WASHINGTON (7/10/15)--New payments systems should be secure, transparent, accessible and affordable to consumers, according to guiding principles released Thursday by the Consumer Financial Protection Bureau (CFPB).
The principles were released as the private sector develops faster payments systems and looks ahead to new technologies making it easier for consumers to use them.
When it comes to non-cash transactions, today’s payments system involves the automated clearing house, PIN debit, wire network or check services, as well as a wide range of participants such as payers, payees, providers, institutions and operators.
These entities are subject to operator, private network and government rules, as well as a number of regulations.
According to the bureau, consumers benefit from use of the payments system, but a number of opportunities exist to improve efficiency and reduce fraud risks.
Specifically, the CFPB recommends keeping these consumer protection principles in mind when building a faster payments system: