Featured Product

    FED Paper on Next Steps for Improving the U.S. Payment System

    September 06, 2017

    FED published a paper identifying the updated tactics it will pursue to help improve the speed, safety, and efficiency of the U.S. payment system. The paper summarizes the progress toward achieving each desired outcome, highlighting both observations on market activities as well as progress and outcomes of the FED initiatives.

    This paper is a follow up to an earlier paper titled “Strategies for Improving the U.S. Payment System,” which outlined the FED's strategic vision and was published in January 2015. The 2015 paper called for the commitment of all payment industry stakeholders to achieve the five desired outcomes—that is, speed, security, efficiency, international payments, and collaboration. The recent paper presents refreshed strategies and nine new tactics that the FED will employ, in collaboration with payment system stakeholders, to help achieve payment system improvements. In addition to the tactics described in this paper, the FED will continue working to enhance its existing services and to advance ongoing initiatives. The FED's strategies and tactics address the desired outcomes as follows:

    Faster payments tactics include efforts to facilitate industry development of a faster payments ecosystem as described by the Faster Payments Task Force (FPTF) in its final report (issued on July 21). The FED is chairing and facilitating an interim collaboration workgroup chartered by the task force to establish a governance framework and will support other collaborative faster payments work efforts.

    FED plans also call for pursuing settlement services that address the future needs of a present real-time retail payments environment and for exploring and assessing the need, if any, for FED engagement as a service provider, beyond providing settlement services, in the faster payments ecosystem.

    FED's work to reduce fraud risk and advance the safety, security and resiliency of the payment system will expand beyond its Secure Payments Task Force (SPTF) to include a comprehensive analysis of payment security vulnerabilities, potential mitigation approaches, and misalignment of incentives that may hinder progress.

    Efforts to enhance the efficiency of both domestic and cross-border payments will continue to focus on collaborating with stakeholders to better understand barriers to improvement and on pursuing adoption of standards and other solutions to address them.


    Related Links

    Next Steps in Payments Improvement, September 2017 (PDF) 

    Strategies for Improving Payment System, January 2015 (PDF)

    Keywords: Americas, United States of America, PMI, Payment Systems, SPTF, FED

    Related Articles
    News

    HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration

    The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.

    July 29, 2021 WebPage Regulatory News
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    ECB Study Assesses Impact of Basel III Finalization Package

    The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.

    July 26, 2021 WebPage Regulatory News
    News

    ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading

    The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.

    July 26, 2021 WebPage Regulatory News
    News

    PRA Updates Remuneration Policy Statement Templates and Tables

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.

    July 26, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7307