U.S. Fed Ramps Up Faster Retail Payments Planning
The U.S. Federal Reserve is moving forward with plans to ramp up the rollout of faster retail payments as part of an initiative to modernize U.S. payments infrastructure. The plan is based on suggestions and observations on problems and opportunities in the payments system solicited by the Fed from numerous stakeholders in September. “We are carefully reviewing the feedback that we have received…to identify common themes and issues for future focus, as well as insights into potential solutions,” says Financial Services Policy Committee chair Sandra Pianalto. The Reserve Banks have concurrently broadened their information-gathering processes to further probe requirements related to faster retail payments, and a third effort is striving to recognize gaps and opportunities associated with payment system security. Pianalto says several Fed and industry forums and communications will be held to share updates with industry stakeholders in coming months. “The Reserve Banks remain committed to the continual improvement of the U.S. payment system and will work collaboratively with stakeholders this year and beyond to implement innovations that meet evolving end-user needs for speed, efficiency and security,” she says.
From “U.S. Federal Reserve Pushes Ahead With Faster Payments Planning”
Finextra (02/05/14)