September 6, 2017, 11 a.m. EDT
The Federal Reserve today published, Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey, a paper identifying updated tactics it will pursue to help improve the speed, safety and efficiency of the U.S. payment system.
The paper is a follow up to the Fed’s strategic vision, Strategies for Improving the U.S. Payment System, published in January of 2015, which called for the commitment of all payment industry stakeholders to achieve five desired outcomes focused on speed, security, efficiency, international payments, and collaboration. It 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 this 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 chief executive officer of the Federal Reserve Bank of Kansas City and executive 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."
The Federal Reserve’s strategies and tactics address the five desired outcomes as follows:
"With collaboration, inclusiveness and transparency as guiding principles, the Fed will continue to advance improvements through leadership and action," said Federal Reserve Board Governor Jerome H. Powell, who co-chairs the payments initiative’s oversight committee. "Our work with stakeholders over the past two years, including engagement with 500 task force members, has demonstrated that together we can help address industry challenges and seize opportunities."