The Role Of Electronic Payments In Disaster Recovery
The Payment Cards Center of the Federal Reserve Bank of Philadelphia has published a paper titled "The Role of Electronic Payments in Disaster Recovery: Providing More Than Convenience" (PDF) that summarizes the key highlights from a conference hosted by the Center in May.
Participants from financial institutions and other payment providers, federal and state government and national relief agencies, and the bank regulatory community examined the lessons learned from Hurricane Katrina. In course of the discussion, several opportunities were identified as ways to further strengthen the resiliency of our financial system, including developing strategies for more government payments to be made electronically, consolidating and sharing data on disaster victims more broadly with relief agencies and payment providers, focusing local communities and state governments on developing contingency plans for payment continuity, and improving public- and private-sector coordination among entities that play key roles in the payment system.
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