The Federal Reserve wants to bankers’ views on the payments system in the US to set future policy.

If only bankers would tell them.

The Fed initiated a 21-question survey, part of the “Payment System Improvement – Public Consultation Paper,” here for industry leaders to weigh in on how payments in the US can be improved. The survey opened on September 10, 2013, and closes December 13, 2013. Results will be shared in a whitepaper “in the second half of 2014,” according to the Fed.

So far, it seems just 32 people have filled out the Fed survey, and their answers are public. Many surveys are incompletely or tersely filled out. The most recent answers were posted October 10.

This expected white paper to be published next year is expected to be used to develop a 10-year road map for payments and a 2-year action plan, said Gordon Werkema, COO of the Federal Reserve Bank in Chicago, at the recent ABA Annual Conference in New Orleans.

What explains this apathy relating to a field as energetic and fast-changing as payments? The initial paper, called “Payment System Improvement,” begins:

The U.S. payment system is undergoing a remarkable period of change, driven by
rapid adoption of technology and evolving end-user expectations. Going forward,
opportunity exists to improve speed and efficiency of payments and to maintain
payment system safety in the face of escalating threats. The Federal Reserve
Banks believe that collaboration and engagement with the industry is the
foundation of any enduring strategic improvements to the U.S. payment system
and look forward to public input to this consultative paper.

The paper itself is cautious, describing the decline of checks and the need for a ubiquitous, interoperable system. It makes several observations about gaps and opportunities in the payments system, regarding real-time payments, international payments, consumer fears and the lack of traction among recent payment innovations, but the paper is really a honeypot to attract industry leaders’ opinions.

So far, the effort seems unsuccessful. Want to weigh in on the state of payments and the direction things ought to move? Take the Fed survey.