The task forces convened as part of the Federal Reserve’s “faster payments” initiative have begun reviewing 19 specific proposals to advance faster payments in the U.S., according to a Fed statement today, with the first installment of a final report due from the Faster Payments Task Force and the Secure Payments Task Force in January. The first installment will focus on the task force process and opportunities for payments improvements; the second installment, expected in mid-2017, will provide the task force’s recommendations.
The American Bankers Association has taken a leadership role with the faster payments initiative. Seventy-one of the 80 bankers on the Faster Payments Task Force represent ABA member banks, as do 36 of the 46 bankers on the Fed’s Secure Payments Task Force. All 10 bankers on the two task forces’ steering committees are ABA members. Read more.
