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 Payments 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.