The Federal Reserve Banks proudly participated in the TRANSACT (Off-site) conference held in Las Vegas April 17-19. TRANSACT, which focuses on the business of payments technology, was attended by over 4,000 payment industry stakeholders from all 50 states and more than 20 countries.

U.S. payment system improvement

The information shared at this conference featured the Fed’s role in the payments improvement space. Chicago Fed Vice President Dan Gonzalez and BetterBuyDesign Principle and Payments Industry Expert Steve Mott discussed their strategies for addressing the need for:

  • Ubiquitous, faster payments capability
  • Enhancements to payments system security
  • Improvements to international payments clearing
  • Greater efficiency in business and consumer payments

They also discussed next steps for working together to create the U.S. payments system of the future.

Discussions in the Fed’s booth

The Fed’s booth, which was among over 200 other exhibitors, provided the opportunity to engage with conference attendees representing financial institutions, payments companies, FinTech innovators, technologists and networks. Booth discussions focused on how industry stakeholders can join their peers in the FedPayments Improvement Community (Off-site) and help to improve the end-to-end speed, efficiency and security of payments. Information featured in the booth highlighted the Payment Lifecycles and Security Profiles (Off-site) recently published by the Secure Payments Task Force (Off-site). Also featured was the work of the Governance Framework Formation Team (Off-site), a diverse group of payments industry stakeholders that was established by the former Faster Payments Task Force to advance the first recommendation of the task force’s final report (Off-site). Booth visitors had the chance to provide feedback on the draft Operating Vision (Off-site) of the proposed U.S. Faster Payments Council.

Action Item:

Look for future Conference Connection articles in Fed360, and check out the Industry Events page for upcoming events that our Fed account executives will be attending.

Notes

The Federal Reserve Banks do not sponsor or endorse any of the non-Federal Reserve Bank-related products, parties or entities discussed in this publication.