22 October 2017
Register now

Fed provides payments progress report

03 February 2016  |  2604 views  |  0 Source: Federal Reserve

In a report that comes one year after the publication of its Strategies for Improving the U.S. Payment System, the Federal Reserve on Tuesday detailed the progress made and outlined anticipated steps for moving forward with its initiative to enhance payment system speed, efficiency, and security.

To date, the January 2015 initiative has resulted in the creation of two task forces comprised of more than 500 industry participants devoted to bringing about faster and more secure payments in the United States. The task forces have compiled 36 criteria that describe desired attributes of a faster payment system and can be used to assess the effectiveness of potential solutions.

Other important accomplishments include efforts to enhance payment system efficiency through work on standards, directories, and business-to-business payment improvements. In addition, joint efforts with industry participants recently resulted in a plan to implement the financial messaging standard ISO 20022 for U.S. wire transfer systems and advanced plans to implement widespread same-day ACH (automated clearing house) settlement.

“We have seen many of the strategies and tactics included in the plan come to life through broad, unprecedented stakeholder support,” said Esther George, president and chief executive officer of the Federal Reserve Bank of Kansas City who is leading the initiative. “When implemented, the strategies will contribute to public confidence and the global competitiveness of the U.S. payment system.”

Federal Reserve Board Governor Jerome H. Powell, who co-chairs the initiative’s oversight committee, said: “Our progress this past year is a consequence of the engagement and commitment of a diverse group of payment system stakeholders. Their ongoing collaboration will be essential in creating a payment system that offers greater speed, security and efficiency.”

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
15153 views comments | 17 tweets | 29 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
13495 views comments | 22 tweets | 28 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9939 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9913 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8916 views comments | 9 tweets | 18 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job