Federal Reserve Financial Services (FRFS) has been engaging with the payments industry at this spring’s conferences and webinars. These and other events are an opportunity to hear from Federal Reserve representatives about FRFS products and services, including the FedNowSM Service to be launched in July 2023.
Most recently, the industry heard from multiple Federal Reserve speakers at two Nacha events (Off-site): its in-person conference in Las Vegas April 16-19 and Remote Connect event May 8-10. For example, the Federal Reserve Town Hall in-person session focused on the Fed’s unique, vital role in the evolution of payments, including its upcoming launch of the FedNow Service. Panelists provided insights on the Federal Reserve’s strategy to encourage nationwide adoption of instant payments, including how financial institutions can prepare themselves to innovate products and services on the FedNow payments infrastructure.
However, Federal Reserve speakers and panelists had far more to share than instant payments developments. Fed speakers covered the payments waterfront. Their insights about specific payment rails included advice on developing an ACH operations governance mode and how payments can be affected by remote authentication fraud. Big-picture trend discussions included money movement, cash demand, seamless cloud migration, the future of voice payments and transforming business-to-business payments. Future visions were showcased in sessions about autonomous finance and the future of banking, building a stronger U.S. financial market through inclusion, and central bank digital currency.
As always, highlights of the in-person conference included face-to-face meetings between customers and Federal Reserve Financial Services representatives at the booth. Attendees could observe FedNow Service demonstrations, ask questions of Fed representatives and network with early adopters of the FedNow Service.
See where the Fed will be at industry conferences throughout the year by visiting the Events (Off-site) page. This fall, find FRFS participating in Sibos (Off-site) Sept. 18-21 in Toronto and Money 20/20 USA (Off-site) Oct. 22-25 in Las Vegas.