Get Ready to Embrace the Faster Payments Call to Action!

It’s almost time! After much anticipation and preparation the Faster Payments Task Force’s The U.S. Path to Faster Payments Final Report Part Two: Call to Action will be released tomorrow, Friday, July 21. We hope you’re just as excited to embrace the future of faster payments as we are. Prior to the big day, we wanted to give you a few quick reminders on how you can prepare for tomorrow:

  • Refresh yourself on Final Report Part One: The Faster Payments Task Force Approach
    • Part One describes the task force history and background, including a high-level overview of the task force’s products and processes, the payments landscape and benefits of faster payments
  • Watch for the press release first thing in the morning
  • Plan to attend the Faster Payments Task Force live broadcast at 10:30 a.m. CT
    • Don’t worry if you can’t make it, a recording will be made available on the site in the near future
  • Prepare to download and read The U.S. Path to Faster Payments Final Report Part Two: Call to Action!

As the final hours leading up to the report release tick away, listen to Faster Payments Task Force participant Christina Tetreault discuss how faster payments will benefit you, the consumer, and how the task force was able to take a cacophony of industry voices and turn them into a symphony.

For additional reminders, updates and content stay tuned to the site or follow us on Twitter, YouTube and LinkedIn.

Engage Your Inner Innovator: Review the Capability Showcase and Its Cutting Edge Ideas for Real-time Payments

In this day and age, innovation is happening all around us. Whether it’s new medical procedures, alternative energy sources or groundbreaking new smartphone features, legacy technology is constantly being updated and improved. One area that the Faster faster payments bulb imagePayments Task Force believes is ripe for innovation is the U.S. payment system. Enter the Capability Showcase, a platform for the best and brightest minds from the payments industry to showcase their ideas for improvement.

The Capability Showcase, which kicked off in early 2016, was yet another mile marker on the path to faster payments. The showcase aimed at fostering innovation by providing an opportunity for payments solution providers to submit faster payment capabilities for an improved payment system. While capabilities put forth in the showcase are not intended to address all the Faster Payments Effectiveness Criteria, or provide for a complete, end-to-end payments solution, capabilities are meant to address one or more of the Effectiveness Criteria and are intended to serve as a component of an effective end-to-end payments solution. Take a trip down memory lane and review some of the creative, innovative submissions that preceded the full faster payment solution submissions. Also, check back Friday, July 21, to see the full solution proposals unveiled with the release of the Final Report Part Two.

Build upon Your Faster Payments Knowledge: Understand Why the Effectiveness Criteria Are a Milestone Achievement

When over 300 industry stakeholders came together in 2015, one of the first questions they sought to tackle was – “What do we need in a faster payments system in the United States?” Through an iterative process, and coordination with the Secure Payments Task Force, the Faster Payments Task Force developed the 36 Effectiveness Criteria. The criteria are a description of stakeholder needs that serve as a guide for innovation in the industry and provided the foundation by which the faster payment solution proposals were assessed. Watch as Jan Estep of NACHA, The Electronic Payments Association, discusses the milestone that is the Effectiveness Criteria and how the criteria set a high bar for future solutions in the United States.

Creating a real-time U.S payments system will take the collaboration of all payments industry participants. Continue to build your knowledge with us this week as we prepare for the release of the Final Report Part Two this Friday, July 21.

Taking a Cacophony to a Symphony

What happens when you take an industry leader and catalyst and pair it with diverse collection of passionate payments thought leaders from all different backgrounds and all over the U.S? You get a Faster Payments Task Force working tirelessly and collaboratively to make real-time payments that are secure a reality for both businesses and consumers alike.

Over the last couple of years leading up to The U.S. Path to Faster Payments, Final Report Part One, this group has brought an immense amount of good will to the table to develop and deliver the Task Force Glossary of Terms and the Faster Payments Effectiveness Criteria. This all culminates in the forthcoming Final Report Part Two which outlines what needs to take place to truly achieve a real-time payments system. Watch the video to hear more!

Save the Date for the Faster Payments Task Force Live Broadcast

The U.S. payment system is quickly evolving as new technologies, innovations, and expectations are beginning to change the way businesses and consumers make payments. But legacy systems still dictate the way money is transferred between people, businesses and governments.

Don’t miss the opportunity to join leaders from the Faster Payments Task Force on July 21 at 10:30 a.m. CT as they announce 10 recommendations that will chart the course for making payments faster and more accessible to everyone. This online event will be broadcast live from the Federal Reserve Bank of Chicago and streamed via FedPaymentsImprovement.org to audiences across the globe.

Registration is not required to view the broadcast. You can, however, add it to your calendar to ensure you turn in right when the broadcast starts.

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July 21, 2017
at 10:30 a.m. CT

 

 

During the broadcast, industry leaders will share their perspective regarding the benefits of a faster payment system for businesses and consumers, as well as steps the industry can take to build momentum toward a faster, safer, more ubiquitous payment system in the U.S.

Faster Payments Task Force leadership will participate in a conversation moderated by Sean Rodriguez, the Federal Reserve’s Faster Payments Strategy Leader. Panelists include:

  • Jan Estep, NACHA – The Electronic Payments Association
  • Steve Ledford, The Clearing House (TCH)
  • Tom Rea, U.S. Bank
  • Jim Reuter, FirstBank Colorado
  • Christina Tetreault, Consumers Union
  • Bradley Wilkes, WingCash LLC

Watch live to be one of the first to hear and learn how the payments industry is working together to achieve a safe, ubiquitous, faster payment system that will benefit all.

Federal Reserve Payments Study Highlights Changes in Consumer and Businesses Payment Choices: Fast Facts

Today, the Federal Reserve released additional data from the 2016 Federal Reserve Payments Study that was published in December 2016. The information contained in the release surrounds a variety of payment types including check, card and ACH. Discover more about these changes by reviewing a few of the fast facts from the report:

  • Consumers wrote roughly two-thirds fewer checks per household in 2015 than in 2000 while total non-cash payments per household expanded nearly 75 percent
  • In 2015, businesses wrote only 24 checks per month, on average, compared with 93 per month in 2000. Additionally, check usage decline since 2000 was steeper for businesses than for consumers
  • In 2015, non-prepaid debit cards was the most popular payment type among consumers
  • In 2015, ACH credit transfers were the most popular payment type used by businesses

Learn more by reading the press release in its entirety.

Federal Reserve Board Makes Final Amendments to Regulation CC

The Federal Reserve Board on May 31 announced final amendments to the check collection and return provisions in Regulation CC (Availability of Funds and Collection of Checks) and also requested further public comment on an additional proposed amendment to Regulation CC’s liability provisions. The final amendments update Regulation CC to reflect the evolution of the nation’s check collection system from one that is largely paper-based to one that is virtually all electronic.

Learn more by reviewing the amendment and press release (Off-site), gain insight to how these updates relate to the Strategy 5 goal of accelerating interbank settlement for check payments outlined in the Strategies for Improving the U.S. Payment System paper and stay posted for an opportunity to comment, expected shortly, on additional proposed Regulation CC updates when the Federal Register notice is published.

Where in the World is FedPayments Improvement? June Edition

Just like the Harlem Globetrotters travel the world playing basketball, we travel the world keeping the payments industry informed on the progress of our initiative. By the end of this year, we will have amassed hundreds of industry engagements in the name of payment system improvements. It can be tough to keep up with our busy schedule, but we’ll make it easy by sharing where you can find us this month:

ConferenceDate/TimeSession TitleSpeaker
New York Cash ExchangeJune 1, 2:00 p.m.Strategies for Improving the U.S. Payment System - An Update from the Federal ReservePat Hilt
SWIFT Business Forum NY 2017June 14, 1:15 p.m. Payments Innovation: Recent & Future DevelopmentsSean Rodriguez
ISMG Fraud and Breach SummitJune 21, 12:35 p.m.EMV and the Evolution of Payments Fraud PanelEd O’Neill
ABA Payments ForumJune 23, 9:30 a.m. Developing A Faster Payments System in the United States PanelSean Rodriguez
Central Bank Payments ConferenceJune 27, 9:55 a.m.What Is Next After RTGS?Richard Dzina
Central Bank Payments ConferenceJune 28, 10:50 a.m.Central Banks as Catalysts for Payment Innovation: The Payments Strategy of the Federal ReserveGordon Werkema

We regularly attend events to discuss improvements to the U.S. payment system with payment system stakeholders. This collective and collaborative approach is key to implementing enduring strategic improvements to the U.S. payment system. If we have a booth at an industry event, please stop by or reserve time to speak with Federal Reserve experts and to view our schedule beyond the current month, please visit our industry events page.

Where in the World is FedPayments Improvement? April Edition

In 2016, we conducted nearly 500 presentations at conferences and meetings all around the world and we have no plans of slowing down any time soon! Once again, we’ll be traversing the globe to inform the industry and stakeholders on the state of our initiative. Here’s where you can find us this month:

ConferenceDate/TimeSession TitleSpeaker
Marketing to Millennials for Financial Services Summit April 12, 11:45 a.m.Implementing Faster Payments Solutions to Meet Millennials' ExpectationsKorie Miller
NAPCP Commercial Card and Payment ConferenceApril 12, 3:45 p.m.Faster Payments & the Road Ahead: Faster Payments Task Force & Industry OpportunitiesDan Gonzalez
NAPCP Commercial Card and Payment ConferenceApril 13, 10:15 a.m.Faster Payments & the Road Ahead: Faster Payments Task Force & Industry OpportunitiesDan Gonzalez
ICBA 2017 Strategic IT & Operations ConferenceApril 18, 2:30 p.m.An Update from the Federal Reserve: Faster Payments Task ForceSean Rodriguez
NACHA Payments
Booth 1107
April 24, 10:15 a.m.Update on the Secure Payments Task ForceTodd Aadland
NACHA Payments
Booth 1107
April 25, 4:30 p.m.Update on the Faster Payments Task ForceSean Rodriguez

We regularly attend events to discuss improvements to the U.S. payment system with payment system stakeholders. This collective and collaborative approach is key to implementing enduring strategic improvements to the U.S. payment system. If we have a booth at an industry event, please stop by or reserve time to speak with Federal Reserve experts and to view our schedule beyond the current month, please visit our industry events page.

Third Volume’s a Charm: Check out the Latest Small Business Payments Toolkit

button to download toolkit

The Business Payments Coalition originally released the Small Business Payments Toolkit (PDF) in April of 2015 to further encourage the adoption of electronic business-to-business payments and remittance information exchanges by small businesses. Each volume builds upon the content released in previous volumes with new content and updates made to address the evolving nature of the payments system and the needs of small businesses. Volume 3 (PDF) is reorganized to provide the information you need in easy to find sections, and includes new and updated payments information addressing key topics relevant to small businesses.

Overview of Updates

  • New articles including:
    • Same Day ACH: An Important New Payments Tool for Small Businesses
    • Hot Topics in Payments Fraud
    • A Self-Assessment Quiz Test How Ready Your Small Business Is for Electronic Payments
  • Updates to and reorganization of Volume 2 content
  • New links and valuable information in the Resources section
  • Live links in the Table of Contents – simply hover over your topic of interest and click to get right to the article or page you want

Don’t miss out on all this valuable information! Financial institutions, consultants, small businesses and anyone else interested in learning more about payments should download this free resource (PDF) today.