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Federal Reserve is turning heads for its attention to faster payments, but the Fed has recently announced yet another initiative in the payments innovation space. Last week, the Fed’s SecurePaymentsTaskForce called for comment from industry stakeholders about what challenges they face when it comes to paymentssecurity.
Federal Reserve System has appointed its PaymentsSecurity Strategy leader, the agency announced Friday (Dec. He will lead the Fed’s initiative to address payments fraud risk and boost the security of payments in the U.S.
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.
Through the collaborative efforts of those with backgrounds in payments and security, the Federal Reserve’s SecurePaymentsTaskForce has published “Payment Lifecycles and Security Profiles.” payment system and keeping pace with the rapidly evolving and expanding threat environment.”.
Since establishing the SecurePaymentsTaskForce, the Fed said efforts on paymentssecurity have been closely aligned with those on payments speed. Again, the Fed said, industry collaboration will be critical in this regard, and noted that there is no end goal in paymentssecurity.
ACH payments were valued at $145.3 trillion and check payments were worth $26.8 With this much money on the line, keeping paymentssecure and moving from sender to recipient quickly is clearly a top priority. payment system’s speed, efficiency and security.
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