Kenneth Montgomery, the first vice president and chief operating officer of the Federal Reserve Bank of Boston, has been named the Fed's new payments security strategy leader.
Montgomery will lead the Federal Reserve’s effort to reduce fraud risk and advance the safety, security and resiliency of the U.S. payment system.
His responsibilities will include chairing the Secure Payments Task Force, which is made up of more than 200 industry stakeholders. The task force operates within the framework of the Fed's overall initiative to introduce a faster payments system in the U.S. in the coming years.
“Ken’s extensive background in information technology and his collaborative leadership style will be critical to addressing a variety of important challenges as we continue to make improvements to the nation’s payments infrastructure,” Esther George, president and chief executive of the Federal Reserve Bank of Kansas City and sponsor of the payments improvement initiatives, said in a Friday press release.
Montgomery will retain his position at the Federal Reserve Bank of Boston, where he is responsible for financial and U.S. Treasury services, information technology, strategic planning, human resources, corporate support and administrative activities.
He also directs financial management strategies and operations in a national capacity for the Federal Reserve System’s Financial Support Office, and serves on the Federal Reserve’s Financial Services Policy Committee, which sets the strategic direction for the evolving U.S. payment system. Montgomery is a vice chairman of the Advanced Cyber Security Center, a nonprofit industry, university and government consortium.
Before joining the Boston Fed in 2011, Montgomery was executive vice president and Federal Reserve System and chief technology officer at the Federal Reserve Bank of Richmond. In this role, he presided over a wide range of information technology functions that guided and supported technology groups at regional banks across the Federal Reserve System. Montgomery’s Fed career began at the Federal Reserve Bank of New York in 1983.
He succeeds Federal Reserve Bank of Chicago senior vice president Todd Aadland, who has served as payments security strategy leader since September of 2015 and will assume responsibility for multiple Treasury Services programs and wholesale operations at the Kansas City Fed.