Take On Payments, a blog sponsored by the Retail Payments Risk Forum of the Federal Reserve Bank of Atlanta, is intended to foster dialogue on emerging risks in retail payment systems and enhance collaborative efforts to improve risk detection and mitigation. We encourage your active participation in Take on Payments and look forward to collaborating with you.
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April 25, 2022
Leaders Discuss CBDC Research Project
Please note that because of a scheduling conflict with one of our guest presenters, we’ve rescheduled the webinar and updated this post. The webinar is taking place on June 9.
What might a central bank digital currency (CBDC) look like? And how would it work? While the Federal Reserve Board of Governors has not expressed any intention to launch a CBDC, it issued a white paper in January this year to kick off a discussion about it with payment stakeholders. The Board is asking for input by May 20.
Last August, before the release of the white paper, the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology's Digital Currency Initiative announced they were partnering to study the implications of a CBDC. Calling their collaborative effort "Project Hamilton," they describe it as a "multiyear research project to explore the CBDC design space and gain a hands-on understanding of a CBDC's technical challenges and opportunities." They issued a Phase I report this past February.
In the next episode of our Talk About Payments webinar series on June 9, two Boston Fed senior leaders on the Project Hamilton team will provide a detailed overview and current status of the project. Jim Cunha is executive vice president and interim chief operating officer leading the Boston Fed's research effort in central bank digital currency technology. Bob Bench is an assistant vice president in the Boston Fed's payment strategies group. Dave Lott, Atlanta Fed payments risk expert, will moderate the discussion.
We encourage financial institutions, retailers, payments processors, law enforcement officials, academics, and other payments system stakeholders to participate. As always, we're allotting time for participant questions. Please pass this invitation along to any colleagues you believe will be interested in attending.
So, please join us for our webinar on June 9 from 1 to 2 p.m. (ET). The webinar is free and open to the public. However, you must register. We'll send you login information after you register. If you cannot attend the live event, a recording of the webinar will be posted the week after the event.
If you'd like to view previous webinars, go to our Talk About Payments webinars page.
We hope to see you on June 9!
November 22, 2021
We Are Thankful For…
Two years ago, prior to Thanksgiving, I asked each Risk Forum member to provide me the one thing they were thankful for in payments. This year, I posed a bit of a different question to my colleagues and asked them what payment innovation they are most thankful for. Without further ado, the Risk Forum presents our 2021 Thanksgiving week "What payment innovation are you thankful for?" list.
- Nancy Donahue, project manager: I'm thankful for innovation in voices contributing to payments because it's through these different and diverse viewpoints that the industry develops solutions that are inclusive of all consumers!
- Claire Greene, payments risk expert: I am thankful for the electronic receipt of bills and automatic bill pay. As a payments expert who doesn't want to think about her personal payments, I remember the monthly stack of envelopes on my dining room table.
- Scarlett Heinbuch, payments risk expert: I am thankful for the innovation of dongles and payments apps that make it easy for small businesses and individual sellers to accept credit card payments.
- Douglas King, payments risk expert: I am thankful for innovation in payroll that makes my payday afternoons more flexible through the ability to receive my paycheck via direct deposit. Prior to direct deposit, I distinctly remember receiving a check at my job and then heading to a bank only to wait in a long teller line on Friday afternoons with others to deposit our paychecks.
- Dave Lott, payments risk expert: I am thankful for the ability to make contactless payments with my debit card at stores and gas pumps as it is much faster.
- Sally Martin, senior business analyst: I am also very thankful to be able to schedule payments electronically, either once or as many times as I want out to infinity. Keeps me honest and doesn't allow me to rob Peter to pay Paul as easily. Also, I don't have to think about doing it every month when the due date comes along.
- Catherine Thaliath, project management expert: I am thankful for digital wallets that make it convenient to store my credit cards, boarding passes, concert tickets, loyalty cards, etc., all in one place!
- Jessica Washington, payments risk expert: I am thankful for mobile deposit capture. When I do get lucky enough for someone to give me money (outside employer) and it is a check (whah, whah) I love that I can pop that moolah into my account right after I open the mail or birthday card.
And we are thankful for YOU, our readers of Take On Payments and supporters of the Risk Forum. We sincerely appreciate your comments, kudos, and criticism, and hope that you all find value in the information we provide and share. As we enter into these crazy last weeks of 2021, we wish you and yours a wonderful holiday season.