The Federal Reserve has always kept a focus on the integrity, efficiency and accessibility of the payments system in the United States. We have largely pursued this mission in the context of our function as an operator in the interbank market.

Last October, I spoke at a conference about the Federal Reserve Banks' strategic direction in payments. At the heart of the strategy is a vision to improve the end-to-end speed, efficiency, and safety of the U.S. payments system over the next decade. By end-to-end, I mean more than just interactions between banks; I mean from the point of payment origination to the point of receipt.

In the past year, we at the Federal Reserve Banks, completed an analysis of the gaps and opportunities in the U.S. payments system to understand key areas where the system could be enhanced. The purpose of the Payment System Improvement – Public Consultation Paper is to solicit broad, cross-industry input on the challenges facing the payments system and to identify possible next steps.