The U.S. Path to Faster Payments

 


FINAL REPORT PART ONE: THE FASTER PAYMENTS TASK FORCE APPROACH

The Federal Reserve System’s Faster Payments Task Force has come together to build on industry momentum and innovation and to identify a plan that addresses the challenges that stand in the way of achieving safe, ubiquitous faster payments solutions. Read The U.S Path to Faster Payments, Final Report Part One: The Faster Payments Task Force Approach (PDF) to learn more about the background and process of the task force’s work and its motivation for pursuing faster payments solutions in the context of the current payments landscape.

Motivation for Pursuing Faster Payments

Current payment methods have evolved over time to meet a variety of end-user needs in a complex economic environment. However, payment systems today were not individually designed to satisfy the range of end-user needs identified in the Faster Payments Effectiveness Criteria. Coordinated action from payment industry stakeholders can help to prevent further fragmentation of the market; promote greater interoperability, safety and ubiquity; and create an environment that fosters further innovation. Read The U.S. Path to Faster Payments, Final Report Part One: The Faster Payments Task Force Approach (PDF) to learn more.

NEXT STEPS: CHALLENGES AND OPPORTUNITIES

Watch for Part Two of The Path to Faster Payments to follow in mid-2017, where the Faster Payments Task Force will provide details of faster payments solutions that have been assessed against the Faster Payments Effectiveness Criteria.

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