Atlanta Fed Establishes Committee on Payments Inclusion

The committee, a public- and private-sector collaboration sponsored by the Federal Reserve BankSee Central bank. More of Atlanta, will work to advance ubiquitous access to safeSecure container for storing money and valuables, with high resistance to breaking and entering. More, efficient, and inclusive payments for everyone. Payments innovations such as digital wallets, mobile payments, and person-to-person paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More apps offer convenience to many consumers and businesses. Still, they also raise concerns about how to include populations already marginally attached to the economy.

This collaboration of payments and financial inclusionA process by which individuals and businesses can access appropriate, affordable, and timely financial products and services. These include banking, loan, equity, and insurance products. While it is recognised that not all individuals need or want financial services, the goal of financial inclusion is to remove all barriers, both supply side and demand side. Supply side barriers stem from financial institutions themselves. They often indicate poor financial infrastructure, and include lack of ne... More experts will conduct research on emerging issues in payments inclusion, collect and analyze data to better understand trends in the evolving payments ecosystem, and make recommendations to the industry and policymakers based on research findings.

“It is important to make sure that there is not just one path to financial inclusion. By focusing on payments inclusion, we hope to ensure that cash-based users and vulnerable populations are not further marginalized from innovative financial services,” said Raphael Bostic, president of the Atlanta Fed and chair of the new committee. “By bringing together people from a diverse set of backgrounds and focusing them specifically on the issue of inclusion, we expect conversations unlike others that have touched on this subject.”

The committee will be active for two years. At the end of this term, committee members and the Atlanta Fed will determine if there is additional work to pursue and may decide to extend the committee’s work and chart a path forward for the collaboration.

Mary Kepler, Atlanta Fed senior vice president and chief risk officer will serve as deputy chair of the committee. In addition, Bruce Renard, executive director of The National ATM Council Inc. and co-Chair of the Consumer Payment Choice Coalition, has also been appointed to the committee. Other appointed members consist of representatives from government, business, and academia.

The committee’s details and future work will be made available through the Promoting Safer Payments Innovations section of the Atlanta Fed website.

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