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10/15/2019

JUST RELEASED: Fall Progress Report for Strategies for Improving the U.S. Payment System

FRB Payments

In January 2015, we published the Strategies for Improving the U.S. Payment System paper. At the outset of this initiative, we recognized how collaboration would be a critical component to achieving the desired outcomes of a faster, safer and more efficient payment system in the United States.

Today, nearly five years later, we are continuing to see that vision evolve. As you will see in our latest Progress Report, great strides have been made in just the past several months:

  • Faster Payments.In August, the Fed announced, via a Federal Register notice, the Federal Reserve Board of Governors’ decision to develop and operate the FedNow℠Service, and announced that the Board will explore the expansion of hours for the Fedwire® Funds Service and the National Settlement Service.
  • Payments Security. The Fed worked recently with the Fraud Definitions Work Group to release a draft of a recommended Fraud Classification Model for Payments, in addition to publishing two papers on the causes and contributing factors of synthetic identity fraud in the U.S. payment system
  • Payments Efficiency.The Fed participated in the Business Payments Coalition (BPC) assessment of both the e-delivery network specifications and e-Invoice data standards incorporated in existing e-Invoice frameworks in other countries.  
These and other accomplishments outlined in the report are directly attributable to the strong industry collaboration and dialogue that have underpinned our work in payments improvement.  

View our Fall Progress Report

 

For the remainder of 2019 and looking ahead to 2020, we welcome continued collaboration with you on payments strategies that meet evolving needs and serve the public interest. There are many opportunities to engage with us by connecting on Twitter and LinkedIn and by visiting the recently reimagined FedPaymentsImprovement.org website for the latest news, perspectives and events around payments improvement.

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