The Federal Reserve believes that the U.S. payments system is at a critical juncture in its evolution and that technology is rapidly changing many elements that support the payments process. High-speed data networks are becoming ubiquitous, computing devices are becoming more sophisticated and, more mobile and information is being processed in real time. These capabilities are changing the nature of commerce and end-user expectations for payments services. Meanwhile, payments security and the protection of sensitive data, which are foundational to public confidence, are challenged by dynamic, persistent and rapidly escalating threats. Great strides have been made to identify effective approaches for implementing safe and faster payments in the U.S. Hear the latest from the Federal Reserve’s Payments System Improvement Task Force leaders and industry perspectives from Task Force Steering Committee participants on their progress, opportunities and challenges in moving the U.S payments system forward in a rapidly changing environment.
Federal Reserve Bank of Kansas City President Esther George and Federal Reserve Board Governor Jerome H. Powell discuss the refreshed strategies and nine new tactics the Federal Reserve will employ, working with you and other payment stakeholders, to make further progress to improve the speed, safety and efficiency of the U.S. payment system.