New ways of making payments have emerged as technological advances such as smartphones enable consumers, businesses and financial institutions to exchange information more freely and quickly. The conference brought together top industry participants, policymakers and academics for an in-depth look at consumer payment innovation and the role of public policy in an age of increasing connectedness. Among the questions addressed included: 

  • Is increasing connectedness likely to revolutionize consumer payments?
  • Will insufficient competition or a lack of market standards hold back innovation?
  • What new risks and privacy concerns are created by payment innovation?
  • Will new products such as mobile payments increase access of the underbanked to the payment system?
  • What changes in the clearing and settlement of consumer payments would facilitate innovation?

PDF2012 Conference Proceedings

PDFOpening Remarks
Esther L. George
President and Chief Executive Officer
Federal Reserve Bank of Kansas City


PDFConference Summary
Barbara S. Pacheco
Senior Vice President
Federal Reserve Bank of Kansas City

PDFSession 1: Increasing Connectedness and Consumer Payments: An Overview
PDFCommentary Kingsborough
PDFCommentary Varian
PDFGeneral Discussion

PDFKathy Walker
Managing Director
OpenAir Equity Partners

PDFMichael L. Katz
Professor of Economics
University of California, Berkeley

PDFDon Kingsborough
Vice President of Retail and Prepaid
PDFHal R. Varian
Chief Economist

PDFSession 2: Market Obstacles to Consumer Payment Innovation and Public Policy Responses
PDFPanel Discussion
PDFGeneral Discussion

PDFChris Bierbaum
General Manager, Mobile Commerce
Sprint Nextel Corporation

PDFNicholas Economides
Professor of Economics, Stern School of Business
New York University

PDFDavid S. Evans
Market Platform Dynamics

PDFAlan Frankel
Coherent Economics

PDFBob Lee
Chief Technology Officer

PDFKeynote Address
PDFJoseph Farrell
Director, Bureau of Economics
Federal Trade Commission
PDFGeneral Discussion

PDFSession 3: Risk and Privacy Implications of Consumer Payment Innovation in the Connected Age
PDFCommentary Acquisti
PDFCommentary Hughes
PDFGeneral Discussion

PDFGary Fish
President and Chief Executive Officer
FishNet Security

PDFRoss Anderson
Professor of Security Engineering
University of Cambridge

PDFAlessandro Acquisti
Associate Professor of Information Technology and Public Policy
Heinz College at Carnegie Mellon University

PDFSarah Jane Hughes
University Scholar and Fellow in Commercial Law
Indiana University Maurer School of Law

PDFSession 4: Ensuring Commerce Access to the Payments System in the Connected Age
PDFPanel Discussion
PDFGeneral Discussion

PDFRachel Schneider
Vice President, Innovation and Research
Center for Financial Services Innovation

PDFKevin Morrison
Senior Vice President, Prepaid
U.S. Bank

PDFLouisa M. Quittman
Director, Office of Financial Education
U.S. Department of the Treasury

PDFSteve Streit
Chairman and Chief Executive Officer
Green Dot Corporation

PDFSession 5: Facilitating Consumer Payment Innovation through Changes in Clearing and Settlement
PDFCommentary Mabott
PDFCommentary Platt
PDFGeneral Discussion

PDFMichael Brown
Chairman and Chief Executive Officer,
Euronet Worldwide

PDFBruce J. Summers
Former Director
Federal Reserve Information Technology

PDFRichard Mabbott
Director, Major Projects
Faster Payments Scheme Limited

PDFNeil Platt
Senior Vice President and General Manager
Payments, Fiserv/CashEdge

PDFSession 6: Perspectives on the Role of Public Policy in Facilitating Payment Innovation
PDFPanel Discussion
PDFGeneral Discussion

PDFSean O'Connor
Adviser, Payments System Development Group
World Bank

PDFMalcolm Edey
Assistant Governor
Reserve Bank of Australia

PDFGerard B.J. Hartsink
European Payments Council

PDFRicardo Medina
Director of Payment Systems
Bank of Mexico

PDFM.J. Moltenbrey
Dewey & LeBoeuf LLP

PDFConference Attendees