The Federal Reserve System is intent on building a faster and safer payments system, according to Korie Miller, the Fed’s vice president and director of financial services marketing.
The Federal Reserve is collaborating on the project with payment system stakeholders, including large and small businesses, emerging payment firms, card networks, payment processors, consumers, and financial institutions.
“I've never seen a more exciting time for payments than the one we are in now,” Miller said at the 2016 CSCU Solutions Conference in Orlando.
The Fed Reserve is pursuing a payments improvement initiative in the U.S. because:
Credit unions can get more information about the initiative at fedpaymentsimprovement.org.