In Conversation with Mark Gould, Chief Payments Executive, Federal Reserve Financial Services

Central Bank Payments News catches up with Mark Gould, a 30-year veteran of the Federal Reserve System and its first chief payments executive. In his new landmark role, Mark is responsible for leading the full range of cash and payment services provided by Federal Reserve Financial Services and works to deliver a fully-integrated suite of payment services and a unified customer experience for financial institutions nationwide. He was previously the Chief Operating Officer and First Vice President of the Federal Reserve Bank of San Francisco, where he led the Cash Product Office.

CBPN: As the Federal Reserve’s first Chief Payments Executive for Financial Services, you are leading an effort to realign the Fed’s individual payment rails, including wholesale, retail, and cash, into an integrated payments portfolio. What prompted this decision and what benefits do you anticipate for your customers?

Mark Gould (MG): First, I think it’s worth acknowledging that the global pandemic has accelerated consumer adoption of new digital tools, including means of payment. The rate of change and innovation has only increased, and it’s reasonable to predict that more is on the horizon. Consumers are demanding a blend of convenience, security, choice, speed, and excellent customer service from their financial institutions. In turn, financial institutions are looking to us for the same things, as many of them rely heavily on our payment services. For us to continue as an influential service provider and leader in the payments industry, we need to take steps to keep pace with this growth and transformation. And, as we plan for the market introduction of the FedNow^SM Service instant payment solution, we decided that now is the right time to transition our financial services to an integrated portfolio, and we are doing this with our customers squarely in focus. Our goal is to meet marketplace demand for products and services more quickly and provide a robust and unified customer experience across all of our financial service offerings.

CBPN: There are many innovations happening in the industry right now. When you think about priorities for the Fed’s payment systems, what is top of mind for you?

MG: My top priority focuses on ...

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