The Federal Reserve Bank of Chicago said Thursday (Mar. 1) that the Secure Payments Task Force will complete its efforts in March, providing a final publication consisting of a collection of educational materials that outline the lifecycles and security profiles of the main payment methods available today.
In a press release, the Fed said those that participated will transition into the FedPayments Improvement Community in an effort to provide opportunities to engage in the Federal Reserve’s ongoing payment improvement initiatives.
The FedPayments Improvement Community is aimed at allowing payments industry players to tailor their involvement in the efforts based on their interest, expertise and availability. Task force participants will be able to take part in work groups, provide input into payments improvement efforts and attend online and in-person events.
“The Federal Reserve is grateful for the commitment demonstrated by these 200 industry leaders, and we are proud of the important work they’ve done to identify and establish payment security priorities,” said Esther George, president and CEO of the Federal Reserve Bank of Kansas City, who is leading the Fed’s payments improvement initiatives. “There is more work ahead, and we are counting on the payments community to continue to bring dedication and expertise to the pursuit of a more secure payment system.”
The task force was created in June of 2015 to support the Federal Reserve’s strategies for improving the U.S. payment system. Since then, it has engaged more than 200 financial institutions, consumer groups, payment service providers, financial technology firms, merchants, government agencies and others interested in payment security improvement efforts.
“The task force has been a useful forum for bringing all voices to the table to discuss the very real and challenging security threats we face in the payment system,” said Ken Montgomery, the Federal Reserve’s payments security strategy leader and chief operating officer of the Federal Reserve Bank of Boston. “This transition recognizes the intensity of the task force work effort over the last three years, and provides greater flexibility for large numbers of stakeholders to continue participating in our improvement efforts.”