New on FedPayments Improvement

Weigh In on Requirements for a Faster Payment System

As outlined in the Strategies for Improving the U.S. Payment System, the Faster Payments Task Force was established earlier this summer with the objective of identifying and evaluating approach(es) for implementing a safe, ubiquitous, faster payments capability within the United States. The Faster Payments Task Force has spent the last several months working on one of its first deliverables, the Faster Payments Effectiveness Criteria, and is now soliciting broad stakeholder input on key components of the current draft of the effectiveness criteria.

What are the Effectiveness Criteria?

The effectiveness criteria are a framework that the Faster Payments Task Force will employ to assess alternative solutions for faster payments. It will also have value as a description of stakeholder needs that the market can use to guide faster payments innovation. At a high level, the effectiveness criteria are grouped into a set of six categories: Ubiquity, Efficiency, Safety and Security, Speed (Fast), Legal and Governance.

The effectiveness criteria are currently in draft mode. At this time we are requesting broad stakeholder input on this latest draft. Stakeholder collaboration is a key part of this effort and supports an inclusive and transparent process to produce the most effective outcome.

Recognizing that you may have questions about the effectiveness criteria and the work being conducted by the Faster Payments Task Force, we have outlined several resources that you are encouraged to review before taking the survey:

You may also submit questions pertaining to the draft criteria here on our blog.

The survey will be open from Monday, October 5 to Friday, October 16, Noon ET..

Click here to take the survey.

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