The Federal Reserve plays an important role in promoting the safety, efficiency and accessibility of payment services to financial institutions and the U.S. Treasury. As a leader and catalyst for change, the Fed is calling on all stakeholders to seize this opportunity and join together to improve the payment system.

Our Strategies for Improving the U.S. Payment System (Off-site) paper has been downloaded over 100,000 times since it was released in January 2015. The paper outlines five strategies and five desired outcomes for collaborating with payment system stakeholders to enhance the speed, safety and efficiency of the U.S. payment system. Our Federal Reserve Next Steps in the Payments Improvement Journey (Off-site) paper outlines our latest tactics. Progress toward this Herculean initiative is made possible, in part, by the thousands of individuals who have participated.

This month’s Fed Facts article provides a glimpse at the number of payment industry stakeholders who have contributed or continue to contribute to shaping the future of payments.

200+ Secure Payments Task Force participants

The Secure Payments Task Force (Off-site), active from 2015 to 2018, provided a forum for stakeholders to advise the Federal Reserve in its leader/catalyst and operator roles on payment security matters. The task force’s mission also included identifying and promoting actions that can be taken by payment system participants collectively or by the Federal Reserve System to improve payment security.

350+ Faster Payments Task Force participants

From 2015 through 2017, the Federal Reserve System’s Faster Payments Task Force (Off-site) engaged a diverse array of stakeholders in advancing the work outlined in the Strategies for Improving the U.S. Payment System paper. The mission of the Faster Payments Task Force was to identify and assess alternative approaches for implementing safe, ubiquitous, faster payments capabilities in the U.S.

25 Governance Framework Formation Team participants

The Governance Framework Formation Team (Off-site) is a short-term work group established by the Faster Payments Task Force in 2017 to recommend a faster payments governance framework for the U.S. marketplace. The team sought broad industry feedback on its proposed faster payments governance framework in May and June 2018. Its future objectives include establishing the framework and membership.

550+ Business Payments Coalition Group members

The Business Payments Coalition (Off-site) is a volunteer group of organizations and individuals working together to promote greater adoption of electronic business-to-business (B2B) payments and remittance data. The Coalition’s overarching goal is to make B2B payments more efficient across the end-to-end process, that is, to achieve straight-through processing across both the procure-to-pay and order-to-cash cycles.

4,000+ FedPayments Improvement Community participants

The FedPayments Improvement Community (Off-site) was established to provide opportunities for all stakeholders to engage in its full portfolio of payments improvement initiatives. Members participate in webinars, surveys and online and in-person events, including the upcoming FedPayments Improvement Community Forum (Off-site). The FedPayments Improvement Community is free and open to all interested stakeholders and represents a continuation of transparent, inclusive and effective engagement.

Strategies for Improving the U.S. Payment System accomplishments

This article outlines only a snapshot of the number of people behind the Strategies for Improving the U.S. Payment System effort. There are countless more individuals who have contributed since this effort kicked off by attending FedPayments Improvement webinars, providing survey feedback and downloading published work, to name a few examples. We thank everyone for their contributions to initiatives designed to improve the U.S. payment system. Below are some of the key accomplishments you have helped us achieve.

  • Facilitated the collaborative work efforts of the Faster Payments Task Force, Governance Framework Formation Team, Secure Payments Task Force, Business Payments Coalition and ISO® 20022 Stakeholder Group
  • Published and promoted industry-developed resources on behalf of the Faster and Secure Payments Task Forces, including The U.S. Path to Faster Payments (Off-site), payment fraud and risk information sharing data sources (Off-site) and payment lifecycles and security profiles (Off-site)
  • Conducted more than 300 presentations and meetings at domestic and international industry conferences to inform stakeholders of progress and solicit input and participation
  • Hosted an educational webinar series on the Federal Reserve’s Next Steps paper for 900+ registrants
  • Solicited FedPayments Improvement Community participation in work groups focused on faster payments, including the Faster Payments Directories and the Rules and Standards work groups

Note

“ISO” is a registered service mark of the International Organization for Standardization.