About the FRPS
The Federal Reserve Payments Study is an ongoing effort to quantify aggregate payment volumes, payments fraud, and related information in the United States, offering a periodic benchmark of developments in the U.S. payments system to policymakers, the industry, and the public. The aggregates include payments from U.S. domiciled consumer and business accounts, including those of for-profit and not-for-profit enterprises and local, state, and federal government agencies.
The FRPS has been conducted every three years since 2001. After the completion of the most recent triennial FRPS in 2016, a smaller and more targeted annual supplementary data collection was launched to keep information current between the triennial studies. The Federal Reserve Bank of Atlanta sponsors the study on behalf of the Federal Reserve System and partners with the Federal Reserve Board to conduct it.
FRPS team members develop aggregate estimates using data collected from nationally representative samples of depository institutions and a census of payment networks, processors, and private-label issuers. The triennial FRPS survey components include the following:
- The Depository and Financial Institutions Payments Survey (DFIPS) collects the number and value of noncash payments, cash withdrawals and deposits, third-party payments fraud, and related information from a nationally representative sample of commercial banks, savings institutions, and credit unions.
- The Networks, Processors, and Issuers Payments Surveys (NPIPS) are a set of surveys that collect the number and value of electronic payments, payments fraud, and related information from a census of major card networks, payment processors, and card issuers.
- The Check Sample Survey (CSS) collects information on the characteristics of a random sample of individual checks to estimate the distribution of checks by counterparty and purpose.
The GCI Analytics office of McKinsey & Company and Blueflame Consulting have assisted with survey administration and data collection for recent studies.