2016 Emerging Payments Symposium 2016 Emerging Payments Symposium

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Wednesday January 20, 2016
8:45 a.m. - 3:00 p.m.
Federal Reserve Bank of Boston


Connolly Center, 4th Floor


600 Atlantic Avenue


Boston, MA 02210

The program offers an easy way for payments and risk management executives to gain an understanding of the continuously-evolving retail payments landscape. It provides an overview of key topics of interest—new initiatives, security, and virtual currencies. Finally, the program provides a window into two mobile payment opportunities from the Boston Fed to serve the New England community.

There is no cost to attend this event, however advance registration is required and space is limited.


8:45 – 9:30 A.M. Registration & Coffee
9:30 – 9:45

Welcome – Jim Cunha

9:45 – 11:15

Inside the Emerging Landscape for Retail Payments 

Marianne Crowe, Vice President, Payment Strategies, Federal Reserve Bank of Boston
Breffni McGuire, Principal, BMCG Consulting

11:15 – 11:30


11:30 A.M. – 12:00 P.M.

Virtual Currencies for Bankers: Thinking About New Ways to Pay 

Jim Cunha, Senior Vice President, Treasury & Financial Services Group, Federal Reserve Bank of Boston

12:00 – 12:30

Security in the New Normal

12:30 – 1:15 Lunch (provided)
1:15 – 1:45

Security in the New Normal (cont.)

1:45 – 2:30

Quick Hits: The FRBB in the Community

2:30 – 3:00

Fed Faster Payments & Security Task Force Updates

Marianne Crowe, Vice President, Payment Strategies, Federal Reserve Bank of Boston
Breffni McGuire, Principal, BMCG Consulting

3 p.m. Adjourn
Session Descriptions

Inside the Emerging Landscape for Retail Payments

Marianne Crowe, Vice President, Payment Strategies, Federal Reserve Bank of Boston
Breffni McGuire, Principal, BMCG Consulting

New, often disruptive, technologies and initiatives are fundamentally changing the retail payments landscape. This session takes you inside what's taking place in key consumer payment and person-to-person market segments—focusing on the primary enablers of change, traditional and disruptive, and how they are impacting retail payment services. The speakers will assess developing trends, initiatives, and players, using case study examples to offer insights and lessons for bankers in planning and enhancing their own strategies for payments.

Virtual Currencies for Bankers: What Bankers Need to Know Now

Jim Cunha, Senior Vice President, Treasury & Financial Services Group, Federal Reserve Bank of Boston

The Boston Fed's payments executive, Jim Cunha, takes you into the new “wild west” of payments, explaining virtual currencies / Bitcoin. He addresses the good, bad, and ugly of virtual currencies, the current regulatory front, and how such currencies are perceived in the U.S. and elsewhere. He will offer his personal perspective of regulatory implications, what the future might hold and what bankers should be doing now.

Payments Security in the New Normal

The myriad changes in the payments landscape bring with them a renewed focus on securing your payments infrastructure. Online threats evolve by the minute, and mobile is a green-field opportunity for hackers and other criminals; 2014 was the 'year of the data breach.' This session highlights work undertaken by the Boston Fed in two arenas: cybersecurity collaboration with New England financial institutions and other firms; and industry-based tokenization for mobile / digital payments.

Security the Financial Supply Chain 
Don Anderson, Senior Vice President, Business Technology Solutions, Federal Reserve Bank of Boston

Tasked with protecting critical infrastructure to the Financial Services industry, Boston Fed IT executive Don Anderson will highlight recent threats and how risks facing the industry have changed. Additionally, Don will share how the Federal Reserve Bank of Boston's Business Technology Solutions group protects the supply chain through collaboration with regional financial institutions.

Payments Tokenization in Prime Time 
Susan Pandy, Director, Payment Strategies, Federal Reserve Bank of Boston

Dr. Susan Pandy will discuss work conducted by Payment Strategies and its Mobile Payments Industry Workgroup (MPIW) to understand the role of both security and payments tokenization models in the mobile payments environment. Tokenization is not a new concept, but payments tokenization has become the beacon for most industry stakeholders, particularly for mobile transactions. Susan will explain the EMVCo payment tokenization specification and how it made payments tokenization a scalable and ubiquitous reality with Apple Pay, Android Pay, and Samsung Pay.

The Boston Fed: Working in the Community

Mobile Financial Savings: Piloting a Way Forward for Low Income Savers 
Christine Capota, Senior Outreach & Technical Specialist, Regional & Community Outreach, Federal Reserve Bank of Boston

Can an app help low-income people save for the future? The Boston Fed is spearheading an effort to research the role that technology can play in the lives of low-income people. The effort uses an app designed specifically for savers in matched savings programs, an established intervention designed to help low-income people build assets. In this presentation, Christine will provide an overview of the app, upcoming research activities, and the important role that financial institutions can play in facilitating technologies that might help low-income people reach their financial goals.

Expanding Payments by Tapping & Zapping: Mobile Payment & Mass Transit 
Elisa Tavilla, Industry Specialist, Payment Strategies, Federal Reserve Bank of Boston

Many of the more than 7.3 million U.S. mass transit commuters travel each day with phone in hand. Ms. Tavilla shares results from her research into whether the use of smartphones for transit payments can encourage consumers to make mobile payments in other retail venues. Based on interviews with mass transit operators, she explores transit payments inter-relationship with other transit-related needs (e.g., parking, trip planning), payments at local retail venues, and offers or rewards.

Fed Faster Payments & Security Task Force Updates

Marianne Crowe, Vice President, Payment Strategies, Federal Reserve Bank of Boston
Breffni McGuire, Principal, BMCG Consulting

The Federal Reserve System is leading the most important payments project in more than 30 years—improving the U.S. payments system through two industry-wide initiatives: building a new, near real-time payments system for the U.S. and strengthening the security for payments in a more hostile environment. Ms. McGuire, a member of this Faster Payments Task Force and Ms. Crowe, a Fed liaison to the Secure Payments Task Force will bring you up to date—explaining the initiatives, the over-arching goals, the end-of-year 2015 deliverables, and how you can learn more.


Don Anderson is the Senior Vice President and Chief Information Officer (CIO) at the Federal Reserve Bank of Boston. In this capacity, he is responsible for the Bank's IT function, the Federal Reserve System's Internet Cyber and Network Security services which support in excess of $4.5 trillion daily transaction volume, Real Estate Services Group and Law Enforcement Units. Don is currently a member of the Bank's Executive Committee and represents the Bank on the System's CIO committee.

Prior to joining the Federal Reserve, Don was a senior consultant with Hewlett Packard (HP) Services focused on the development and execution of IT transformation strategies for Fortune 500 companies. While at HP, Don successfully managed a number of multi-million dollar international programs.

He holds a BS degree from the University of Connecticut and an MBA from Bentley University, is a founding member of the Advanced Cyber Security Center (ACSC), Board Member of the Wall Street Technology Association (WTSA) and is an active member of the Dana Farber Leadership Council (DFLC).


Christine Capota is Senior Outreach & Technical Specialist in the Regional and Community Outreach unit, which serves as the community development arm of the Boston Fed. Christine leads technology initiatives that help strengthen the financial capabilities of low and moderate income (LMI) individuals.

Prior to joining the Fed, Christine worked for the Inter-American Development Bank, where she advised ministries of education on strategic implementations of technology in education. Christine started her career at Sesame Workshop and has developed, evaluated and launched numerous educational technology products.

Christine holds an EdM from the Harvard Graduate School of Education and a BA in Psychology from McGill University.


Marianne Crowe is Vice President of Payment Strategies at the Federal Reserve Bank of Boston. Her primary responsibilities include overseeing industry analysis and applied research on digital and mobile retail payments, standards and security initiatives. She leads the Mobile Payments Industry Workgroup, representing mobile payment stakeholders focused on eliminating barriers to successful adoption of mobile and digital retail payments in the U.S. She is also a member of the Boston Fed's Management Council.

Prior Fed responsibilities include VP and Payments Liaison for the Consumer Payments Research Center, VP of Retail Business Development and Emerging Payments, and AVP for Check Image Services and Check Operations. Before joining the Fed in 2001, Marianne worked at Bank of Boston in project and operations management positions in MIS, IT and Check Operations.

Marianne has an MBA from Babson College and a BA from Regis College.


As Senior Vice President of Treasury and Financial Services at the Federal Reserve Bank of Boston, Jim Cunha leads the Bank's payments and related business and research units. The T&FS unit includes Cash Processing, Payments/Mobile Strategies, and Wholesale Payment Operations. Jim is also responsible for two U.S. Treasury businesses: Stored Value Card and Invoice Processing Platform. Jim has worked at the FRB since 1984. Prior to that, he worked at Fleet National Bank.

He has a BS in Accounting and Philosophy from Northeastern University and a BA in Computer Science from Rhode Island College. He is Chairman of the Board of Children's Friend and Family Services of Salem, Massachusetts and an ex-officio member of the Board of Directors at NEACH.


After 25 years in the business, Breffni McGuire launched her payments consultancy in April 2015. Previously, Breffni was Vice President, Payments Strategy at NEACH, the Regional Payment Association representing financial institutions across New England. Joining NEACH in mid-2006 to create a payments strategy function, she developed a comprehensive set of strategy services for its members.

Prior to NEACH, Breffni was Research Area Director of the global payments group at TowerGroup, where her research centered on wholesale payments, BSA, and OFAC. She held management positions at KPMG Consulting, Politzer & Haney, IntraNet, and The Chase Manhattan Bank among others. A frequent industry speaker, she has participated in NACHA Councils and work groups, and served on NACHA's Government Relations Advisory Group and Product Innovation Standing Rules Group.

Breffni has an A.B. from Brown University, a MA from The University of Chicago, and a MBA from Simmons Graduate School of Management.


As Director, Payment Strategies at the Federal Reserve Bank of Boston, Susan M. Pandy, Ph.D. leads and directs departmental projects and external workgroups to provide the payments industry, regulatory community, and Federal Reserve System with a forum for balanced, in-depth research and analysis of market trends, policy development, and other issues affected the payment system, with an emphasis on standards and security of the mobile payments channel. Susan previously worked for NACHA, The Electronic Payments Association, for over 10 years. A SME on matters relating to electronic and mobile commerce, she provided thought leadership to the Internet Council, a program charged with advancing e-commerce over open networks by enabling digital business—shaping the Council's ability to pursue cutting-edge industry issues. Susan supported strategic initiatives related to risk management, rulemaking, and advanced payments solutions in exploring efforts to drive innovation in the ACH Network.

Susan earned a B.S. in Political Science from the University of Toledo, a M.P.A. in Public Administration from Cleveland State University and a Ph.D. in Public Administration & Policy from Virginia Polytechnic Institute & State University.


Elisa Tavilla is a Payment Strategies Industry Specialist at the Federal Reserve Bank of Boston. Elisa leads studies on mobile and digital financial services, mobile technologies, and online retail commerce. She has written extensively on mobile and digital payment industry trends and opportunities, including reports on transit mobile payments, mobile/digital wallets, mobile banking, mobile financial solutions for the unbanked, and consumer adoption.

Prior to joining the Boston Fed, Elisa worked at eMarketer, covering social media trends in global markets and digital marketing strategies in financial services. She has held analyst roles with Mercator Advisory Group and the U.S. Department of Treasury’s Office of International Affairs.

Elisa holds a BA in Political Science and Foreign Language Studies from Adelphi University and a M.A. in international relations and economics from The Johns Hopkins University School of Advanced International Studies.