The Faster Payments Task Force, a group of more than 300 diverse payments industry stakeholders convened by the Federal Reserve System, has published its highly anticipated recommendations for developing and implementing a safe, ubiquitous, faster payments system in the United States.
Leaders from the Faster Payments Task Force announced 10 recommendations that will chart the course for making payments faster and more accessible to everyone. They also highlighted the faster solution proposals, assessed against the task force’s Effectiveness Criteria, and how they represent a broad universe of creative and innovative ways to deliver faster payments. This online event was broadcast live from the Federal Reserve Bank of Chicago and a recorded version is available on FasterPaymentsTaskForce.org (Off-site).
During the broadcast, industry leaders shared their perspectives regarding the benefits of a faster payment system for businesses and consumers, as well as steps the industry can take to build momentum toward a safe, ubiquitous, faster payment system in the United States.
Faster Payments Task Force leadership participated in a conversation moderated by Sean Rodriguez, the Federal Reserve’s Faster Payments Strategy Leader. Panelists included:
- Jan Estep, NACHA – The Electronic Payments Association
- Steve Ledford, The Clearing House (TCH)
- Tom Rea, U.S. Bank
- Jim Reuter, FirstBank Colorado
- Christina Tetreault, Consumers Union
- Bradley Wilkes, WingCash
You can now read the report: The U.S. Path to Faster Payments, Final Report Part Two: A Call to Action (PDF). Within this report you can review the faster payment solution proposals and assessments, challenges and opportunities, and the 10 faster payment task force goals and recommendations for the industry.
In order to fulfill the vision laid out in the Final Report, the Faster Payments Task Force recommends ongoing collaboration and commitment. Go to FasterPaymentsTaskforce.org (Off-site) and get involved by joining our community and showing your support for the path to faster payments in the United States.