Federal Reserve strategies for improving the US payment system
Resource published January 26, 2015
The Federal Reserve believes that the U.S. payment system is at a critical juncture in its evolution.
According to the Federal Reserve’s recent paper, “Strategies for Improving the U.S. Payment System”, the U.S. payment system is at a critical juncture in its evolution as technology is rapidly changing many elements that support the payment process. It states that the five desired outcomes of the U.S. Payment system are 1. speed 2. security 3. efficiency 4. international and 5. collaboration. It now seeks a collective effort by all stakeholders to achieve these outcomes. As this has the potential for positive impact on emerging economies, we welcome this initiative.