The Federal Reserve Payments Study 2016
PrintAbout the Study
The Federal Reserve Payments Study is a collaborative effort by staff members at the Federal Reserve Bank of Atlanta and the Federal Reserve Board to track and document developments in the U.S. payments system through the collection of quantitative survey data.
As in the previous studies, estimates reported in the 2016 study are based on information gathered in three survey efforts: the 2016 Depository and Financial Institutions Payments Survey; the 2016 Networks, Processors, and Issuers Payments Surveys; and the 2016 Check Sample Survey. Brief descriptions of these survey efforts are provided below.18 Aggregate estimates are developed from individual institutional survey response data collected in the surveys, which remains confidential.
Depository and Financial Institutions Payments Survey
The 2016 Depository and Financial Institutions Payments Survey (DFIPS), administered with the help of GCI Insights, a division of McKinsey & Company, collected the number and value of noncash payments, cash withdrawals and deposits posted to customer accounts, and unauthorized transactions (third-party fraud) that took place during calendar year 2015. Noncash payments include transactions by check, ACH, wire transfers, debit (including prepaid and non-prepaid) card, and credit card.
A nationally representative, stratified random sample of 3,800 depository institutions, including some credit card banks, in the United States was drawn. The largest depository institutions were sampled at a higher rate in an effort to count as many transactions as possible and reduce the error introduced by the estimation process. The sample included commercial banks, savings institutions, and credit unions. About 1,384 depository institutions provided data for the survey.
Networks, Processors, and Issuers Payments Surveys
The 2016 Networks, Processors, and Issuers Payments Surveys (NPIPS), administered with the help of Blueflame Consulting, estimated the number and value of electronic payments in the United States for calendar year 2015. Data were collected by surveying payment networks, processors, and card issuers. Survey forms were returned by 101 payment organizations that process, clear, or settle payments. In addition, 121 transit system operators provided data.
Check Sample Survey
The 2016 Check Sample Survey was conducted to obtain information about the distribution of checks by counterparty and purpose. Response data from several large banks that use the Viewpointe archive and from Federal Reserve Bank processing were collected but are not summarized in this report.
References
18. Readers may wish to consult future reports and descriptions of each survey effort that will be posted on the Federal Reserve’s website at www.federalreserve.gov/paymentsystems/fr-payments-study.htm as they become available. Return to text
