Fed says ‘so long’ to secure payments task force – ‘hello’ to group aiding with payments initiatives

A final publication of a collection of educational materials outlining the lifecycles and security profiles of today’s primary payment methods will be the last act of the Federal Reserve’s task force on secure payments, the central bank said Thursday – and start of a new phase.

The next role of the group, the Federal Reserve said in a release, is a transition into the “FedPayments Improvement Community.” That body was established, the agency said, “to provide stakeholders with opportunities to engage in the Federal Reserve’s ongoing payment improvement initiatives.”

“As described in the September release of Federal Reserve Next Steps in the Payments Improvement Journey, the enhanced FedPayments Improvement Community is designed to allow payments industry participants to tailor their involvement in Federal Reserve efforts based on interest, expertise and availability,” the Fed said in a release. “As part of the community, task force participants will have opportunities to participate in work groups as they are established, to provide input into payments improvement efforts, and to attend online and in-person events.”

The Fed noted that the task force was formed in 2015 to support the agency’s “Strategies for Improving the U.S. Payment System.” In doing that, the central bank said, it engaged in more than 200 financial institutions, consumer groups, payment service providers, financial technology firms, merchants, government agencies, and others interested in payment security improvement efforts.

Among the accomplishments of the task force during its listed by the Fed is documentation of payment lifecycles and security profiles to be published in mid-March on the group’s website, SecurePaymentsTaskForce.org). The aim of the documentation, according to the agency, is to educate stakeholders and provide perspectives on the lifecycles of the most common payment types, including security methods, identity management controls, sensitive data involved, and relevant laws and regulations, as well as challenges and improvement opportunities related to each payment type.

Fed prepares for next phase of payments security effort as Secure Payments Task Force concludes