We are pleased to announce the selection of McKinsey & Company to support Faster Payments Task Force efforts this year to assess faster payments solution proposals from various providers across the U.S. payments industry.
The Federal Reserve established the 331-member Faster Payments Task Force in 2015 to support a broader effort to improve the speed, safety and efficiency of payments. The task force is specifically charged with identifying effective approaches for implementing faster payment capabilities in the United States. Next month, interested task force members will submit comprehensive faster payment solution proposals to be analyzed using 36 Effectiveness Criteria identified by the task force.
“The task force members wanted a firm with broad payments expertise to assess proposals against the comprehensive Effectiveness Criteria they published in February,” said Gordon Werkema, payments strategy director. “McKinsey was chosen through a competitive bid process that considered expertise, ability to conduct an independent assessment, proposed assessment approach, and cost.”
Both the proposals and assessments will be provided to the full task force later this year for review and comment, prior to publication in early 2017. “The process established by the task force ensures a fair, consistent and quality assessment of solution proposals, while bringing forward task force members’ comments and diverse perspectives,” said Sean Rodriguez, faster payments strategy leader and chair of the Faster Payments Task Force. “Importantly, the proposal assessments and the broader task force input are designed to enhance solution designs and help ensure that effective faster payments capabilities are implemented in the United States in a reasonable time frame.”
Click here to view press release in its entirety.
In our previous blog, we had a call-out asking for payment innovators to share with us innovations for making payments faster. Several of you let us know you had something in the works! Now is your chance to display your capabilities to the Faster Payments Task Force and your industry peers via the Faster Payments Capability Showcase.
The Capability Showcase is a portal-based forum where solution providers can showcase payment component capabilities that can support end-to-end faster payments solutions. Learn more about the Capability Showcase and how to complete your payments capability submission.
Along with the opening of the submission portal, there are a few other items to note:
Learn More About Submitting a Component Capability
Participation in the Capability Showcase will require that you submit a capability submission form, which requests company information and a video highlighting your capability. Some of the information you can expect to submit in the Capability Showcase includes:
- A video of up to seven minutes that provides an overview of your capability
- Capability description
- Company and contact information
- ‘Component type’ or the type of function(s) your capability satisfies from the list of Faster Payments Effectiveness Criteria (please note this version of the criteria is a ‘draft’ and will be finalized in the coming weeks)
- Industry segment and business sector from a provided list of options
- Public sharing preference – Indicate if your video submission, company profile and your component type classification should be shared in the FedPaymentsImprovement.org Capability Showcase YouTube Playlist for the general public to view or available only within the portal for viewing
- Supplementary documentation you think will be helpful in highlighting your capability
Click here to learn more about submitting a component capability.
As part of the Capability Showcase, we will be hosting Office Hours, which are an in-person optional opportunity to present your payments capability to the Faster Payments Task Force community. Once you have an approved capability submission posted to the Capability Showcase, you will be eligible to sign up for this opportunity taking place in Chicago on February 25 and 26, 2016. Office Hours options will be provided on first come, first serve basis. In order to participate in this event, you will need to submit your capability to the showcase by February 5, 8:00 p.m. ET.
Capability Showcase submitters have the option of making their approved content available for viewing by the general public. Submissions noted for public viewing will be available on our FedPayments Improvement YouTube Channel and in the Faster Payments Capability Showcase Video Submissions playlist. Be sure to subscribe to our YouTube channel to stay up-to-date on the latest video submission postings.
Are you one of or do you know the best and brightest working on capabilities aimed to make payments faster? Capabilities that not only improve speed but prove that faster really is better and can be secure? The Faster Payments Task Force is interested in learning about your cutting-edge innovations to make payments faster!
The mission of the Faster Payments Task Force is to identify and evaluate approaches for implementing a safe, ubiquitous, faster payments capability in the United States. This cannot be achieved without the collective collaboration of innovative industry stakeholders – this means you and your fellow innovative brethren!
The Faster Payments Task Force is establishing a Capabilities Showcase as a forum for providers to showcase capabilities, highlight areas of expertise, and foster opportunities for providers to link capabilities to potentially create a proposal – all in support of faster payments solutions!
If you have a capability that you would like to share with the Faster Payments Task Force, sign up here to receive additional information. Share the wealth! If you know someone who may also want to share their innovative capabilities, please let them know about this exciting opportunity.
Want to get up to speed on the work being done by the Faster Payments Task Force? Check out this video and/or review the Faster Payments Task Force page found under “Get Involved.” If you have any questions, please contact us at FasterPaymentsTaskForce@chi.frb.org or in the comments section below.
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 spent the last several months working on one of its first deliverables, the Faster Payments 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.
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:
You may also submit questions pertaining to the draft criteria here on our blog.
Today the Federal Reserve announced the appointment of Sean Rodriguez as the new Faster Payments Strategy Leader. Sean, a senior vice president at the Federal Reserve Bank of Chicago, will be tasked with leading activities aimed at identifying effective approaches for implementing a safe, ubiquitous, faster payments capability in the United States. In addition, he will also serve as chair of the Faster Payments Task Force and its 300+ members.
“Sean’s leadership experience across payment operations, customer relations and industry outreach is exactly what we need to successfully advance the vision for a faster payments capability in the United States,” said Gordon Werkema, the Federal Reserve’s payments strategy director to whom Rodriguez will report.
Click here to read the press release in its entirety.
Any advice or questions for the new Faster Payments Strategy Leader? Please share in the comments!
Without further ado, we are pleased to announce that the Faster Payments Task Force and Secure Payments Task Force are open for registration! For those of you who don’t know, the formation of these task forces is one of the first milestones to come out of our Strategies for Improving the U.S. Payment System paper released on January 26, 2015.
The Faster Payments Task Force will identify and evaluate alternative approaches for implementing safe, ubiquitous, faster payments capabilities in the United States. The Secure Payments Task Force will advise the Federal Reserve on payment security matters, coordinate with the Faster Payments Task Force and determine areas of focus and priorities for future action to advance payment system safety, security and resiliency. Participating in one of these task forces will provide payment system stakeholders with a unique opportunity to put their knowledge and experience to work improving the nation’s payment system.
Now, you’re probably wondering: “What does it take to be on a task force?” and “How do I get involved and find out more?”
What does it take to be on a task force?
We are looking for a committed and diverse membership to help ensure the perspectives of all U.S. payment system participants are considered and task force outcomes are in the public interest. Any interested stakeholders with relevant payment knowledge and experience who can commit the required time and resources to these key initiatives is welcome to participate.
How do I get involved and find out more?
There are a number of ways you can get involved with the task forces and find more information:
- Visit the Get Involved page to view task force charters, participation agreements and registration information.
- Faster Payments Task Force—Registration deadline is April 17
- Secure Payments Task Force—Registration deadline is May 15
- Register to attend either the March 20 or 31 Task Force Q&A Teleconferences
- Stay up-to-date on the latest task force news, events and developments by joining our FedPayments Improvement Community to ensure you receive updates and information
- Follow us on Twitter @FedPayImprove and use our official hashtag: #FedTaskForces in your task force-related tweets
What do you think will be key to task force success?