## Overview The Federal Reserve Bank of Boston, often called the “Boston Fed,” is one of 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., form the central banking system of the United States[3]. Headquartered at 600 Atlantic Avenue in Boston, Massachusetts, it serves the First Federal Reserve District, which encompasses the New England states of Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont, as well as most of Connecticut (excluding Fairfield County)[4][5]. The current president and CEO is Susan M. Collins, who assumed office in July 2022[1][5]. ## Role and Functions The Boston Fed’s mission is to promote stable prices, maximum employment, and a resilient, inclusive economy for New England and the nation[3]. Its activities include conducting rigorous economic research, supervising financial institutions, and ensuring the safety and soundness of the U.S. financial system. The Bank also plays a vital role in the nation’s payments infrastructure—distributing currency, processing electronic payments, and developing new technologies to modernize payment systems[1][3]. ## Innovations and Key Achievements The Boston Fed has a long history of innovation, particularly in payments technology. As early as 1942, it began using IBM machines to process checks more efficiently. In the 1980s, it pioneered the use of image technology to accelerate check processing between banks, a precursor to today’s mobile deposit systems[1]. The Bank was selected by the U.S. Treasury in 2004 to build and maintain the systems for the government’s Internet payments platform, which agencies use to procure and pay for goods and services[1]. More recently, the Boston Fed has been at the forefront of developing FedNow, a real-time payments service aimed at modernizing the U.S. payments infrastructure[1]. The Boston Fed is also recognized for its leadership in reducing fraud risk and advancing the security of the