The Federal Reserve, the central bank of the United States, was founded by Congress in 1913 to provide the nation with a safer, more flexible and more stable monetary and financial system.

The Financial Services division of the Federal Reserve Banks is focused on meeting the evolving needs of payment system users, while remaining true to our longstanding mission to foster the integrity, efficiency and accessibility of the U.S. payment system.

Federal Reserve Financial Services provides services to banks, credit unions and savings and loans in the same way these depository institutions provide services to their customers. These services include collecting checks, electronically transferring funds, and distributing and receiving cash and coin.

Starting in July 2023, the Federal Reserve will also provide an instant payment offering to enable real-time fund transfer and interbank settlement on a 24x7x365 basis. The FedNow® Service will join a family of Federal Reserve products and services that includes:
• Accounting Information Services (AIS): Provides timely information about entries debited or credited to an institution’s account
• Check Services: Offers a suite of electronic and paper check processing options.
• FedACH® Services:  Offers electronic exchange of debit and credit transactions through the Automated Clearing House (ACH) network
• FedCash® Services: Ensures a sufficient supply of currency and coin for depository institutions
• Fedwire® Securities and Fedwire Funds Services: Provides issuance, maintenance, transfer and settlement services, as well as electronic funds transfer service for mission-critical, same-day transactions
• National Settlement Services: Provides multilateral settlement to depository institutions with a Federal Reserve master account that settle for participants in private-sector clearing and/or settlement arrangements

This profile is managed by the Federal Reserve Bank of Chicago on behalf of the 12 Federal Reserve Banks.

Banking

Payments

Federal Reserve Financial Services

Loretta Mester

Steve Son

Siva Iyer

Joe Leonard

Tracy Harrington

Shonda Clay

Nick Stanescu

Mark Gould

Margaret Riley

Lonnie Dafney

Kim Robbins

Kathleen Young

Cheryl Venable

The Payments Team at Federal Reserve Financial Services is responsible for overseeing the development, implementation, and management of various payment and settlement services. This includes ensuring the functionality and efficiency of services like FedNow® for real-time fund transfers, FedACH® for electronic debit and credit transactions, and Fedwire® for secure, same-day electronic funds transfers. They work collaboratively to ensure the integrity, efficiency, and accessibility of the U.S. payment system, supporting depository institutions in their financial transactions and maintaining a robust currency supply.



Payments Team

Leadership Team

Communications and Relationship Management

Payments Team

About

Team members

Other teams at Federal Reserve Financial Services

Leadership Team

Communications and Relationship Management