Modernizing Payments
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Modernizing Payments


This special interest group will review opportunities for financial institutions to optimize their competency in this dynamic environment, seize opportunities to protect and increase market share, serve their customers by integrating modern payment system options and maximum security practices, and review aging technology and process for modernization or obsolescence as appropriate. Support the FSR Payments Policy Committee and FSR/BITS members via continuous monitoring and information sharing relative to technology, process, and compliance in the rapidly evolving payments system.

Background

Global and U.S. payment systems are a hotbed of activity. Morphing security and fraud prevention challenges, accelerating velocity of emerging technology, regulatory intervention, and “what’s next?” consumer expectations fueled by real time digital delivery innovations all challenge the core competencies of financial institutions. Innovative start-ups, market driving Internet Service Providers (ISP). Mobile Network Operators (MNO), Merchant Cooperatives and the Federal Reserve are all are all creating material plays modernizing current payment systems and channels facilitating modern commerce throughout the world. EMV (European MasterCard/Visa), digital currencies, mobile technology, and national near-real-time payment requirements (U.S. Federal Reserve – Payment System Modernization) are all rushing toward financial institutions from bleeding edge to mainstream production.

As check imaging movement into production over a decade ago required close attention to details (ongoing today), so ALL of these new production streams will benefit from significant attention, thought, and discussion – especially related to technology options, effective process, compliance and security with a fraud prevention focus.

The U.S. financial services market and consumer base have a long history of payment channel rigidity. Perhaps as we significantly modernize the U.S. payments system, astute institutions will have an opportunity (if not an obligation) to eliminate or greatly modify high risk or ill-suited payment channels, in favor of modernized payment capabilities.

The core of this Special Interest Group will revolve around monthly meetings, which will be held via teleconference supported by online or electronically distributed graphics, reports, and other information materials. The group will review current areas of concern or interest, share information between members conversationally or via real-time poll, utilize group surveys as needed, invite industry expert perspectives, and review innovative technology and process.

Modernizing Payments Information Sharing Group Staff:

Jim Pitts, Jim.Pitts@fsroundtable.org

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