Fed Taps McKinsey for Faster Payments Task Force

The Federal Reserve announced today that it has selected McKinsey & Company to support its Faster Payments Task Force by assessing proposals for comprehensive faster payments solutions from providers across the industry. The proposals — which are due next month — will be evaluated against 36 effectiveness criteria identified by the task force.

The 331-member Faster Payments Task Force was created by the Fed to explore strategies and solutions to move the payments industry forward. ABA has taken on a leadership role with this initiative — 71 of 80 bankers on the task force represent ABA member banks. For more information, contact ABA’s Steve Kenneally.