Opportunity to Provide Feedback on Payment Use Cases

Image promoting the use case survey and encouraging registration for the webinarsThe 180-member Secure Payments Task Force convened by the Federal Reserve to advance the safety, security and resiliency of the national payment system is asking the industry for feedback on a set of payment use cases, which map out the life cycle of a payment.  The payment uses cases are intended to provide a common foundation for the payments industry to understand the landscape as it is today and the associated risks. Each use case includes the unique payment flow overview, payment type operation, overview of security methods and associated risks, inventory of sensitive payment data and associated risks, and overview of standards.

The Secure Payments Task Force is looking for your feedback on how you or others within your organization will use this information as well as how you would prefer to access this material.

Payment Use Cases

  • ACH
  • Card Not Present
  • Card PIN
  • Card Signature
  • Check
  • Contactless
  • Wallet
  • Wire

The Secure Payments Task Force identified areas of focus to address payment security challenges and launched work groups to identify desired outcomes and create resources and/or solutions to address these challenges. The work groups include Payment Identity Management, Information Sharing for the Mitigation of Payment Risk/Fraud, and Data Protection. In the latter part of 2016, these desired outcomes and resource ideas were shared with the payments industry, with 80% of total survey respondents affirming that these resources would provide value to the industry.  This is the first resource the Task Force is seeking industry feedback on related to the work groups desired outcomes and solutions.

Learn About the Effectiveness Criteria

As outlined in the Strategies for Improving the U.S. Payment System, the Faster Payments Task Force was established earlier this summer with the objective of identifying and evaluating approach(es) for implementing a safe, ubiquitous, faster payments capability within the United States. The Faster Payments Task Force spent the last several months working on one of its first deliverables, the Faster Payments Effectiveness Criteria.

What are the Effectiveness Criteria?

The effectiveness criteria are a framework that the Faster Payments Task Force will employ to assess alternative solutions for faster payments. It will also have value as a description of stakeholder needs that the market can use to guide faster payments innovation. At a high level, the effectiveness criteria are grouped into a set of six categories: Ubiquity, Efficiency, Safety and Security, Speed (Fast), Legal and Governance.

Recognizing that you may have questions about the effectiveness criteria and the work being conducted by the Faster Payments Task Force, we have outlined several resources that you are encouraged to review:

You may also submit questions pertaining to the draft criteria here on our blog.