Payments Outreach

We provide insights into emerging payment technologies, specifically in the consumer to business payments space and how they affect the industry and the future, by sharing payments acumen to influence policy.

Payments Outreach helps inform Federal Reserve Bank of Richmond senior leadership on the evolution of payments and what those changes mean for the Fed's payments policy. Payments Outreach also gathers information related to payments trends from corporations and financial institutions, and collaborates with other areas of the Richmond Fed — including Research, and Supervision, Regulation and Credit — as well as with peers throughout the Federal Reserve System doing similar work.

Mission

Payments Outreach connects with the external payments community, System payments partners, and Fifth District staff and leadership to promote awareness, advise leadership in decision-making, and contribute to Federal Reserve payment initiatives in order to achieve desired payment system outcomes.

Vision

To be a trusted advisor to internal and external stakeholders in promoting the stability, integrity, and efficiency of the U.S. payment system.

Goals

• Provide opportunities for Richmond Fed payments leaders and staff to share payments- and industry-related knowledge with external stakeholders on payments policy and strategy, especially as it relates to the Federal Reserve’s Strategies for Improving the U.S. Payments System (SIPS).
• Oversee Payments Advisory Councils that drive the Bank’s understanding of and contribution to System payment initiatives.
• Gather and employ consumer payments data to derive insights and facilitate better decisions.
• Support the payments system by leading and significantly contributing to Federal Reserve initiatives, including SIPS.

Publications

• FedNotes offers key insights and observations into the Federal Reserve System's cash practices, policies, and strategic direction.

Business and Consumer Payments Advisory Council   

The Business and Consumer Payments Advisory Council (BACPAC) was established in 2009 by the Federal Reserve Bank of Richmond to collect and exchange information with merchants on consumer to business payments.  This unique collaboration enables the Federal Reserve Bank to analyze consumer payment patterns and to identify and understand emerging payment trends and risks.

The Council has regional advisory groups in Charlotte, Richmond and Baltimore that meet twice each year in the spring and the fall.  Each regional council has approximately 20 business representatives from a diverse mix of companies including large national chains, smaller regional companies and specialty businesses.

Attendees benefit from the exchange of viewpoints and perspectives of forward-thinking business leaders; by learning of issues confronting their counterparts and the solutions applied; and by establishing open lines of communication with the Federal Reserve Bank of Richmond.  Volunteer council members also provide anecdotal and statistical sales and related consumer payments data for their business.  In addition, members are encouraged to supply feedback on topics such as currency, counterfeiting trends, fraud, payments technology and other consumer payment issues.

Payments Advisory Council   

The Payments Advisory Council (PAC) was established in 1978 as a forum for communication with financial institutions about the Federal Reserve’s financial and payment services and to help the Bank respond to the evolving needs of our banking constituency. Focused on payments policy and strategy, financial institutions from each Fifth District state send representatives from their organizations to participate on the PAC.