·       As the central bank for the United States, the Federal Reserve has a long standing mission in payments:
o   To foster the integrity, efficiency, and accessibility of U.S. payments and settlement systems in support of financial stability and economic growth.
·       To accomplish its mission, the Federal Reserve can exercise its role as a regulator, a payment system overseer, a payment system operator, and a leader/catalyst.
·       In 2012, in our role as payment system operator and leader/catalyst, the Federal Reserve refreshed its strategic direction in payments – something we do every five years
o   Our new strategic direction is to enhance the speed, security and efficiency of the U.S. payments system from end-to-end
o   Some aspects of this are consistent with our longstanding mission
o   But other aspects represent a change in direction for the Federal Reserve
§  Speed is a new area of focus, reflecting advances in technology and evolving end user demands
§  Our focus on the end-to-end payment process is also new, reflecting our observation that innovation is blossoming in the outer reaches of the payment chain – between end users and their payment providers
·       To implement the refreshed strategic direction, the Federal Reserve created a new team – the Future Payments Team – which I am heading – to support this initiative.
o   In the last two years, we have conducted a significant amount of research and stakeholder engagement in order to
§  Develop a view on what the gaps and opportunities are in the U.S. payment system, and
§  Formulate strategies for improving the U.S. payment system
·       Our body of work in the past two years includes
o   Secondary research where we surveyed the literature to identify gaps in the current payment system and opportunities for improvement;
o   Primary end-user research (where we conducted focus groups and administered surveys to businesses and consumers to understand their preferences for certain payment attributes);
o   A payment security landscape study (where we interviewed payment stakeholders and studied existing literature to better understand the current state of payment security); and
o   Industry engagement where we hosted roundtables, symposiums and town hall meetings to encourage dialogue between the Federal Reserve and a broad range of payment stakeholders
o   We also issued a Payment System Improvement Public Consultation Paper where we articulated the Federal Reserve’s views on areas that need to be improved and invited public comment.
·       As a result of all this work, we are currently identifying several payment system improvement strategies.
o   We will pursue payment security strategies – such as
§  Strategies to enhance payment security research and the quality of publicly available payment fraud data
o   We will pursue payment efficiency strategies – such as
§  Strategies to increase the electronification of business-to-business payments and to adopt more modern payment message standards, like the ISO 20022 standard
§  And strategies to enhance the efficiency of cross border payments
o   And we will pursue strategies to increase payment speed –
·       I’d like to use the rest of my time to highlight one particular area of focus related to payment speed:
§  The need for a new near real-time retail payment capability in the United States
·       It’s a very interesting time to be thinking about faster payments
·       Technology allows for real-time gratification in so many aspects of our lives
o   It’s just intuitive that faster payment features just MUST be better than slower ones.
·       But the need for faster payments varies greatly by use case
·       In some cases, legacy payment instruments are doing a  pretty good job of meeting needs
o   Cash and cards are generally meeting consumer needs for speed when payments are made in person at the point of sale
o   ACH and Wire are adequately meeting needs for speed in many other use cases where the payment can be scheduled in advance such as
§  B2B recurring payments
§  Pre-scheduled bill payment
§  Regular payroll
·       But there are several core use cases where there are unmet needs for a cost effective and ubiquitous capability for faster
o   Authorization,
o   Clearing,
o   Availability to end users, and
o   Interbank settlement
·       We’ve done extensive study on this at the Fed in the past 2 years – Working
o   On our own
o   With expert consultants, and
o   With the payment industry at large
·       Based on this work, we believe that there are at least several core use cases with unmet needs for faster – including
o   Person-to-person payments,
o   Emergency bill payments,
o   Just in time supplier payments,
o   And a few others
·       It’s not a surprise that we’ve seen a flurry of innovation taking place to address these gaps
o   We’ve seen new products that wrap faster payment features around legacy payment instruments
§  Or in some cases, entirely new payment instruments are emerging
·       In a departure from traditional bank-centric payment models
·       Innovations have been introduced by
o   Card networks
o   Processors
o   Non-bank innovators,
o   And consortiums of banks and other financial institutions
·       But there is a bit of a chaotic feel to this innovation
·       And many new product offerings take on the character of clubs
o   Where both the payer and payee and/or their account-holding institutions need to join
·       This has created a fragmented and balkanized faster payment environment
·       It is becoming increasingly clear to me that payment stakeholders in the United States recognize that the fastest way to achieve a comprehensive, ubiquitous solution is through collective action.
·       We’ve seen similar cross roads addressed through collective action in the past
o   In other countries – many of the early adopter countries of faster payment systems – brought about change in part by bringing together the major stakeholders to develop consensus on the path forward
§  We’ve learned valuable lessons from these other countries and are incorporating them into our initiative
o   In the United States – we have numerous historical examples of collective actions such as
§  Establishment of clearing houses in the late 19^th century
§  Check automation in the 1950s – 60s
§  Development of the ACH in the 1970s
§  The establishment of the card networks in the 1970s and beyond
·       I believe that we are once again at an inflection point and, just in the past year, we’ve seen mobilization of payment stakeholders to take collective action to develop a ubiquitous faster payment capability
·       We’ve witnessed a diverse range of financial institution industry associations coming together to collaborate on developing a faster payment capability
·       We’ve seen announcements from several private sector payment networks about their intent to build new near real time payment systems
·       We’ve seen enthusiastic support behind the Federal Reserve’s 2013 Payment System Improvement Public Consultation Paper
o   Which advocated for desired outcomes that included a ubiquitous near real time retail payment capability
o   75 percent of written responses to this paper supported the Federal Reserve’s desired outcomes
·       While in 2013 – many stakeholders conditioned their support on first proving there is a business case for a new real time payment capability –
o   In 2014, the tenor of the dialogue seems to have changed to “how” we should develop this capability – rather than “whether” we should develop this capability
·       I think that banks increasingly understand that as long as there are gaps in legacy bank-centric products, the non-bank providers will continue to fill those gaps
·       Non-bank innovators understand that faster payment rails will expand possibilities for innovation and improving the end user experience.
·       This threat to the banks of potential disintermediation by the non-banks and this opportunity for the non-banks to innovate around a new faster payment capability in the United States
o   has moved the dial in the industry
o   and I believe we are now on a path toward establishment of a ubiquitous, faster payment capability that will benefit the customers of banks and non-banks alike
o   and will make payments faster and more efficient in the United States.
·       Within the coming weeks, the Federal Reserve will be publishing a Payment System Improvement Roadmap, where we will communicate our views on how we’d like to see the payment system improve in the future and the related strategies we will pursue.
·       I’ve given you some insight today on the process we followed, the conclusions we reached, and some of the strategies we are likely to pursue.
·       We are excited by the momentum we have created around this initiative and look forward to moving to the implementation phase of our work

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