25 March 2018

Fed task forces examine faster payments proposals

05 October 2016  |  5359 views  |  1 US flag

America's journey towards faster payments inches along, as 500-odd members of two national task forces begin the process of reviewing 19 proposals from industry players.

The Federal Reserve invited firms to submit their proposals for faster payments systems by the end of April this year. Having weeded out some through an evaluation by McKinsey, 19 will now face further scrutiny, evaluated against 36 effectiveness criteria.

One task force is focused on faster payment capabilities, while the other is working security, with a final two-part report published next year.

The first section, slated for release in January, will describe the task force history and background, including the process undertaken to identify and assess faster payments pitches.

The second section, targeted for release in mid-year 2017, will include a discussion and assessment of the specific proposals and identify strategic issues deemed important to the successful development of faster payments.

Gordon Werkema, payments strategy director, Federal Reserve System, says: "The review that began yesterday is the next step in the ongoing process to improve the speed and safety of payments in the United States."

"The ultimate goal of the Faster Payments Task Force is to help payment system stakeholders implement faster payment capabilities that are safe and ubiquitous."

Comments: (1)

Roger G LeBlond
Roger G LeBlond - Roger G Leblond - Corpus Christi | 05 October, 2016, 15:33

Seems that we are a little slow or late to the game of Faster Payemnt. Also seems like part of the problem will be to get 500 individuals to agree on this project. Glad this is not Brain Surgery.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

US gets same day ACH

US gets same day ACH

23 September 2016  |  10269 views  |  0 comments | 23 tweets | 21 linkedin
Fed sets out faster payments options

Fed sets out faster payments options

26 January 2015  |  11515 views  |  1 comments | 16 tweets | 15 linkedin
Federal Reserve inches towards faster payments

Federal Reserve inches towards faster payments

05 September 2014  |  8645 views  |  5 comments | 11 tweets | 14 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
www.currencycloud.comVisit http://info.nice.comVisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin at 50,000 USD?
15011 views 0 | 8 tweets | 5 linkedin
BBVA tests 'invisible payments' technology at inhouse cafeBBVA tests 'invisible payments' technology...
12511 views comments | 16 tweets | 35 linkedin
RBS hatches plan to create digital challenger bankRBS hatches plan to create digital challen...
12149 views comments | 12 tweets | 23 linkedin
Barclays partners seven watch brands for contactless timepiecesBarclays partners seven watch brands for c...
10888 views comments | 14 tweets | 32 linkedin
Germany's N26 readies for US launch with EUR110 million capital injection led by Allianz and TenCentGermany's N26 readies for US launch with E...
9051 views comments | 15 tweets | 11 linkedin

Featured job

Find your next job