US Fed preps for next phase of payments push
The US Federal Reserve is getting ready for the next phase of its payments security plans as the Secure Payments Task Force concludes its efforts.
As reported last year, this stage is part of the Fed’s plan to improve the “speed, efficiency and security” of the country’s payments system by 2020. The initiative is being undertaken by the Fed in conjunction with a variety of stakeholders, including private businesses, financial services providers, financial institutions, consumer groups and government agencies.
In the latest development, the Secure Payments Task Force will conclude its efforts in March with a final publication consisting of a collection of educational materials outlining the lifecycles and security profiles of today’s primary payment methods.
According to the Fed, task force participants will transition into its “FedPayments Improvement Community”, which offers opportunities to engage in the Federal Reserve’s ongoing improvement initiatives.
Esther George, president and CEO of the Federal Reserve Bank of Kansas City, who is leading the Fed’s improvement initiatives, says: “There is more work ahead, and we are counting on the payments community to continue to bring dedication and expertise to the pursuit of a more secure payment system.”
To give you some examples, the Secure Payments Task Force, which was established in June 2015, has carried out several improvements.
These include identifying security priorities of identity management, data protection, and information sharing to help reduce risk and fraud; and developing an online reference for fraud and risk information-sharing data sources.
