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Richmond Fed at a Glance

June 2018

The Way We Pay

Terry Wright, Cash Services Group Vice President, led the robust conversation.

The Richmond Fed recently welcomed more than 80 people to its downtown Richmond office for a “Conversations with the Fed” program about the way we pay and the future of payments.

Terry Wright, Cash Services group vice president, led the robust conversation, sharing payment trends data and how the payments landscape continues to change with new consumer-facing innovations like Zelle and Venmo, the interface with “back-end” rails like ACH and new real-time payments options. He also further explained blockchain and cryptocurrencies, and touched on the Fed’s perspective on these new technologies.

“The changing payments landscape is a little bit of both an evolution and a revolution,” explained Wright. “Things are changing quickly; new innovations are being added, and some components, like blockchain, could be revolutionary.”

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Jim Strader (804) 697-8956 (804) 332-0207 (mobile)