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Board of Governors of the Federal Reserve System
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TheEconomists

Reserve Bank Operations and Payment Systems 

The Division of Reserve Bank Operations and Payment Systems oversees the policies and operations of the Federal Reserve Banks as providers of financial services to depository institutions and as providers of fiscal agency services to the U.S. Treasury and other government agencies. In addition, as part of the Board's enhanced program for the supervision and oversight of payment systems, central securities depositories, securities settlement systems, central counterparties, and trade information warehouses, the division participates directly in the supervision of financial market infrastructures that are designated as systemically important by the U.S. Financial Stability Oversight Council as well as in more general oversight activities relating to domestic and foreign financial market infrastructures. The division also develops policies and regulations to foster the integrity and efficiency of the U.S. payment and financial system; works closely with other regulators, central banks, and international organizations to improve the payment and financial system more broadly; and conducts research on various topics related to payment and clearing issues and financial market infrastructures.

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Payment System Studies

The Payment System Studies section is the division's primary research arm. The program analyzes policy issues associated with emerging and established payment and clearing mechanisms and disseminates information on payment, clearing, and settlement systems and issues. The section undertakes original research into longer-range payment, clearing, and settlement topics, including the interrelationships among systems, long-run technological trends and their economic and risk implications, systemic risk, and interbank and correspondent banking relationships.

The section's staff helps formulate Federal Reserve payment and settlement policy. It also supports the Bank for International Settlements' Committee on Payments and Settlement Systems with analyses and information.

  • Anton I. Badev

    Economist

    Payment System Studies

    Reserve Bank Operations and Payment Systems

  • Francesca Carapella

    Economist

    Payment System Studies

    Reserve Bank Operations and Payment Systems

  • Geoffrey R. Gerdes

    Senior Economist

    Payment System Studies

    Reserve Bank Operations and Payment Systems

  • May X. Liu

    Statistician

    Payment System Studies

    Reserve Bank Operations and Payment Systems

  • Mark D. Manuszak

    Senior Economist

    Payment System Studies

    Reserve Bank Operations and Payment Systems

  • David C. Mills

    Assistant Director

    Payment System Studies

    Reserve Bank Operations and Payment Systems

  • Krzysztof P. Wozniak

    Economist

    Payment System Studies

    Reserve Bank Operations and Payment Systems

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Last update: July 21, 2014