Fed task force releases 2nd part of faster payments report

July 24, 2017

The Federal Reserve’s Faster Payments Task Force, of which CUNA is a member, released its final paper last week on the future of payments in the United States. The paper is the second part of the group’s final report. The first was released in January.

The first part of the report provides an overview of the Faster Payments Task Force objectives and processes, a description of the U.S. payments landscape and the benefits of faster payments.

The second part provides insights from the submitted solution proposals, reflects on several foundational issues that are important to address, and presents the task force’s goals and recommendations for implementing faster payments in the United States.

The task force recommends:

  • Creating a framework for ongoing collaboration, decision making and rule setting;
  • Enabling needed infrastructure to support faster payments; and
  • Ensuring the U.S. faster payments system be future-focused and able to address evolving security threats, meet changing end-user needs and foster continuous innovation through new technologies.

The release of the second half of the report officially concludes the work of the Faster Payments Task Force.

CUNA continues to be involved as a member of the Federal Reserve’s Secure Payments Task Force, which focuses on security issues associated with faster payments