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:
- Faster Payments Effectiveness Criteria
- Watch the recorded webinars that provide context on specific effectiveness criteria
- Look up relevant terminology using the Glossary of Terms
You may also submit questions pertaining to the draft criteria here on our blog.