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The Fed Prioritizes Security As Payments Speed Up

PYMNTS

Federal Reserve is turning heads for its attention to faster payments, but the Fed has recently announced yet another initiative in the payments innovation space. Last week, the Fed’s Secure Payments Task Force called for comment from industry stakeholders about what challenges they face when it comes to payments security.

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Federal Reserve appoints internal exec to lead security strategy

Payments Source

Kenneth Montgomery will chair the Secure Payments Task Force, which is comprised of more than 200 industry stakeholders who are working on a faster payment system in the U.S.

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Fed Names New Payments Security Leader

PYMNTS

Federal Reserve System has appointed its Payments Security Strategy leader, the agency announced Friday (Dec. He will lead the Fed’s initiative to address payments fraud risk and boost the security of payments in the U.S.

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Fed Task Force Releases Payment Lifecycles And Security Profiles

PYMNTS

Through the collaborative efforts of those with backgrounds in payments and security, the Federal Reserve’s Secure Payments Task Force has published “Payment Lifecycles and Security Profiles.”

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US Finds Its Faster Payments Future

PYMNTS

“The banks didn’t necessarily realize how clever fraudsters were, but very quickly after that, they all put in fraud and security systems, and I think other countries need to do that more quickly.”. A lot of the fraudulent transactions surface when you’re doing direct debits, when you’re pulling money out of someone’s account,” he said.

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Fed’s Sapenaro On How To Forge Ahead With Payments Innovation

PYMNTS

With the financial services space shifting from a competitive nature to a collaborative spirit between traditional banks and emerging FinTechs, one major stakeholder in the payments industry has quietly been an integral part of this co-op: the Federal Reserve. There are a lot of challenges here.”.

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Fed Looks To Keep Momentum Going On Payments Improvements

PYMNTS

Payment System paper, in which the Fed outlined initiatives for the payments industry and its stakeholders to promote progress. For the Fed, progress means improving the speed, security and efficiency of the payments system, and to focus on international payments capabilities and promote collaboration within the field.

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