Federal Reserve Financial Services
The Federal Reserve Banks provide financial services to depository institutions including banks, credit unions, and savings and loans, much like the services banks provide for their customers. These services include collecting checks, electronically transferring funds, and distributing and receiving cash and coin.
Access—Community banks’ payment systems access must not be limited by anti-competitive and discriminatory pricing or policies, membership requirements, standards, operating rules or technological barriers. The concentration of market power should not be used to force changes that would materially and adversely impact the competitive nature of our nation’s payments system.
Federal Reserve System—The ongoing dual payments role as a regulator and a provider of services allows the Federal Reserve to maintain efficient accessible, reliable and safe payment systems for all financial services stakeholders. The new strategic focus for the Federal Reserve’s Financial Services bodes well for all participants as the industry strives to meet the payments needs of consumers and businesses in a dynamic and innovative payments environment fueled by the emergence of smart-phones, tablets and other mobile devices. This strategy moves the Federal Reserve’s focus from the interbank payments market to the entire payments supply chain. The Federal Reserve’s 10-year vision has three key principles: moving transactions faster from origination to settlement; creating a more efficient industry; and supporting an array of payment instruments that satisfy consumer preferences.