The Federal Reserve’s Faster Payments Task Force released the first half of its final report Thursday, detailing the current landscape and challenges regarding development of a faster payments system in the U.S. CUNA is an active member of the Faster Payments Task Force as well as the Fed’s Secure Payments Task Force.
The Faster Payments Task Force is tasked with identifying and evaluating alternative approaches to implementing safe, ubiquitous, and faster payments capabilities in the U.S.
Part 1 of the final report focuses on the task force’s mission and process, and details about the motivation behind the task force’s work in the context of the current payments landscape.
This includes explaining why the task force came together to identify and evaluate effective faster payments solutions in the U.S.
During 2016, the Faster Payments Task Force fielded and commissioned an independent assessment of 22 faster payments solution proposals against the Faster Payments Effectiveness Criteria released in February 2016, 19 of which voluntarily progressed through a review by 500+ task force participants.
The Secure Payments Task Force, meanwhile, worked to address the industry’s most pressing payment system security challenges.
This included initiatives to:
The Secure Payments Task Force also reviewed the faster payments solution proposals and draft assessments, with a focus on payment security effectiveness.
According to the Fed, the task force will complete and publish part 2 of the report in mid-2017. It will contain the task force’s assessment of proposals for faster payments solutions, and recommend next steps for the industry to take to achieveits goals.