Faster Payments, Payments Security

Federal Reserve Announces Launch of Faster and Secure Payments Task Forces

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 (PDF) paper released on January 26, 2015.

The Faster Payments Task Force will identify and evaluate alternative approaches for implementing safe and 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 (Off-site) and use our official hashtag: #FedTaskForces in your task force-related tweets

What do you think will be key to task force success?


Everyone is asking how many people we expect to participate on the task forces. We’d like to get an idea, so tell us your intent. How do you plan to get involved? Check all that apply

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Manfred Neustifter

The Federal Reserve Faster Payments Task Force and Secure Payments Task Force are great cause for optimism, hoping the future US payments infrastructure will be the best in the world.

We believe the key for task force success is going to be defining a payments system that will not be made redundant and immediately superseded in other regions of the world.

The reserve currencies of the future will not only be moving faster, reliably and securely – they will exchanged on systems that enable global capital to remain in equilibrium – or closer to it than the paradigm of banking and payments has ever conceived possible.

We look forward to bringing suggestions to ensure the US Federal Reserve is at the forefront of the ubiquitous payments system, embraced widely by national stakeholders and adopted globally on its merits.

My only input, as a interested and somewhat knowledgeable observer:

Input and recommendations from parties whose business models rely, in the whole or in part, directly or indirectly, on the float from slow payment systems should be downgraded, or in extreme cases ignored.

The FED developed a process that is open with time-bound goals that are reasonable. Maintaining a sense of urgency as work progresses is every participant’s responsibility. Educating our respective employers why this sense of urgency should not dissipate will be equally important.

It is going to be very interesting to see what is produced by this initiative!

There is a lot of room for improvement in the USA’s payments scene, but with the innovation and resources they have, I have no doubt that the landscape is going to change for the better!

Good luck to all who is involved.


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