“Over the next five years, the U.S. payments infrastructure is slated to undergo a major overhaul, with the Federal Reserve leading the charge. Two Fed leaders share insights on the impact on U.S. banking institutions.
“Since 2012, the Federal Reserve's Financial Services branch has been focused on identifying payment system improvements that could enhance the end-user payment experience. Over the last 12 months, the Fed has been reviewing how the role it plays in payments might expand, says Sean Rodriguez, senior vice president of industry relations at the Federal Reserve's financial services branch.
The Fed is now focusing its efforts on creating a plan for a new infrastructure for faster payments, rather than adding to existing networks, such as those that facilitate ACH and PIN debit payments, Rodriguez, who is based out of the Federal Reserve Bank of Chicago, told a group of bankers this week in New York.”
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