Fed Governor Calls for Clear Rules on AI Payment Agents

Federal Reserve Governor Christopher J. Waller emphasized the need for clear rules governing AI-powered payment agents during a speech at Sibos 2026 in Miami on September 29. He highlighted two main approaches for AI-driven commerce: agents assisting with product searches or handling purchases within predefined user limits. Waller raised concerns about liability, asking, "Who is on the hook if an agent makes the wrong purchase?" He suggested adapting existing e-commerce frameworks and developing technical standards to clarify buyer intent and agent actions.

Waller also stressed the importance of payment safeguards tailored to software behavior. He warned that traditional fraud controls, designed for human transactions, may not be effective when AI agents initiate payments. Market participants, including Amazon, Coinbase, Google, Mastercard, Shopify, Stripe, and Visa, are collaborating to address these challenges by creating protocols and card-network specifications.

The Federal Reserve held a roundtable on May 26 to discuss AI in payments, focusing on agentic commerce. Waller noted that consumer purchases and business recurring orders are potential early use cases, though larger transactions present higher risks if agents act without permission or make mistakes.