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Last Updated: 11/28/2022

Can Existing Networks Meet Future Needs?

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On May 29–30, 2003 the Chicago Fed hosted its third payments conference entitled, Can Existing Networks Meet Future Needs? Conference speakers were payment industry leaders who provided an insider's perspective on the necessary success factors for electronic supply chain and epayments integration.

Thursday, 05/29/03
11:30 AM
12:00 PM
12:30 PM
Welcome and Opening Remarks
Gordon Werkema, First Vice President and Chief Operating Officer, Federal Reserve Bank of Chicago
12:45 PM
Keynote Address

This session will trace the evolution of payment innovations and investments. The speaker will highlight successes and failures, consider lessons learned, address how the mind-set of investors has changed since the investment boom of the 1990s and discuss the investment outlook for the future. The reliance of payment innovations on existing networks and/or on the development of new networks will be discussed.

Carl Rutstein, Vice President and Head of Americas Payment Practice, Boston Consulting Group, Inc.
1:15 PM
1:30 PM
Investing in Payments

This panel will explore the dynamics and underlying decision-making process for payment investments. The unique opportunities and risks associated with these investments will also be addressed.

Carl Rutstein, Vice President and Head of Americas Payment Practice, Boston Consulting Group, Inc.
Collin Roche, Principal, GTCR Golder Rauner, LLC
John Perry, Chief Executive Officer, Intercept Payment Solutions and Former Chief Executive Officer, Spectrum EBP
Nick Alex, Senior Vice President, Bank of America Corporation
3:30 PM
4:00 PM
End Users' Perspective

This panel will discuss the costs and benefits of using different payment methods. The conflicting incentives among consumers and firms will be addressed.

Peter Burns, Vice President, Federal Reserve Bank of Philadelphia
Jay DeWitt, Senior Manager, Amazon.com, Inc.
Paul Kapioski, Owner, West Seattle Thriftway
Gail Hillebrand, Senior Attorney, Consumers' Union
Cathryn Gregg, Partner and Director, Treasury Strategies, Inc.
5:30 PM
Friday, 05/30/03
7:30 AM
Continental Breakfast
8:15 AM
The Federal Reserve and Payment Systems: Development and Directions
Gary Stern, President and Chief Executive Officer, Federal Reserve Bank of Minneapolis
8:45 AM
Leveraging the Payment Infrastructure

What challenges are payment networks facing today? This panel will discuss how networks expect to evolve.

Jennifer Kingson, Senior Editor, American Banker
Bond Isaacson, Co-Chief Executive Officer, Concord EFS, Inc.
Steve Abrams, Senior Vice President, MasterCard International, Inc.
George Thomas, President and Chief Operating Officer, Electronic Payments Network
Andy D'Amato, Senior Vice President, Certegy, Inc.
10:15 AM
10:30 AM
Results of Federal Reserve Payment System Development Committee's Study on Clearing and Settlement

This session will discuss the implications of technological innovation for the adoption of electronic payments and the overall efficiency of the payments system. Barriers to innovation noted in the study will also be reviewed.

Jeff Marquardt, Associate Director, Board of Governors of the Federal Reserve System
11:00 AM
Future of Payment Networks
Where are we headed? What will it look like? How will we get there? This panel will describe several innovative delivery mechanisms and discuss whether existing networks are equipped to support them or whether new networks must emerge.  
Laura Walker, Payment System Standards Coordinator, Federal Reserve e-Business Support Office
Leo Van Hove, Assistant Professor of Economics, Free University of Brussels
Austin Adams, Chief Information Officer and Executive Vice President, Bank One Corporation
Norman Litell, Vice President, Visa U.S.A, Inc.
12:30 PM
Closing Remarks
Sujit Chakravorti, Senior Economist, Federal Reserve Bank of Chicago
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