By Eric A. Love
The Federal Reserve Board (FRB) has released a paper entitled “Strategies for Improving the U.S. Payment System: Next Steps in the Payments Improvement Journey” (the Strategies Paper). The Strategies Paper builds upon the FRB’s “first steps” for enhancing the U.S. payment system (which were described in a 2015 FRB paper) and details the next phase of this work. It includes an assessment of ambitious proposals made by the Faster Payments Task Force and the Secure Payments Task Force.