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Last Updated: 11/28/2022

2007 Payments Conference — Competitive Forces Shaping the Payments Environment: What Next?

The Federal Reserve Bank of Chicago hosted its seventh annual payments conference, Competitive Forces Shaping the Payments Environment: What's Next?, on May 10–11, 2007. The conference, which highlighted recent trends in the adoption of payment technologies and explored the implications of those trends, covered topics such as:

  • Competing for consumer and merchant payment choices,
  • Replacing wallets with mobile payments,
  • Finding payment substitutes in traditional cash environments,
  • Understanding retailers' role in banking and payments and
  • Utilizing remittances as a customer entry point.
Thursday, 05/10/07
8:30 AM
Registration & Continental Breakfast
Third Floor Conference Center
10:00 AM
Introduction and Welcome
Michael H. Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
10:15 AM
The Future of Payments: Challenges and Opportunities
Randall S. Kroszner, Governor, Board of Governors of the Federal Reserve System
10:45 AM
Competing for Consumer and Merchant Payment Choices


  • How do payment service providers influence consumer and merchant preferences?
  • How has consumer demand for features and functionality evolved in relation to payment instruments?
  • Can merchants reconcile cost containment with consumer insistence on being able to use any payment instrument?
William H. McCracken, Chief Executive Officer, Synergistics Research Corporation
Ron Borzekowski, Economist, Board of Governors of the Federal Reserve System
Gary Charboneau, President, WGC Associates LLC
Ronald V. Congemi, Senior Vice President, Strategic Industry Relations, First Data Corporation
12:15 PM
Third Floor Conference Center
1:45 PM
Get out Your Phone, Not Your Wallet: Mobile Payments in the U.S.
  • What can the domestic market learn from international providers of mobile payments?
  • What partnerships are needed for mobile payments to grow to scale?
  • What are the security challenges that must be addressed for mobile payments to be successful?
Edward Kountz, Senior Analyst, Payments and Financial Services, JupiterResearch
Don Lisle, Vice President, Business Development, Obopy, Inc.
Niki Manby, Senior Vice President, Product Innovations, Visa, USA
Spencer White, Director, Mobile Financial Services and Business Development, Cingular (part of the new AT&T)
3:15 PM
3:45 PM
Payment Substitutes in Traditional Cash Evironments
  • What are the characteristics of cash that are difficult to mimic in other payment forms?
  • What are the main factors driving the adoption of payment alternatives?
  • How have the relative costs and benefits of cash changed as a result of greater availability of payment alternatives?
Richard D. Porter, Vice Presidents & Senior Policy Advisor, Federal Reserve Bank of Chicago
Norma I. Reyes, Commissioner, Department of Consumer Services, City of Chicago
Jim Turner, Vice President and Channel Manager, Intelligent Vending, USA Technologies, Inc.
Michael D. Litton, Director of Marketing and Client Applications, Giesecke & Devrient America Inc.
5:15 PM
Third Floor Conference Center
Friday, 05/11/07
7:45 AM
Continental Breakfast
Third Floor Conference Center
8:30 AM
Welcome and Introduction
Charles L. Evans, Senior Vice President and Director of Research, Federal Reserve Bank of Chicago
8:30 AM
Retailers' Entry in Banking and Payments: Much Ado about Nothing?
  • What factors contribute to successful retail/banking partnerships?
  • What are the pros and cons of a retail firm offering payment products to its customers?
  • Are alternative providers filling new niches or competing directly with banks for retail banking customers?
Tara Rice, Financial Economist, Federal Reserve Bank of Chciago
Steve Worthington, Professor of Marketing, Faculty of Business and Economics, Monash University
Dave Martin, Executive Vice President and Chief Training Officer, NCBS
Hamed Shahbazi, Chairman and Chief Executive Officer, TIO Networks Corporation
10:00 AM
10:15 AM
Gordon Werkema, First Vice President and Chief Operating Officer, Federal Reserve Bank of Chicago
10:15 AM
Competition in the Payments Space
Frank G. D'Angelo, President, Payment Solutions Group, Metavante Corporation
10:15 AM
Remittance Products as an Entry Point for New Customers
  • How does demand vary for different types of remittance platforms?
  • How do product innovation and industry consolidation affect the competitive landscape of the remittance market?
  • What are the regulatory considerations related to remittances?
Manuel Orozco, Director of Remittances and Development, Inter-American Dialogue
Joseph Cachey III, Senior Vice President, AML Global Compliance, The Western Union Company
James P. Maloney, Chairman of the Board, Mitchell Bank
Michael A. Frias, Community Affairs Officer, Federal Deposit Insurance Corporatoin
12:15 PM
Closing Remarks
Sujit Chakravorti, Senior Economist, Federal Reserve Bank of Chicago
12:30 PM
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