In 2015, the Faster Payments Task Force focused its efforts on defining “faster” in the form of the Faster Payments Effectiveness Criteria (PDF) – a description of stakeholder needs that can be used to assess faster payments solutions and as a guide for innovation in the payments industry. The task force defined 36 effectiveness criteria grouped into the following six categories: Ubiquity, Efficiency, Safety and Security, Speed (Fast), Legal and Governance.
Discussion about the Effectiveness Criteria began with an initial dialogue of what should be included in the task force’s criteria for assessing the effectiveness of potential faster payment approaches. The Effectiveness Criteria were then developed through a collaborative and iterative process inclusive of a diverse range of stakeholders on the Faster Payments Task Force, the Secure Payments Task Force and the broader payments community. The criteria represent the collective views of these stakeholders and reflect the changing demands of American consumers and businesses, who continue to shift toward e-commerce and internet-enabled technologies in their daily transactions.
Explore the Effectiveness Criteria by clicking on each of the six categories below.
U.4 Contextual Data capability
U.5 Cross-border functionality
U.6 Applicability to multiple use cases
E.1 Enables competition
E.2 Capability to enable value-added services
E.3 Implementation timeline
E.4 Payment format standards
E.6 Scalability and adaptability
E.7 Exceptions and investigations process
S.1 Risk management
S.2 Payer Authorization
S.3 Payment Finality
S.4 Settlement approach
S.5 Handling disputed payments
S.6 Fraud information sharing
S.7 Security controls
S.9 End-User Data protection
S.10 End-User/Provider Authentication
S.11 Participation requirements
F.1 Fast Approval
F.2 Fast Clearing
F.3 Fast Availability of Good Funds to Payee
F.4 Fast Settlement among Depository Institutions and Regulated Non-bank Account Providers
F.5 Prompt visibility of payment status
L.1 Legal Framework
L.2 Payment System Rules
L.3 Consumer protections
L.4 Data privacy
L.5 Intellectual property
G.1 Effective governance
G.2 Inclusive governance
How do I use the Effectiveness Criteria?
Each criterion is described through a summary definition and additional considerations that elaborate on desired attributes. For purposes of assessing faster payments solutions, an effectiveness scale is established for each criterion. We provide an example of a Ubiquity criterion (PDF), complete with an explanation about the components of each criterion. Should you have any questions about the terminology used, please consult the Glossary of Terms, which provides the foundation for a common lexicon.
The final version of the Effectiveness Criteria was published by the Faster Payments Task Force on February 2, 2016. View Faster Payments Task Force participants voting results below: