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FSPC Media Representative
For release: September 10, 2013
Federal Reserve Banks Solicit Input on Improving the
Future U.S. Payment System
Cleveland, OH, September 10, 2013 — The Federal
Reserve Banks today announced the publication of
their "Payment System Improvement – Public Consultation Paper" and
an opportunity to provide input on the
information, ideas and concepts in the document. Sandra
Pianalto, president and CEO of
Federal Reserve Bank of Cleveland and
the Federal Reserve Banks’ Financial
Services Policy Committee (FSPC), stated the purpose for the paper is "to share 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."
The Federal Reserve recently conducted
an analysis of the payment environment to understand opportunities
for improvement consistent with our vision of a safe, efficient and accessible U.S.
payment system from
Some of these recurring
faster payments, closed payment communities,
obstacles in international payments, the mobile technology revolution
and lack of contemporary features in
traditional payment channels.
In addition to seeking
industry input on the gaps, opportunities and desired outcomes, the Fed is also
requesting input on potential strategies and tactics to shape the future of
the U.S. payment system and
the Federal Reserve Banks’ role in
implementing these strategies and
To respond to the survey questions outlined in
consultation paper, please visit FedPaymentsImprovement.org. Responses may be submitted until December 13, 2013. All written responses
will be made public and may be viewed on
In addition to providing
written comments, industry
stakeholders are invited to discuss their views with
Reserve Bank leaders at a
of Fed and industry forums this fall
including Sibos 2013, the
Chicago Payments Symposium, Money2020, the ABA annual
AFP annual conference. For more information on these opportunities, visit
FRBservices.org/eventseducation/industryevents. Additionally, Federal Reserve Bank-hosted
open forums are in
planning stages with final
locations to be announced in the coming weeks.
The input of
payment system providers and
Reserve Banks as they move to define and prioritize U.S. payment system improvement initiatives that advance the speed, efficiency and
security of payments. The Reserve Banks will
communicate these improvement initiatives in
a white paper expected
to be published
in the second
"Success in achieving
require collaboration across the industry," commented Pianalto. "We have already begun
extensive discussions with external parties on
these important topics, and we look forward
to receiving additional feedback on this consultation paper
as we jointly explore the most promising ideas for U.S.
payment system improvements."
More information about Federal Reserve Financial Services can be
found at FRBservices.org.
The FSPC is responsible for the overall direction of financial
services and related support functions for the Federal Reserve Banks, as well as for providing
Federal Reserve leadership in dealing with the evolving
U.S. payment system.
FSPC is composed of three Reserve Bank presidents and two
Reserve Bank first vice presidents.