Frequently Asked Questions

Faster and Secure Payments Task Forces

1. Where can I get more information on the task forces and work groups referenced in the paper?

  • The Federal Reserve announced (PDF) open registration for the task forces on March 16, 2015. While the Faster Payments Task Force concluded its work and closed registration Summer 2017, visit their website to review their work and see how else you can support efforts. Visit the Secure Payments Task Force page on our site to review its charter, participation agreement and to register.

2. How do I register to participate on the Secure Payments Task Force?

  • Registration for the Secure Payments Task Force is a two-step process, including submission of an online registration form and a signed participation agreement. To register visit the Secure Payments Task Force page and complete the registration form.
    1. Submit the online registration form.
    2. Download, review, sign and send the participation agreement to the Federal Reserve.
      1. Participants may register on behalf of an organization. Participating as part of your professional responsibilities on behalf of an organization requires a signed organization participation agreement. An organization is allowed one representative on the task force. We encourage you to review the participation agreement with your legal counsel before signing.
      2. Once you have reviewed the agreement, sign and email, fax or mail your signed participation agreement to the Federal Reserve Bank of Kansas City. Agreements sent via email or fax must include a scanned hand signature. Electronic signatures are not permissible.

        Email:
        ccc.bankservices@kc.frb.org
        Fax: 877-281-3647
        Mail: Customer Contact Center, P.O. Box 219416, Kansas City, MO 64121-9416

3. Why do I need the organization participation agreement?

  • You should fill out the organization agreement if you will be participating as the designated representative of an organization. Remember only one participant per organization can participate on the Secure Payments Task Force.
  • An individual agreement may be provided upon request if you will be participating as an individual and not representing an organization or participating as part of your professional responsibilities with an organization.
  • To request an individual agreement please contact us at fedcommunications@fedpaymentsimprovement.org
  • Individual registrations received that are associated with an organization will need to submit an organization agreement.

4. Who is invited to participate on the task forces? What is the selection criteria to participate?

  • The Federal Reserve is 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.
  • As of Summer 2017, the Faster Payments Task Force concluded its work and closed member registration. To engage and stay involved in the next phase of the work, visit the Faster Payments Task Force webpage.
  • The Secure Payments Task Force is open to all payment system stakeholders, including financial institutions of all sizes, technology service providers, payment network operators, business end users, consumer end users and fraud/cyber-attack prevention providers. An organization is allowed one representative on the task force.
  • Interested individuals and organizations may register via the Secure Payments Task Force page. Participants are expected to comply with the terms of the task force participation agreement. The Federal Reserve encourages participation from interested stakeholders who exhibit the following characteristics:
    • Payment system stakeholders with demonstrated, relevant industry knowledge and experience
    • Commitment and/or experience with public-private partnerships that indicates an ability to consider a broad public policy perspective and openness to support solutions that serve the broader public interest
    • Experience in and up-to-date, broad knowledge of financial services and the U.S. payment system

5. How many participants can be on the task force?

We do not have a limit on the number of participants on the task force. We are committed to a very inclusive approach to the task force to help ensure the perspectives of all U.S. payment system participants are considered and task force outcomes are in the public interest.

6. What type of governance structure is in place for the task force?

  • The task force is chaired by a Federal Reserve executive. The chair is responsible for facilitating open discussion and ensuring all stakeholders have a fair opportunity to share their views.
  • A Steering Committee comprised of task force members was formed to advise the chair on task force meeting agendas and assist in prioritizing the various work efforts. The Committee also assists in determining the scope of task force work groups, synthesizing task force perspectives and determining items in need of full task force deliberation.
  • The Committee consists of approximately fifteen task force members elected to a seat by participants associated with a particular stakeholder category. The seats on the Committee seek to reflect a balanced representation of all stakeholder categories as defined by the Chair.

7. How does the Fed ensure that smaller players are part of the conversation on the task forces?

  • The task force is open to all interested payments industry stakeholders, regardless of their size. We encourage small players from any industry segment to participate in the task force, run for a seat in the Steering Committee as positions become available, and contribute extensively to work group efforts.
  • The composition of the Steering Committee is designed to reflect a balanced representation of payment stakeholder categories.

8. How much time do you expect each task force participant to set aside in order to participate? Where do the in-person meetings take place?

  • Time commitment varies depending on role of the participant. There are four different ways participants can engage in task force work and most require attending in-person meetings. The following provides an example for each role:
    • Payments Community participants may join the FedPayments Improvement Community to follow progress and provide input on task force work products. Task force meeting materials and work products are generally to be shared publically, as appropriate, for broad stakeholder review. Expected time commitment is up to the participant discretion.
    • Task Force participants are asked to attend periodic in-person meetings, approximately quarterly. Additional meetings via conference or video calls are scheduled, as needed. You can expect to spend approximately 40-50 hours quarterly as a task force participant.
    • Elected Steering Committee members are required to attend additional in-person meetings, as well as additional meetings via conference or video calls. Information is exchanged electronically. You can expect to spend approximately 70-90 hours quarterly as a Steering Committee participant.
    • Work group participants may be invited or volunteer to participate in work groups. Participation in work groups are critical to successful achievement of the objectives of the task force, and members are strongly encouraged to participate, as needed. Meetings may be held in person or via conference or video calls at the discretion of work group leadership. You can expect to spend approximately 80-120 hours quarterly as a work group participant.

9. How can I stay informed and provide input on task force efforts if I don’t participate on the task forces?

You may join the FedPayments Improvement Community to follow their progress and provide input on task force work products. Task force meeting materials and work products are shared publicly, as appropriate, with materials posted for broad stakeholder review on various pages on FedPaymentsImprovement.org.

10. Who should I contact if I have a question about the participation agreement?

You should consult your legal counsel on any questions you have on the participation agreement obligations. Should your legal counsel have questions, they may request follow up from Federal Reserve attorneys by submitting a request via the Contact Us form.

11. How can I verify my task force participation agreement has been received?

You may submit questions via the Contact Us form to request a status update on your signed agreement. Please allow up to five business days for processing of the signed participation agreement. Once the signed participation agreement is processed, participants will receive an email confirming registration is complete.

12. Why is the participation agreement titled “Amended and Restated”?

In support of our goal to facilitate broad participation from payment system stakeholders, we released an updated participation agreement for both the Faster and Secure Payments Task Forces in March of 2016. Substantive changes were made around the areas of Fair, Reasonable, and Non-Discriminatory (FRAND) licensing, representations and warranties, and copyright in order to address business concerns. If you would like to know more about the changes made to the participation agreement, please see the Summary of Changes memo(s) for the Faster and/or Secure Payments Task Force participation agreement.