Dataconomy
  • News
  • AI
  • Big Data
  • Machine Learning
  • Trends
    • Blockchain
    • Cybersecurity
    • FinTech
    • Gaming
    • Internet of Things
    • Startups
    • Whitepapers
  • Industry
    • Energy & Environment
    • Finance
    • Healthcare
    • Industrial Goods & Services
    • Marketing & Sales
    • Retail & Consumer
    • Technology & IT
    • Transportation & Logistics
  • Events
  • About
    • About Us
    • Contact
    • Imprint
    • Legal & Privacy
    • Newsletter
    • Partner With Us
    • Writers wanted
Subscribe
No Result
View All Result
Dataconomy
  • News
  • AI
  • Big Data
  • Machine Learning
  • Trends
    • Blockchain
    • Cybersecurity
    • FinTech
    • Gaming
    • Internet of Things
    • Startups
    • Whitepapers
  • Industry
    • Energy & Environment
    • Finance
    • Healthcare
    • Industrial Goods & Services
    • Marketing & Sales
    • Retail & Consumer
    • Technology & IT
    • Transportation & Logistics
  • Events
  • About
    • About Us
    • Contact
    • Imprint
    • Legal & Privacy
    • Newsletter
    • Partner With Us
    • Writers wanted
Subscribe
No Result
View All Result
Dataconomy
No Result
View All Result

Federal Reserve Offers Strategies for Improving the U.S. Payment System

by Dan Gray
January 27, 2015
in Uncategorized
Home Uncategorized
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsAppShare on e-mail

January 26, 2015- The Federal reserve issued a report titled “Strategies for Improving the U.S. Payment System” offering solutions to enhance the speed, safety and efficiency of the U.S. payment system. Falling behind various other countries in optimization of payment systems, the Fed is finally is adopting these measures.

“A safer, more efficient and faster payment system contributes to public confidence and economic growth,” said Federal Reserve Board Governor Jerome H. Powell, who will co-chair the initiative’s oversight committee. “We look forward to working with payment stakeholders to realize this vision.”

The paper outlines the strategies and tactics the Federal Reserve will pursue in collaboration with stakeholders, as well as detailed outcomes for the payment system. They intend to establish a task force to advise the Federal Reserve on reducing payment fraud and advancing the safety, security and resiliency of the payment system. Additionally, the Federal Reserve will pursue efforts to enhance payment system efficiency through work on standards, directories and business-to-business payment improvements, alongside efforts to enhance Fed-provided services for same-day automated clearing house (ACH), risk management and settlement.

Esther George, president of the Federal Reserve Bank of Kansas City and a member of the Federal Reserve’s Financial Services Policy Committee said “This plan reflects the contributions and commitment of thousands of payment system participants who shared their expertise and perspectives during the past 18 months, Consequently, we believe the strategies and tactics in the plan have broad support and strong prospects for success.” George will serve as executive sponsor for the payment system improvement initiative, a joint effort of the Federal Reserve Banks and Board of Governors.

In a con call with reporters, Fed staff said that they see the new report as representing an increase in the Fed’s role as a leader or catalyst for change. On the other hand, they said that the Fed will not step in and build its own new payment service unless the private sector cannot meet the need, and certain other criteria are met, as reported by American Banker. Amidst scepticism the Fed staff claim that there is a strong sense of urgency on the issue of payment speed.


Join the Partisia Blockchain Hackathon, design the future, gain new skills, and win!


The Financial Services Policy Committee (FSPC) is responsible for the overall direction of financial services and related support functions for the Federal Reserve Banks, as well as for providing Federal Reserve Bank leadership to foster the integrity, efficiency and accessibility of the evolving U.S. payment system.

(image credit: Donkey Hotey)

Tags: Federal Reserve

Related Posts

Data sourcing is still a major stumbling block for AI

Data sourcing is still a major stumbling block for AI

August 18, 2022
AI and data analytics COVID-19

How AI and Data Analytics Will Impact The Era of COVID-19

February 17, 2022
Medical field changing thanks to AI

The Medical Field is Changing Because of Artificial Intelligence

August 19, 2021
Zeni series B funding

AI-Powered Fintech Startup Zeni Raises $34m in Series B Round

August 6, 2021
Coming up LIVE: Can we have both Privacy and Security?

Coming up LIVE: Can we have both Privacy and Security?

June 4, 2020
How GDPR is Affecting Marketing Data

How GDPR is Affecting Marketing Data

July 5, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

LATEST ARTICLES

Cyberpsychology: The psychological underpinnings of cybersecurity risks

ChatGPT Plus: How does the paid version work?

AI Text Classifier: OpenAI’s ChatGPT detector indicates AI-generated text

A journey worth taking: Shifting from BPM to DPA

BuzzFeed ChatGPT integration: Buzzfeed stock surges after the OpenAI deal

Adversarial machine learning 101: A new cybersecurity frontier

Dataconomy

COPYRIGHT © DATACONOMY MEDIA GMBH, ALL RIGHTS RESERVED.

  • About
  • Imprint
  • Contact
  • Legal & Privacy
  • Partnership
  • Writers wanted

Follow Us

  • News
  • AI
  • Big Data
  • Machine Learning
  • Trends
    • Blockchain
    • Cybersecurity
    • FinTech
    • Gaming
    • Internet of Things
    • Startups
    • Whitepapers
  • Industry
    • Energy & Environment
    • Finance
    • Healthcare
    • Industrial Goods & Services
    • Marketing & Sales
    • Retail & Consumer
    • Technology & IT
    • Transportation & Logistics
  • Events
  • About
    • About Us
    • Contact
    • Imprint
    • Legal & Privacy
    • Newsletter
    • Partner With Us
    • Writers wanted
No Result
View All Result
Subscribe

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Policy.