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Symposium on Immediate Funds Transfer for General-Purpose Payments

Immediate Funds Transfer (IFT) essentially extends the benefits of real-time gross settlement to individuals, businesses and governments at low cost. Our symposium will consider the potential of this innovative method of payment for improving the U.S. payment system, learning from other countries and evaluating the challenges in making such a leap in the U.S. We will also take up public policy questions that are stimulated by this type of innovation.

The Federal Reserve Bank of Chicago hosted a discussion on this topic with a select group of leaders from the U.S. payments industry as well as from countries that have implemented IFT.

Tuesday, 09/06/11
5:00 PM
Federal Reserve Bank of Chicago
Wednesday, 09/07/11
8:00 AM
9:00 AM
Opening Remarks
Gordon Werkema, First Vice President and Chief Operating Officer, Federal Reserve Bank of Chicago
9:15 AM
Session 1: Keynotes on International Experiences with Immediate Funds Transfer
Bruce J Summers, Former Director, Federal Reserve Information Technology
Marion King, Chief Executive Officer, VocaLink
Ricardo Medina-Alvarez, Director of Payment Systems, Banco de México View Bio
10:45 AM
11:00 AM
Session 2: Consumer Demand for Immediate Funds Transfer Service in the U.S.
Kirstin Wells, Business Economist, Federal Reserve Bank of Chicago
Tony Catalfano, Division President, Digital Payments, Fiserv, Inc.
Paul Grill, Partner, First Annapolis Consulting, Inc.
Vipul Shah, Global Head of Core Payments, PayPal
12:00 PM
Luncheon Keynote
Jeffrey Lacker, President, Federal Reserve Bank of Richmond
1:30 PM
Session 3: Business Demand for Immediate Funds Transfer Service in the U.S.
Facilitator and Speaker
Christopher Huppert, Senior Vice President, Wells Fargo Wholesale Internet and Treasury Solutions Group
Lauren A Hargraves, Senior Vice President and Manager, Federal Reserve Wholesale Product Office
Sheryl R Morrow, Assistant Commissioner, Financial Management Service, U.S. Department of the Treasury
Jon Wells, Director of Banking and Cash Management, Allstate Insurance Company
2:30 PM
2:45 PM
Session 4: Implementation Considerations
Facilitator and Speaker
Russ Waterhouse, Executive Vice President, The Clearing House
B C Krishna, President and Chief Executive Officer, MineralTree
Liz Oakes, Director of Industry Relations, VocaLink
3:45 PM
Session 5: Summary and Next Steps
David Marshall, Senior Vice President, Associate Director of Research and Director of Financial Markets Group, Federal Reserve Bank of Chicago
3:45 PM

Conference will adjourn at 4:30 p.m.



Last Updated: 08/18/2011

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