FRB Outlines Strategies For Improving U.S. Payment System

The Board of Governors of the Federal Reserve System ("FRB") published a paper outlining strategies that the FRB intends to implement in order to "improve the speed, safety, and efficiency of the U.S. payment system."

After evaluating the level of progress that resulted from marketplace activities and the report of the Faster Payments Task Force (see previous coverage), the FRB determined that more work must be done to "implement safe, ubiquitous retail payments and enhance the safety, efficiency, and resiliency of the U.S. payment system." The FRB identified the following "refreshed" strategies and tactics for achieving these goals.

• Speed: (i) support collaborative efforts to create a "faster payments ecosystem" in line with FRB and industry goals, as well as with Faster Payments Task Force objectives, and (ii) evaluate whether, in addition to providing settlement services, the FRB should explore "engagement as a service provider" to support a faster