Pub. 11 2016-2017 Issue 2

July/August 2016 15 Extraordinary Service for Extraordinary Members.  Counselor’s Corner — continued on pg 16 STRATEGY 1: Actively Engage With Stakeholders on Initia- tives Designed to Improve the U.S. Payment System The Federal Reserve believes a col- lective and collaborative approach will increase the likelihood of a successful outcome. This is not controversial, at least insofar as respondents to the 2013 Consul- tation Paper were concerned. The Federal Reserve has made a number of channels available for stakeholders to provide input and stay informed. Most significantly, the Federal Reserve created a Faster Payments Task Force and a Secure Payments Task Force. As of its 2016 progress report, at least 500 members were serving on these task forces. The Federal Reserve also re- ported that thousands of other individuals were “formally participating” or seeking information and providing input through other forums. STRATEGY2: Identify Effective Approach(es) for Implement- ing Safe, Ubiquitous, Faster Payments The Federal Reserve believes faster payments could improve the efficiency of the payment system and would benefit at least 29 billion transactions per year (12 percent of the total), not including “latent demand” which might material- ize or point-of-sale transactions. The Federal Reserve also has observed that: (i) despite high U.S. innovation, a lack of coordination is leading to fragmenta- tion that inhibits ubiquity and creates confusion; (ii) the U.S. is at risk of fall- The Federal Reserve believes the system is at a critical juncture in its evolution. Technology is changing rapidly. High-speed data networks and increasingly sophisticated and mobile computing mean that real-time data processing is a reality. Dynamic, persistent, and rapidly escalating threats pose real risks, including endangering public confidence in the system. we’re Always CLOSE BY NetWorks is the Electronic Funds Transfer (EFT) service provider that Nebraskans have used and learned to trust like family for over 30 years. Since our offices are right here in Nebraska, you can count on us to provide quick and personalized service for all of your EFT needs. Give us a call and let’s talk about how we can simplify EFT for you. You will talk with a fellow Nebraskan and not some automated system. www.netseft.com Toll Free 800-735-6833 Local 402-434-8202