, we've made real progress. Through the strategies and tactics outlined in this next steps plan, the Federal Reserve will support continued industry momentum toward safe, ubiquitous, faster payments for our country."
Downloada PDF of "Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey."