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

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425