The Federal Reserve continues to generate momentum toward the desired outcomes outlined in the Strategies for Improving the U.S. Payment System (Off-site) paper released in 2015. If you have kept up with the efforts, you know the Next Steps in the Payments Improvement Journey (Off-site) paper highlighted multiple milestones achieved over the past three years. The Fall 2018 Progress Report (Off-site) released on October 11 provides the latest efforts toward the desired outcomes and presents next steps and ongoing work that will contribute to making payments faster, more secure and more efficient.
The Federal Reserve conducted more than 100 presentations this year at domestic and international conferences to keep stakeholders informed about the progress of ongoing payment improvement initiatives and to solicit their input and participation. Additionally, the Fed hosted the inaugural FedPayments Improvement Community Forum on October 3-4, 2018, to provide a rich engagement opportunity for stakeholders. It drew more than 300 Community members to engage in dialogue about current efforts and opportunities to improve the U.S. payment system.
Other initiatives highlighted in the Fall 2018 Progress Report include:
- Reached a major milestone in the Fed’s Settlement and Service Provider Assessment with the release of a Federal Register Notice seeking public comment. The notice outlines potential actions that the Federal Reserve could take to promote ubiquitous, safe and efficient faster payments by facilitating real-time interbank settlement
- Continued to seek industry input on the Fed’s next steps in advancing payments security, including work efforts to improve understanding of Automated Clearing House (ACH) and wire fraud incidents by creating and publishing ACH and wire fraud definitions
- Facilitated the Business Payments Coalition's efforts to identify, design and adopt an e-Invoice interoperability framework for the U.S. market
- Conducted a series of in-person road shows in support of the proposed Fedwire® Funds Service migration to the ISO® 20022 messaging format standard
- Supported the Governance Framework Formation Team (GFFT) in previewing the U.S. Faster Payments Council (FPC) at the FedPayments Improvement Community Forum, including an overview by GFFT members of the FPC's vision, mission, structure and priority focus areas
Momentum continues to be strong across the payments industry. To stay informed and ensure that you receive updates and information as it becomes available, please join the FedPayments Improvement Community (Off-site).