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.


About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and editorial director at the American Bankers Association, where she oversees ABA Daily Newsbytes.