Accelerating Innovation and Inclusion in Payment Networks
Times listed are in Central Time
Wednesday, Oct. 4, 2023
|8:30 – 9:30 a.m.||Breakfast|
|9:30 – 10:00 a.m.||Symposium Opening Remarks: Austan D. Goolsbee, President & Chief Executive Officer, Federal Reserve Bank of Chicago|
|10:00 a.m. – 11:30 a.m.||Panel: Global Payments
The industry has not yet resolved many of the pain points for international payments, including higher costs and lack of speed and transparency as compared with domestic payments. While the Financial Stability Board set quantitative global targets in 2021 to encourage stakeholders to help address these pain points, there is much to be done in the U.S. and other countries to achieve these goals. This session will discuss successful cross-border payment improvements and lessons learned that can be applied more broadly.
|11:30 a.m. – 12:00 p.m.||Lunch|
|12:00 – 1:15 p.m.||
Luncheon Keynote: Forces & Factors Shaping Financial Services in 2030
Introduction by Mark Gould, Chief Payments Executive, Federal Reserve Financial Services
|1:15 – 1:30 p.m.||Break and Networking|
|1:30 p.m. – 2:45 p.m.||Panel: Instant Payments in the U.S.
Research shows that instant payments continue to gain visibility and acceptance among U.S. businesses and consumers alike. However, not all 10,000 U.S. financial institutions and their customers fully understand the various use cases, their benefits and business opportunities. This session will delve into industry readiness, as well as opportunities to educate end users and enhance the U.S. instant payments customer experience.
|2:45 – 3:15 p.m.||
Innovation Insights from Leaders in the Room
Activating Request to Pay Today
|3:15 – 3:45 p.m.||Break and Networking|
|3:45 – 5:00 p.m.||Panel: Innovation
Ongoing innovation can ensure the U.S. payment system continues to become more efficient, secure, resilient and accessible to everyone. In recent years, payments modernization has been accelerated both by technology – such as increased digitalization and innovations in artificial intelligence – and by higher expectations among businesses, consumers and financial institutions that payments should be increasingly lower-cost, more efficient and faster. Leading voices from fintechs will discuss recent innovations and those on the horizon to further improve the U.S. payment system.
|5:00 – 6:30 p.m.||Reception and Networking|
Thursday, Oct. 5, 2023
|7:30 – 8:00 a.m.||Breakfast|
|8:00 – 9:00 a.m.||
Keynote: Cybersecurity Trends and Private-Public Partnerships
Introduction by Loretta Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland
The CIA knows a thing or two about cyberthreats – and in his years with the CIA, Sean Roche co-led the directorate responsible for enhancing cyber intelligence, communications and data security with cutting-edge technologies and a focus on accelerating innovation. Roche will share his perspective on the current threat landscape and strategies to improve financial services and payments industry security. Note: participants are free to use the information discussed but may not reveal the identity nor affiliation of the speaker(s) or any other participant.
|9:00 – 10:15 a.m.||Panel: Digital Currency
The world is becoming increasingly digital – which has spurred awareness of what digital currencies can offer versus traditional forms of payment, as well as adoption of central bank digital currencies, cryptocurrencies (e.g., blockchain) and stablecoins. Panelists will discuss services around the globe that can facilitate digital currency testing, use case exploration and offerings. The session will include a discussion of actions that have fostered adoption in various countries, including better identity services, data privacy safeguards and end user education.
|10:15 – 10:30 a.m.||Break and Networking|
|10:30 a.m. – 12:00 p.m.||Panel: Security & Risk Management
News headlines about fraud continue to drive home the importance of addressing ongoing challenges and risks – from identity authentication to data security. This panel will discuss trends, including digital ACH and credit payments fraud, identity theft, synthetic identity fraud, business email compromise, ransomware and cybersecurity threats. Federal Reserve Financial Services and fraud experts also will highlight actions the industry can take to more quickly detect and mitigate fast-moving fraud, ranging from ongoing artificial intelligence enhancements to fraud information sharing.
Wrap-up: Ellen Bromagen, First Vice President, Chief Operating Officer, Federal Reserve Bank of Chicago
Lunch to Go