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Banking

Fed Helps Put the Smarts Behind Smartphone Payments

Atlanta Fed sealAs consumers and businesses increasingly use smartphones, tablets, and other mobile devices to pay for goods and services, banks and others involved in the payments system, including the Federal Reserve, must adapt.

The Fed's Retail Payments Office (RPO) is charged with helping to continually improve the speed, safety, and efficiency of payments in the nation's economy. To that end, the Federal Reserve recently adopted a new financial services strategic plan to serve as a framework for the Fed's work with the payments industry.

That work includes numerous technology upgrades in response to the ever-changing payments environment.

“The changes that we are making … go back to that core mission of the Federal Reserve and why we are involved in payment systems: to provide systems with high integrity, efficient processing, and also to ensure that our systems are safe,” said Cheryl Venable, senior vice president and product manager in the Fed's RPO in Atlanta.

In a new Financial Update Focus podcast, Venable and Jim McKee, senior vice president responsible for strategic planning and general administration in the RPO, discuss the new strategic plan, and the RPO's numerous technology upgrades.

November 27, 2012