Fed Seeks Industry Input on Payment Improvements (Sept. 12, 2013)
Sept. 12, 2013
The Federal Reserve is seeking payments industry input on a set of new policy proposals to modernize and improve the nation’s payments system in the wake of rapid changes in technology and consumer expectations. Earlier this week, the agency released its Payment System Improvement – Public Consultation Paper, the purpose of which is to “share the Federal Reserve perspectives on the key gaps and opportunities in the U.S. payment system and identify the desired outcomes that close these gaps and capture these opportunities,” according to Sandra Pianalto, president and CEO of the Federal Reserve Bank of Cleveland and the chair of the Fed’s Financial Services Policy Committee.
The paper follows an analysis of the U.S. payment system recently conducted by the Fed, which identified a series of key issues and opportunities for payments, including the need for faster payments, closed payment communities, obstacles in international payments, the mobile technology revolution and the lack of modernization in traditional payment channels. The Fed is seeking industry input on how best to address these challenges and what role the agency should play in doing so.
“Success in achieving improvements will require collaboration across the industry,” said Pianalto, who noted that the Fed already has begun extensive discussions with external parties on these issues.
Industry participants can respond to an online survey addressing topics in the consultation paper by visiting www.fedpaymentsimprovement.org. Comments also may be sent via email to email@example.com. Responses must be submitted by Dec. 13, 2013.