For release on delivery 12:00 p.m. EST February 27, 2020  Direction of Supervision: Impact of Payment System Innovation on Community Banks  Remarks by Michelle W. Bowman Member Board of Governors of the Federal Reserve System at “Age of Advancement: The Intricacies of a Digital World” 2020 Banking Outlook Conference sponsored by the Federal Reserve Bank of Atlanta Atlanta, Georgia  February 27, 2020  It is a pleasure to be here today.
On top of this, last month the CPMI issued a strategy for reducing the risk of wholesale payments fraud.16 The strategy aims to galvanise wholesale payment systems, network messaging providers, banks, overseers and supervisors to work together in strengthening the security of the financial ecosystem and its endpoints, all of which are being increasingly exploited by adversaries.