About the Faster Payments Task Force

The Federal Reserve System’s Faster Payments Task Force will engage a diverse array of stakeholders in advancing the work outlined in Strategies for Improving the U.S. Payment System (PDF), published in January 2015. The mission of the Faster Payments Task Force is to identify and assess alternative approaches for implementing safe, ubiquitous, faster payments capabilities in the United States.

Objectives

The objectives of the Faster Payments Task Force include:

  • Represent views on future needs for a safe, ubiquitous faster payments solution
  • Address other issues deemed important to the successful development of effective approaches
  • Assess alternative approach(es) for faster payment capabilities

The Faster Payments Task Force was established in May 2015 and has made significant progress in meeting its objectives.

  • Review meeting materials including detailed discussion guides and meeting summaries
  • Learn about the Faster Payments Effectiveness Criteria, a framework that the Faster Payments Task Force will employ to assess alternative solutions for faster payments. It also has value as a description of stakeholder needs that the market can use to guide faster payments innovation

Engage

As a payment system stakeholder, you can engage in task force efforts in a variety of ways:

  • Sign up to be a member of the Faster Payments Task Force
  • Join the FedPayments Improvement Community

View the current Faster Payments Task Force member roster, Faster Payments Task Force Charter (PDF) and Frequently Asked Questions (FAQs) to help you determine the best option for you to engage with task force efforts.

Education

Work Products and Efforts

The Faster Payments Task Force convened in June of 2015 and have since produced the following work products:

If you have any questions related to the Faster Payments Task Force, review the Frequently Asked Questions or contact us.