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FederalReserve is turning heads for its attention to faster payments, but the Fed has recently announced yet another initiative in the payments innovation space. “The SecurePaymentsTaskForce is particularly interested in understanding any barriers that may exist to implementing the planned solutions.”
FederalReserve System has appointed its PaymentsSecurity Strategy leader, the agency announced Friday (Dec. Kenneth Montgomery, first vice president and chief operating officer of the FederalReserve Bank of Boston, is taking up the position. Treasury and financial market, among other responsibilities.
With the financial services space shifting from a competitive nature to a collaborative spirit between traditional banks and emerging FinTechs, one major stakeholder in the payments industry has quietly been an integral part of this co-op: the FederalReserve. Louis, as its new payments strategy director.
It’s been more than two years since the FederalReserve issued its Strategies for Improving the U.S. Payment System paper, in which the Fed outlined initiatives for the payments industry and its stakeholders to promote progress. Now, the FederalReserve wants to keep the momentum going.
Through the collaborative efforts of those with backgrounds in payments and security, the FederalReserve’sSecurePaymentsTaskForce has published “Payment Lifecycles and Security Profiles.” Strong stakeholder collaboration is key to maintaining public confidence in the U.S.
financial players active in the payment infrastructure, is a government-backed mandate necessary to keep these various entities on the same page? That’s a question the FederalReserve Faster PaymentsTaskForce is considering as it looks at ways to make U.S. faster payments safer and more efficient.
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