Payment System Improvement

Executive Summary

Comments for the public consultation paper are due to the Fed Banks by December 13, 2013

The Federal Reserve Banks (Fed Banks) have recently issued their “Payment System Improvement – Public Consultation Paper” and seek input from payments stakeholders, including credit unions and financial institutions. Sandra Pianalto, President of the Cleveland Fed stated the purpose for the paper is “to share Federal Reserve perspectives on the key gaps and opportunities in the U.S. payment system and identify the desired outcomes that close these gaps and capture these opportunities.”

These potential gaps and opportunities with payments include: faster payments, closed payment communities, and international, mobile, and traditional payment channels. The Fed Banks seek input on these issues and the role the Fed Banks should play in payments.

For further details, please visit the Fed Banks’ Public Consultation Paper.


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