Fed launches bid to make bank payments safer, faster

WASHINGTON (Reuters) - The U.S. Federal Reserve launched a bid on Monday to work with the financial industry to improve the speed and safety of payment systems, the central bank said.

The Fed would set up two task forces, one to make the systems faster, and the other to make it safer.

Esther George, president of the Kansas City Fed, will head the efforts, while Fed Governor Jerome Powell will co-chair the initiative's oversight committee.

Massive security breaches involving retailers such as Target Corp (TGT.N) and Home Depot (HD.N) last year have raised awareness of the need to make payments safer.

(Reporting by Douwe Miedema; Editing by Meredith Mazzilli)