About the Faster Payments Task Force

From 2015 through 2017, the Federal Reserve System’s Faster Payments Task Force engaged a diverse array of stakeholders in advancing the work outlined in Strategies for Improving the U.S. Payment System (PDF), published in January 2015. The mission of the Faster Payments Task Force was to identify and assess alternative approaches for implementing safe, ubiquitous, faster payments capabilities in the United States.

Objectives

The objectives of the Faster Payments Task Force included:

  • Represent views on future needs for a safe, ubiquitous faster payments solution
  • Address other issues deemed important to the successful development of effective approaches
  • Assess alternative approach(es) for faster payment capabilities

The Faster Payments Task Force was established in May 2015 and concluded in August 2017. In those two years, it made significant progress in meeting its objectives.

  • Review past meeting materials including detailed discussion guides and meeting summaries
  • Learn about the Faster Payments Effectiveness Criteria, a framework that the Faster Payments Task Force employed to assess alternative solutions for faster payments. It also has value as a description of stakeholder needs that the market can use to guide faster payments innovation

Engage

  • Join the FedPayments Improvement Community
  • Visit the Faster Payments Task Force website to review their Final Report and learn how to engage in the next phase of the work

Education

Work Products and Efforts

The Faster Payments Task Force convened in June of 2015 and have since produced the following work products:

 

If you have any questions related to the Faster Payments Task Force, review the Frequently Asked Questions or contact us.