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Saturday, February 13, 2016

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Innovation at the Point-of-Sale

A Conference Sponsored by the Payment Cards Center of the Federal Reserve Bank of Philadelphia
February 27, 2003
Federal Reserve Bank of Philadelphia

Innovation in consumer payments continues at a rapid pace. The days of "cash-and-carry" are long gone and consumers find themselves with an ever-increasing array of payment options. Many of these new developments emanate from payment processors working together with merchant and banking partners. This Payment Cards Center conference is intended to bring together a select audience of industry and policy experts to examine emerging developments in consumer payments. The discussion will focus on the perspectives of processors, networks, and merchants in evolving payment innovation at the point-of-sale.

Conference Agenda

9:00 a.m.


  • William Stone, First Vice President, FRB Philadelphia
  • Peter Burns, Vice President and Director of the Payment Cards Center, FRB Philadelphia
  • Stanley Sienkiewicz, Manager, FRB Philadelphia

9:15 a.m.

Opening Address: Merchant Processors and Their Role in Payments Innovation

  • Jack Williams, Senior Vice President, National Processing Company

In his opening remarks, Jack Williams will provide a brief summary of the evolution in consumer payments and, in particular, the role of merchant processors and their partnering relationships with merchants. Jack will discuss the increasing role processors play in payments innovation and how they work with technology providers, merchants, and banks to support innovation.

10:30 a.m.

Check Electronification at the Point-of-Sale

  • Moderator: Peter Burns
  • Ronald Congemi, President, Star Systems, Inc.
  • Dante Terrana, Director, VISA U.S.A. Inc.
  • Teri Hoehn, Director, NACHA – The Electronic Payments Association

Electronification of checks at the point-of-sale is an emerging development in retail payment processing. Among the innovators in this arena are three of the major payment networks represented on this panel. The speakers will outline their respective operating structures for network solutions and provide a road map for continued product and service development.

1:00 p.m.

Future of Payments at the Point-of-Sale: Merchant Perspectives

  • Moderator: Jack Williams
  • Donald Roddy, Treasury Manager, Sonic Corp.
  • Henry Bray, Retailer Operations Manager, Exxon Mobil Corp.
  • Daniel Olstad, Director, Best Buy Co., Inc.

The challenges and opportunities inherent in facilitating consumer payments have become an important strategic consideration for many retailers. This panel will examine how several leading merchants are integrating innovative payment options into their business models and how they are positioning themselves for the future.

2:30 p.m.

Concluding Remarks

  • Peter Burns
  • Jack Williams