Learn about the Faster Payments Effectiveness Criteria!
As outlined in the Strategies for Improving the U.S. Payment System (PDF), the Faster Payments Task Force was established May 2015 with the objective of identifying and assessing approach(es) for implementing a safe, ubiquitous, faster payments capability in the United States.
In support of this goal, one of the first deliverables completed by the Faster Payments Task Force was the Faster Payments Effectiveness Criteria (PDF).
What are the Faster Payments Effectiveness Criteria?
The Faster Payments Effectiveness Criteria were developed by the Federal Reserve-sponsored Faster Payments Task Force as a description of stakeholder needs that can be used to assess faster payments solutions and as a guide for innovation in the payments industry. The 320-member task force defined 36 effectiveness criteria grouped into the following six categories: Ubiquity, Efficiency, Safety and Security, Speed (Fast), Legal, and Governance (PDF). Each criterion is described through a summary definition and additional considerations that elaborate on desired attributes. For purposes of assessing faster payments solutions, an effectiveness scale is established for each criterion. We provide an example of a Ubiquity criterion, complete with an explanation about the components of each criterion (PDF). Should you have any questions about the terminology used, please consult the Glossary of Terms, which provides the foundation for a common lexicon.
How were the criteria developed?
Discussion about the effectiveness criteria (PDF) began in June 2015, with an initial dialogue of what should be included in the task force’s criteria for assessing the effectiveness of potential faster payment approaches.
The Effectiveness Criteria were then developed through a collaborative and iterative process inclusive of a diverse range of stakeholders on the Faster Payments Task Force, the Secure Payments Task Force, and the broader payments community. Two expert stakeholder work groups were established to provide recommendations on legal and security criteria. In the course of drafting the criteria, the task force also developed a companion glossary to define terms key to understanding the criteria. The criteria represent the collective views of these stakeholders for measuring effective faster payment solutions in the United States.
The final version of the Effectiveness Criteria was published by the Faster Payments Task Force on February 2, 2016. View Faster Payments Task Force participants voting results below:
Where can I get a copy of the criteria?
The Faster Payments Effectiveness Criteria (PDF) is currently available online. You can also download the Effectiveness Criteria overview sheet below:
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