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Fed Releases 'Strategies for Improving U.S. Payment System'
Thursday, September 7, 2017 6:45 AM

The Federal Reserve System on Wednesday released Strategies for Improving the U.S. Payment System: Federal Reserve Next Steps in the Payments Improvement Journey (Next Steps), a white paper that outlines a series of refreshed strategies and nine new tactics the Federal Reserve will employ, in collaboration with industry, to further progress toward an improved U.S. payment system. Read it now.

On Sept. 21, Kansas City Fed President Esther George and Federal Reserve Board Governor Jay Powell will hold a webcast at 10 a.m. CT. to share views on the Federal Reserve’s plans for near-term collaboration with payments stakeholders to move closer to achieving the desired outcomes articulated in the Strategies paper. Participate in the webcast by submitting a question for President George or Governor Powell.

The Fed welcomes your comments and questions about the paper. Which of these refreshed strategies is most important to you? What challenges does the industry face in achieving the desired outcomes? Check out the press release for more information or read the paper and start the conversation here in the comments section.

The Fed’s white paper focuses on not only how to improve the speed of payments, an area where the U.S. lags behind many other countries, but also argues that the safety of the country’s payments may be suffering because of inadequate incentives to implement strong security practices. The Fed plans to conduct a study that will analyze vulnerabilities, as well as the costs and benefits of different options for addressing them.

In addition, the Fed vowed to take steps to encourage private-sector companies to adopt electronic invoicing, a step aimed at addressing inefficiencies in the business world where payments are often still made by paper check.

George said Wednesday that the Fed will support continued industry momentum toward a faster and safer payments system. “Thanks to the collective efforts of hundreds of payment system stakeholders during the past two years, we’ve made real progress,” George said in a press release.