The US Federal Reserve Banks have asked for public input on their strategies for improving and updating the payments industry.

The Federal Reserve asked the public and industry members to comment on its paper "Payment System Improvement – Public Consultation Paper", which revolves around the improvement and modernisation of the payments industry. Themes include faster payments, closed payment communities, obstacles in international payments, the mobile technology revolution and lack of contemporary features in traditional payment channels.

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Sandra Pianalto, president and CEO of the Federal Reserve Bank of Cleveland and chair of the Federal Reserve Banks’ Financial Services Policy Committee (FSPC), said the purpose for the paper was "to share Federal Reserve perspectives on the key gaps and opportunities in the U.S. payment system and identify the desired outcomes that close these gaps and capture these opportunities."

Industry members are invited to respond to survey questions in the paper online at FedPaymentsImprovement.org, and the Federal Reserve will publish all responses on the website. They can also discuss views at open forums hosted by the Federal Reserve.

The Reserve Banks expects to produce a white paper containing the insights gained from public input in the second half of 2014. Pianalto said: "Success in achieving improvements will require collaboration across the industry.

"We have already begun extensive discussions with external parties on these important topics, and we look forward to receiving additional feedback on this consultation paper as we jointly explore the most promising ideas for U.S. payment system improvements."

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