Federal Reserve Banks to Host Town Halls on Improving the U.S. Payment System

Cleveland, OH, October 22, 2013 — The Federal Reserve Banks are encouraging payment industry stakeholders to register for one of six "Payment System Improvement Town Halls." The Town Halls will provide an opportunity for stakeholders to learn more about the recently released "Payment System Improvement – Public Consultation Paper" and discuss their views with Federal Reserve Bank leaders and diverse payments industry participants. The interactive format will engage participants from all facets of the payment industry and spark input and ideas for U.S. payment system improvement. 

Advance registration is required.  Interested industry stakeholders are invited to register for one of these events at FedPaymentsImprovement.org.

In addition to the events listed above, leaders from the Federal Reserve Banks have been actively seeking feedback and input from stakeholders from across the country through roundtable discussions, conferences, industry forums and meetings to help ensure the broadest range of viewpoints are shared during this collaborative process. 

The public consultation paper shares Federal Reserve perspectives on the key gaps and opportunities in the U.S. payment system and identifies five desired outcomes to be achieved within 10 years to address the gaps and opportunities. The Federal Reserve Banks are seeking the input of payment system participants and end users on gaps, opportunities and desired outcomes articulated in this paper; potential strategies and tactics to shape the future of the U.S. payment system; and the Reserve Banks' role in implementing these strategies and tactics. The consultation paper is available at FedPaymentsImprovement.org. Responses may be submitted via the online survey or email link on the website until December 13, 2013. All written responses will be made public and may be viewed on the website. 

"Success in achieving improvements will require collaboration across the industry," commented Sandra Pianalto, president and CEO of the Federal Reserve Bank of Cleveland and chair of the Federal Reserve Banks' Financial Services Policy Committee. "We look forward to receiving additional feedback on this consultation paper as we jointly explore the most promising ideas for U.S. payment system improvements."

More information about Federal Reserve Financial Services can be found at FRBservices.org.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell, doug.campbell@clev.frb.org, 513.218.1892