By Jeff Bater
Sept. 10 — The Federal Reserve has tapped one of its own to lead strategy in a key part of an ambitious effort meant to improve the payment system used by banks in the U.S.
Todd Aadland, senior vice president of the Fed's Chicago regional bank, was appointed payments security strategy leader, the Fed announced Sept. 10.
In the role, Aadland will lead the Fed's activities to address fraud risk and advance the safety, security and resiliency of the payment system.
In January, the Fed, responding to the impact of faster technology and cyberthreats, released a detailed plan for collaborating with the industry to improve speed and security of the U.S. payment system. The regulator has said payment security and the protection of sensitive data are challenged by dynamic, persistent and rapidly escalating threats.
To improve the speed and the security of the U.S. payment system, the regulatory agency envisions collaborating with industry, including emerging payments firms, card networks, payment processors, consumers, and banks.
Aadland's responsibilities will include chairing the Secure Payments Task Force, composed of more than 170 payments stakeholders. Aadland will report to Gordon Werkema, who was named payments strategy director this year. Werkema said Aadland has “a collaborative leadership style that will be key to advancing on some very tough industry challenges.”
His 20 years of Fed experience includes leading the business strategy, development and management of the regulator's FedLine access solutions, used by more than 10,000 U.S. financial institutions to transact $4 trillion of payment value daily. Aadland holds a master of business administration degree from the Kellogg Graduate School of Management at Northwestern University and a master of science in electronic commerce from DePaul University.
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The Fed news release can be read at http://op.bna.com/bar.nsf/r?Open=jbar-a28q78.
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