This January marked the five-year anniversary of the Strategies for Improving the U.S. Payment System (Off-site) initiative. Developed in consultation with industry stakeholders, the original paper established our collaborative initiative to improve the payment system and has underpinned many of the Federal Reserve’s efforts to date. The paper served as both a commitment from the Federal Reserve and a call to action for the industry, asking stakeholders to join us in pursuit of a better payment system.

Over these five years, this call to action has come to life in many ways. We convened the Faster Payments Task Force (Off-site) and Secure Payments Task Force (Off-site), each composed of hundreds of payments industry stakeholders eager to help shape the future of payments. We built the FedPayments Improvement Community (Off-site) from the ground up, now with over 7,000 engaged members and growing every day. We participated in conferences, speaking sessions, one-on-one meetings and hosted roundtables and a FedPayments Improvement Community Forum (Off-site).

The anniversary of this initiative offers us an opportunity to reflect on how the U.S. payment system has evolved. As a result of our collaborative work over the past five years, in 2019 alone, we reached consequential milestones in all of the desired outcomes outlined in the Strategies paper – speed, security, efficiency, cross-border and collaboration.

Watch this video to hear more on recent successes and future momentum on the path toward a faster, safer and more efficient U.S. payment system.