Nonbanks in the Payments System 2013 Landscape Mobile technology as a 2 nd Internet revolution Complexity and interdependency combined with escalating.

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Presentation transcript:

Nonbanks in the Payments System 2013 Landscape Mobile technology as a 2 nd Internet revolution Complexity and interdependency combined with escalating threats Blurring of commerce and payments Fragmentation of solutions and closed networks Clarifying roles of banks and nonbanks Federal Reserve Bank of Kansas City 2007 International Payments Conference

Desired Outcomes: Ten-Year Horizon Ubiquitous Real Time PaymentsEfficiency through ElectronificationImproved Cross Border PaymentsEnhanced Safety and SecurityStrategic Industry Engagement INTERNAL FR2

Federal Reserve Banks’ Payment System Improvement Public Consultation Paper Seeking input from payment industry and end users on: – Payments system gaps, opportunities and desired outcomes – Potential strategies and tactics to shape the future of the U.S. payments system – The Federal Reserve Banks’ role in implementing these strategies and tactics Comments are due December 13, 2013 INTERNAL FR 3 Respond via online survey at FedPaymentsImprovement.org Respond via to