# Waller: Payments in the Age of AI Agents (Sep 2026): Payments in the Age of AI Agents

Source: https://www.bankingnewsai.com/ai-regulation/documents/fed-waller-speech-payments-ai-agents-2026
Last updated: Nov 2, 2026

Federal Reserve Governor Christopher Waller used a September 29, 2026 speech at Sibos 2026 to give the Fed's fullest public treatment yet of AI agents transacting autonomously in payments. He distinguished 'agent-assisted' commerce (the agent shops, the human decides and pays) from 'agent-delegated' commerce (the human pre-authorizes the agent to shop and pay within guardrails), and flagged authentication, liability, and fraud-detection as the three open trust problems agentic payments raise. The speech proposes no new rule: Waller called for a 'proactive' industry approach built on existing liability and consumer-protection frameworks, with new approaches tested rather than mandated.

## At a glance

| Field | Value |
| --- | --- |
| Authority | [Federal Reserve](https://www.bankingnewsai.com/ai-regulation/federal-reserve) |
| Type | Speech |
| Status | Final |
| Published | Sep 29, 2026 |
| Applies to | Financial-stability and payments analysis; not binding, but signals where the Fed sees emerging risk in agentic payments |
| Official text | https://www.federalreserve.gov/newsevents/speech/waller20260928a.htm |

## Key points

- Distinguishes agent-assisted commerce (human decides and pays) from agent-delegated commerce (agent pays autonomously within pre-set limits).
- Says AI already augments fraud and AML screening and reconciliation, and is expected to help (not replace) anomaly detection given how fast payment systems move.
- Sees B2B agentic payments as a natural fit — recurring, rule-based — but says higher-value exposure needs robust controls and monitoring.
- Says authentication must shift from 'is the buyer authorized' to 'is the agent authorized to pay for the buyer.'
- Calls liability for a wrongful AI-agent purchase unresolved, though existing frameworks may adapt rather than require new rules.
- Notes card networks are already publishing specs for registering agents and logging cardholder approval.
- Raises whether agent-merchant protocols end up interoperable (helping smaller players) or platform-specific (closed).
- References a May 26, 2026 Board roundtable on agentic commerce without disclosing its outcomes.

## What changed for banks

The first Fed Board speech to name and define the agent-assisted vs. agent-delegated commerce models and to spell out the authentication, liability and fraud problems specific to autonomous AI payment agents — filling in substance behind the generative/agentic AI carve-out SR 26-2 left open.

## Use cases it governs

- [Generative & agentic AI](https://www.bankingnewsai.com/ai-regulation/by-use-case#generative-agentic-ai)
- [Fraud detection](https://www.bankingnewsai.com/ai-regulation/by-use-case#fraud)
- [Cybersecurity](https://www.bankingnewsai.com/ai-regulation/by-use-case#cybersecurity)
- [AML / KYC](https://www.bankingnewsai.com/ai-regulation/by-use-case#aml-kyc)

## FAQ

### Did the Federal Reserve propose new rules for AI payment agents?

No. Governor Waller's September 29, 2026 speech called for an industry-led, 'proactive' approach that tests new authentication and liability approaches within existing frameworks, rather than a new Fed rule.

### What is the difference between agent-assisted and agent-delegated commerce?

In agent-assisted commerce the AI agent shops but a human still decides and pays. In agent-delegated commerce the human pre-authorizes the agent to shop and pay autonomously within guardrails the human sets.

## Related documents

- [Cook: Opportunities and Risks of AI (May 2026)](https://www.bankingnewsai.com/ai-regulation/documents/fed-cook-speech-ai-economy-financial-system-2026) — The Opportunities and Risks AI Presents for the Economy and Financial System — Governor Lisa D. Cook (May 27, 2026)
- [Bowman: AI in the Financial System (May 2026)](https://www.bankingnewsai.com/ai-regulation/documents/fed-bowman-speech-ai-financial-system-2026) — Artificial Intelligence in the Financial System — Vice Chair for Supervision Michelle W. Bowman (May 1, 2026)
- [SR 26-2](https://www.bankingnewsai.com/ai-regulation/documents/fed-sr-26-2) — Revised Guidance on Model Risk Management (Apr 17, 2026)
- [SR 23-4](https://www.bankingnewsai.com/ai-regulation/documents/fed-sr-23-4) — Interagency Guidance on Third-Party Relationships: Risk Management (Jun 7, 2023)
- [2021 BSA/AML Model Risk Statement](https://www.bankingnewsai.com/ai-regulation/documents/fed-bsa-aml-model-risk-statement-2021) — Interagency Statement on Model Risk Management for Bank Systems Supporting BSA/AML Compliance (Apr 9, 2021)
- [2021 Interagency AI RFI](https://www.bankingnewsai.com/ai-regulation/documents/fed-interagency-ai-rfi-2021) — Request for Information and Comment on Financial Institutions' Use of Artificial Intelligence, Including Machine Learning (Mar 31, 2021)
- [SR 11-7](https://www.bankingnewsai.com/ai-regulation/documents/fed-sr-11-7) — Supervisory Guidance on Model Risk Management (Apr 4, 2011)
- [HKMA discussion paper on banks' use of Agentic AI](https://www.bankingnewsai.com/ai-regulation/documents/hkma-agentic-ai-discussion-paper-2026) — Discussion Paper on the Use of Agentic A.I. by Banks (Nov 2, 2026)

Last reviewed Nov 2, 2026. Cite the official text (https://www.federalreserve.gov/newsevents/speech/waller20260928a.htm) for the rule and this page for the summary and dates.

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