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Industry thanked for response to payment system paper
The Financial Services Policy Committee of the Conference of Presidents of the Federal Reserve System has issued a press release thanking payment system participants for their feedback to the Reserve Banks' September 2013 consultation paper, "Payment System Improvement – Public Consultation Paper." Responses were received from individual financial institutions, businesses, payment networks and processors, software vendors, payment innovators, consultants, and consumers, as well as from trade groups representing financial institution and business members. The Reserve Banks also announced they are exploring the need for faster retail payments and for identifying gaps and opportunities related to payment system security. Updates on the payments system improvements efforts can be seen at FedPaymentsImprovement.org.