The Federal Reserve Bank of Atlanta recently announced the formation of a Special Committee on Payments Inclusion focused on finding solutions for cash-reliant individuals to become better connected to the economy, including to innovative financial services. Sudheer Chava, Alton M. Costley Chair and professor of finance at the Georgia Tech Scheller College of Business, has been selected to be a part of this special committee of payments and financial inclusion experts.
“The pace of innovation in payments and fintech is accelerating. Consumers and businesses can benefit tremendously from this innovation, but there are inequities,” explains Chava. “For example, unbanked and underbanked consumers may be excluded from digital payments. My Financial Services Innovation Lab conducts research on fintech, responsible and sustainable finance, household finance, and other related areas. I’m excited about this opportunity to advance payments and financial inclusion.”
The Special Committee on Payments, a public- and private-sector collaboration, will work to advance ubiquitous access to safe, efficient, and inclusive payments for everyone. The experts on the committee will conduct research on emerging issues in payments inclusion, collect and analyze data to better understand trends in the evolving payments ecosystem, and make recommendations to the industry and policymakers based on research findings.
Details about the future work of the committee will be available through the Promoting Safer Payments Innovations section of the Federal Reserve Bank of Atlanta website.