MINNEAPOLIS (9/5/14)--After a year of research and input, the Federal Reserve Banks have completed the final phase of research efforts to inform an initiative to improve the speed, efficiency and security of the U.S. payment system. The research, which began last fall with solicitation of comments on gaps and opportunities within the payment system, included a number of research initiatives.
"Stakeholders from all corners of the payment industry have demonstrated great enthusiasm for working together to identify and implement needed payment system improvements," said Gordon Werkema, first vice president of the Federal Reserve Bank of Chicago.
The results from the last year of key research efforts were shared via a number of industry forums hosted by the Federal Reserve in June at various locations across the country.
According to the Fed, it plans to use research conclusions and stakeholder feedback to create a road map for payment system improvements, which will be released in the coming months.
Use the resource links below to access summaries of the research efforts and stakeholder input.