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October 24, 2014
Fed gives sneak peek at payments system 'roadmap'
A Chicago Federal Reserve Bank representative on Thursday suggested that a new infrastructure might be the best way to improve the payment system and noted plans to create several industry task forces to provide input on speeding up transactions, according to American Banker.
The Banker reported that Dan Gonzalez, vice president of industry engagement at the Chicago Fed, told an industry conference in New York that the Fed isn't "looking at replacing the entire payment system with a new payment channel or rail."
The Fed's roadmap for speeding up the payments system is expected to be released by the end of the year. Gonzalez said the Fed's focus is on "building a faster payments option for a subset of transactions that could benefit substantially from real-time processing – approximately 10-12% of all U.S. payments," the report noted.
Gonzalez also said the Fed will be looking to create a faster payments council, a payments security council and a U.S. payment strategy advisory council; all will be built from a pool of candidates who apply during an open application process. Security standards and practices across different payment channels will also be addressed.
NAFCU continues to work with the Fed and trade groups and will continue to ensure the credit union voice is heard throughout this process. The association, in a comment letter, urged the Fed to allow the payments industry to determine how the system will evolve and that the Fed should not assume the role of setting its direction. NAFCU also urged the Fed against a "one size fits all" approach in determining the payments system's future.
The Banker reported that Dan Gonzalez, vice president of industry engagement at the Chicago Fed, told an industry conference in New York that the Fed isn't "looking at replacing the entire payment system with a new payment channel or rail."
The Fed's roadmap for speeding up the payments system is expected to be released by the end of the year. Gonzalez said the Fed's focus is on "building a faster payments option for a subset of transactions that could benefit substantially from real-time processing – approximately 10-12% of all U.S. payments," the report noted.
Gonzalez also said the Fed will be looking to create a faster payments council, a payments security council and a U.S. payment strategy advisory council; all will be built from a pool of candidates who apply during an open application process. Security standards and practices across different payment channels will also be addressed.
NAFCU continues to work with the Fed and trade groups and will continue to ensure the credit union voice is heard throughout this process. The association, in a comment letter, urged the Fed to allow the payments industry to determine how the system will evolve and that the Fed should not assume the role of setting its direction. NAFCU also urged the Fed against a "one size fits all" approach in determining the payments system's future.
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