The Federal Reserve wants to bankers’ views on payments system in the US to set future policy. If only bankers would tell them. The Fed initiated a 21-question survey, part of the “Payment System Improvement – Public Consultation Paper,” here for industry leaders to weigh in on how payments in the US can be improved. The survey opened on September 10, 2013, and closes December 13, 2013. Results will be shared in a whitepaper “in the second half of 2014,” according to the Fed. So far, it seems just 32 people have filled out the Fed survey, and their answers are public. Many surveys are incompletely or tersely filled out. The most recent answers were posted October 10. This expected white paper to be published next year is expected to be used to develop a 10-year road map for payments and a 2-year action plan, said Gordon Werkema, COO of the Federal Reserve Bank in Chicago, at the recent ABA Annual Conference in New Orleans. What explains this apathy relating to a field as energetic and fast-changing as payments? The initial paper, called “Payment System Improvement,” begins: The U.S. payment system is undergoing a remarkable period of change, driven by rapid adoption [...]
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