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 (PDF). 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. (Off-site, PDF)