The Federal Reserve’s faster payments initiative is moving forward, and milestones have been established for the Faster Payments Task Force. According to the Fed, more than 330 representatives have registered to join the FPTF, although not all have completed the entire process. More than 90 of registrants represent large, mid-sized and small financial institutions. There are also merchants, payment networks, nonbank payment providers, end users, consumer interest organizations and other groups such as industry trade associations registered to serve on the task force.
The FPTF will elect a steering committee of 16 members to help guide the Fed chairman in establishing FPTF priorities and setting meeting agendas of the full group. The steering committee will be elected by email ballot by May 15 and it will meet in person on June 1-2 in Denver. The first meeting of the full FPTF will be June 15-16 in a location still to be determined.
The Fed is also creating a Secure Payments Task Force that will focus on mitigating risk and protecting any new payment model. That group will follow a similar formation process as the FPTF, but it will follow about a month behind in its milestones.