Barb Pacheco, senior vice president of the Federal Reserve Bank of Kansas City, is responsible for researching emerging technologies in the payments industry and has done so for more than a decade. Pacheco’s work has led the Kansas City Fed to become a leader in understanding the current state of the payment system and the reasons behind its formation.
From an American Banker article:
“We have looked at interchange fees, nonbanks in the payment system and what the new payments systems are,” she says. “What is the role for public authorities like the Fed, the Justice Department and payment system regulators as alternatives evolve?”
One notable trend is with non-banking entities increasingly entering the payments market, the task of determining what rules and regulations apply to which companies is becoming quite difficult.
“I think it’s less clear what rules and regulations apply outside of the banking system,” says Pacheco. “I think that’s something that policymakers need to give some attention to and address.”
As the Midwest continues to build its place within cutting edge technological development, Pacheco and the Kansas City Fed’s research will only become more important.
Click here to read more from American Banker.
