OVERVIEW
The Federal Reserve Bank’s report, Strategies for Improving the U.S. Payment Systemand industry analysts are recommending a new US payments system. They are suggesting a system modeled on the one implemented in the United Kingdom. This would have an interesting effect on the Federal Reserve, the National Automated Clearing House (NACHA), The Clearing House (TCH), and U.S. payments in general.
WHY SHOULD YOU ATTEND
There are many masters to serve and many ‘cooks in the kitchen’; how will they all come together (or not) to decide on where faster payments are headed. The U.K. experience will illustrate the similarities and differences between the two payments environments and shed light on why the U.K. Faster Payments System (FPS) was successful.
The Federal Reserve, NACHA, the Clearing House, and the large banks will all have a position and an agenda.
AREAS COVERED
- United Kingdom Faster Payments Service (FPS)
- The U.K. Payment System before the FPS
- FPS Costs
- FPS Implementation
- Benefits of such a system
- Implications for the United States
- Value of the benefits versus costs of adopting the service?
- Impact on existing systems
- Summary
LEARNING OBJECTIVES
Learning how decisions were made in the U.K. will help you better understanding the options faced by U.S. payments organizations, regulators, and providers. Several options will be available but which ones are best for all?
WHO WILL BENEFIT
- Payments professionals
- Operations managers
- Risk Officers
- Cash management professionals
- Corporate treasurers
- Payment vendors and providers
- Payment network managers
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