Nearly a decade ago, the Federal Reserve and industry professionals partnered to form the FedPayments Improvement (FPI) Community (Off-site) to achieve faster, safer and more efficient payments. The Federal Reserve believes that collaboration with the industry is a key factor in its efforts to improve the U.S payment system and that a diverse range of participants should identify and embrace opportunities for innovation.
Today, the FPI Community has grown to more than 10,000 industry stakeholders. Keep reading to discover their key strategies, recent accomplishments and how to engage with your industry colleagues.
Five payments improvement strategies
Before the inception of the FedPayments Improvement Community, industry stakeholders performed extensive research to identify system needs and desired outcomes. This resulted in the establishment of five strategic initiatives (Off-site) for the community:
- Faster payments (Off-site): Help implement a safe, ubiquitous, faster payments capability.
- Payments security (Off-site): Reduce fraud risk and advance safety, security and resiliency.
- Payments efficiency (Off-site): Achieve greater end-to-end efficiency for domestic payments.
- Cross-border payments (Off-site): Enhance the timeliness, cost effectiveness and convenience of cross-border payments.
- Collaboration (Off-site): Actively engage with stakeholders on initiatives.
Key accomplishments
From supporting the launch of the U.S Faster Payments Council to developing the FraudClassifier℠ model, the decade of collaboration between members of the FedPayments Improvement Community and the Federal Reserve has included many accomplishments. Most recently:
- Releasing a Scams Info Sharing Report (Off-site).
- Concluding the E-remittance Exchange Pilot (Off-site).
- Launching the ScamClassifier℠ Model (Off-site).
- Establishing an Operational Definition of Scams (Off-site).
- Creating the Synthetic Identity Fraud Mitigation Toolkit (Off-site).
Discover past progress and more milestones at What We Do - FedPayments Improvement (Off-site).
Get involved
All payments stakeholders are invited to help drive modernization in the U.S payment system by joining the FedPayments Improvement Community (Off-site). Members can attend webinars, share feedback, join work groups, obtain email updates on innovation and much more. Receive the latest news in one place by signing up for the Pulse newsletter.
Additionally, stay connected by joining Federal Reserve representatives at industry conferences and events. Visit our Industry Engagements calendar to see where the Fed will be next.
