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Fed Looks To Keep Momentum Going On Payments Improvements

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Payment System paper, in which the Fed outlined initiatives for the payments industry and its stakeholders to promote progress. For the Fed, progress means improving the speed, security and efficiency of the payments system, and to focus on international payments capabilities and promote collaboration within the field.

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Fed’s Sapenaro On How To Forge Ahead With Payments Innovation

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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 Federal Reserve. Business-to-business payments are a lot harder to change,” Sapenaro noted.

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Does The U.S. Faster Payment System Need A Federal Mandate?

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To protect such vast sums of money, the Faster Payments Task Force report indicated it had reviewed 22 faster payment solution proposals so far, and had analyzed some of the potential hurdles that could impede successful faster payment solutions. payment system’s speed, efficiency and security.