WASHINGTON (2/4/16)--The Federal Reserve Tuesday issued a progress report on its efforts to enhance the speed, efficiency and security of the U.S. payments system.
The report comes one year after the Fed issued its Strategies for Improving the U.S. Payment System.
Two task forces made up of more than 500 payments industry representatives have compiled 36 criteria that describe desired attributes of a faster payments system that can be used to assess the effectiveness of potential solutions.
The task forces are also working to enhance payment system efficiency by developing standards, directories and improving the business-to-business payment infrastructure. Joint efforts with industry participants recently resulted in a plan to implement the financial messaging standard ISO 20022 for U.S. wire transfer systems and advanced plans to implement widespread same-day automated clearing house settlements.
"We have seen many of the strategies and tactics included in the plan come to life through broad, unprecedented stakeholder support," said Esther George, president/CEO of the Federal Reserve Bank of Kansas City. "When implemented, the strategies will contribute to public confidence and the global competitiveness of the U.S. payment system," said George, who is leading the initiative.