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Pianalto Says Fed Seeks Faster, More Efficient Payments System

Oct. 22 (Bloomberg) -- Federal Reserve Bank of Cleveland President Sandra Pianalto said the central bank is working with lenders to create a faster and more efficient U.S. payment processing system.

“We will place greater emphasis on improving the efficiency of payments from end to end -- that is from the initiator to the ultimate receiver of the payment,” Pianalto said today in remarks prepared for delivery at a conference on the U.S. payments system at the Chicago Fed. “We will engage and collaborate with payments industry partners like you to ensure that we fully understand the needs of the industry.”

The Fed is working toward those goals by expanding its research capability and working more closely with the industry to build the best system for banks, consumers, businesses and governments, Pianalto said. She didn’t discuss monetary policy or the economic outlook.

Pianalto, 58, votes this year on the central bank’s policy-setting Federal Open Market Committee. She first joined the Cleveland Fed in 1983 as an economist in the research department and has been president since 2003, making her the longest-serving of all 12 regional bank presidents.

To contact the reporter on this story: Jeff Kearns in Washington at jkearns3@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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